Strategies to Avoid Buyer's Remorse

Home buying can be a long, emotional, and generally stressful process. While there are definite steps you can take to make the things easier—such as working with an experienced Realtor who can help you navigate the ins and outs of the market—it’s only natural that such a large change will make things a bit challenging for a period of time. Even so, buyer’s remorse is a common tale, especially when it comes to sizeable financial commitments that can’t simply be returned or exchanged. Clearly, such a commitment requires a good bit of homework in advance but it also requires some introspection to properly assess whether you will be truly happy with your purchase.

Before you buy, consider the following strategies to help mitigate buyer’s remorse and place you in a position to buy with confidence.

ARE YOU LOOKING TO BUILD A LIFE OR SIMPLY ‘WIN’ A HOME? While this may sound like an odd question, buying a home is often a competitive process that may bring out a strong “desire to win,” which can overshadow rational thought and proper planning. Sure, engaging in a multiple-offer situation or an intense negotiation process may be thrilling for certain individuals, but it’s important to take a step back to make sure the house you’re bidding on is really what you want. Again, is it about the house or is it simply about winning?

ARE YOU PAYING TOO MUCH? Along the same lines, if you find yourself engaged in a long bidding war, it’s important to pay attention to whether several rounds of counter offers adds too much to the listing price. While it may be tempting to overextend yourself for a home that you really want, be careful about spending more than the home is worth or putting yourself in a bad financial position.

HAVE YOU SEEN THE HOUSE MORE THAN ONCE? We’re all prone to making spontaneous purchasing decisions but it’s important to realize that buying a home requires commitment, which may not be there after one viewing. No matter how much you may think you love a home at first sight, make a point to go back more than once so you can assess whether your feelings stay the same. Consider visiting at different times of the day to really get a feel for the home’s overall vibe and listen to your inner voice if you find yourself slightly underwhelmed the second or third time around.

HAVE YOU SPENT TIME IN EVERY ROOM? Some buyers have a tendency to rush through home viewings, but if you’re serious about buying, it’s important to spend a bit of actual time in each room. Pay attention to how the space makes you feel and make a point to visit everything from the attic to the basement. Leave no closet unturned, no cabinet unopened.

HAVE YOU HAD ALONE TIME? It’s one thing to view a house during a public viewing and another to walk the rooms by yourself. If you’ve only visited a property while others were engaged in doing the same thing, make a point to set up a private appointment so you have time to slowly walk through the house without additional distractions.

FINAL THOUGHTS

While emotional preparedness is important during the buying process, keeping your intellectual wits about you is imperative as well. Along with doing your homework in advance, make sure a proper inspection is done on the home and ask for full disclosure from the current owner. A solid Realtor will be able to help you with specifics so you’re protected during each step of the process; however, if you find the home of your dreams yet have not spent any real time assessing your motivation for buying, it’s time to pay attention to whether it represents the type of home you originally set out to buy.

If you would like assistance or additional advice, please do not hesitate to contact me. I would love to hear from you.

Pam Evans | Hello Pam Evans Real Estate | www.HelloPamEvans.com | 678-778-6551