Buying your first home is usually a very exciting time in your life. You can spend months searching for the perfect place, and then one day, you finally find “the one”. You hurriedly make an offer, get all the paperwork together and sign the contract. Everything seems to be going according to plan. But then suddenly, it hits you: buyer’s remorse.
Buyer’s remorse can come with any purchase but it’s especially painful and poignant when it comes to home buying. Countless number of homeowners, especially those who are first=timers, have felt buyer’s remorse at one point or another.
The only problem is that you can’t really go back and do it all over again. Unlike something you can just take back to the store and return, a home is a huge investment. If you realize down the line it’s not the right home for you, it might be too late.
To avoid the dreaded home buyer’s remorse, consider these 4 tips.
1. Create Your Must-Have List
Before you start house hunting, sit down (with your significant other if you’re buying jointly) and make a list of your must-haves in a home. Writing all of this down will help you better understand what you are really looking for.
As you look at properties, this list will most likely change quite a bit, but it’s a good starting point. It’s also a good idea to prioritize this list into must-haves versus nice-to-haves so you know where you’re willing to compromise.
2. Take Your Time
Once you start house hunting, remember that it can be quite a lengthy process. You might fall in love with the first home you see but chances are you will be looking at quite a few. It takes time so don’t feel like you need to rush yourself.
Some real estate agents may pressure you into making an offer quickly. But don’t take the next step until you are completely comfortable with the decision.
3. Don’t Settle for Less
House hunting can also be very dejecting. You can see what seems like a hundred different properties and still not find the one that’s right for you. If this happens, don’t feel like you need to settle for the next best thing.
You may need to make some compromises but be sure to think it through. If you feel like you won’t be truly happy, it’s best to step away and give it some more thought.
4. Be Mindful of Your Budget
One of the biggest reasons for home buyer’s remorse is overspending. It happens way too often. You see a home you absolutely love, and it’s your dream property, but the only problem is that it’s outside of your budget. You somehow rationalize this purchase in your head but once your first mortgage payment comes, you’re feeling regret.
Don’t let this happen to you. Your first home isn’t always going to be your forever home. Buy what you can afford now. Otherwise, it can put a huge damper on your lifestyle.
Purchasing a home is one of the biggest decisions you can make in your life. It’s easy to pull the trigger and purchase a home you think you love, but it’s not so easy to take it back.
Make sure you weigh all your options. Otherwise, home buyer’s remorse may be knocking at your door.
Have you experienced home buyer’s remorse? How did you deal with it?