This feeling sucks!
How many times have you bought some clothes and were like WHY WHY WHY!? What was I thinking? When we buy clothing, we buy on impulse and a million other reasons marketers rely on to get their clothes sold. Buyer's remorse is a regret about buying something for either an emotional or practical reason, which impacts the way you feel.
Now, when we are buying a home, there are fifty pieces of paper to sign before the deal goes through. YOU HAVE OPPORTUNITY TO LEAVE THE DEAL AT SOME POINT IN TIME WITHOUT LOSING YOUR DEPOSIT MONEY. Make sure you have that spelled out to you before you enter into the deal.
Here are the top reasons for Buyer's Remorse
RESPONSIBILITY:
You will be responsible to pay for this $XXX,000 home for a very long time. One time, I asked a client who was well off and could afford to buy a home instead of rent. I asked her why are you renting? She said simply, "stage fright". Say no more! If you are not ready to take on the responsibility and are still dealing with uncertainty, you should probably rent. Plan on owning a home for five years.
Money Pit:
You just bought a home and that's when everything important breaks. Of. Course.
Not the way you remembered it:
Ever take your sweater out of the big, and it doesn't look the same under light as it did under the store's? Yeah, sometimes you enter your home again and it's not what you remembered.
Not a good investment:
Okay, you are buying a home not an investment property. But, it's best that you don't buy a home for $500,000 in a neighborhood which has average sales of $300,000.
HERE IS HOW YOU AVOID BUYER'S REMORSE:
Write down your goals of the home.
Do you want a certain school district? Do you want a low price? Do you want space? Do you want to downsize? Low taxes? A certain look or feel? Fully or partially renovated? Do you want a fixer upper? Now, prioritize them, because you won't find a cheap big house in a nice school district with low taxes that is completely upgraded.
Homework:
I suggest every buyer do their complete homework. Especially with their finances. Can you afford this home if xyz were to go wrong? How much does this home cost to heat? How much does it cost to get a new roof? A/C unit? Knowing about what makes up a home and seeing if the home you are interested in needs these things fixed puts you in power over the numbers.
Consult with a Realtor about Resale Value
Now, nobody can predict where the real estate market will be in the next day, but a Realtor will know what is attractive and what to avoid. We see homes that fly off the market and homes that stay on forever everyday.
Have you had any buyer's remorse for anything?
Sid Shah
Coldwell Banker Hearthside REALTORS
Creating Stress Free Lifestyles since 08
