Tips On How To Avoid Home Buyer's Remorse
April 7, 2022 | Written By: Emma Jones
We've all experienced buyer's remorse at some point in our lives - whether it was a piece of equipment that didn't meet our expectations or a movie that we didn't enjoy. Home buyer's remorse is significantly worse than any other form of remorse because a house is typically the most expensive thing most people would ever purchase. Furthermore, home buyer's remorse has far-reaching consequences on your future. If your closing date is approaching, you may find yourself asking hundreds of questions. Is this the home I have been looking for? Will I be content here? Am I overpaying? Is it necessary for me to look at more houses? To avoid this never-ending cycle of questions and doubts, we've compiled a list of several tips to avoid home buyer's remorse.
Understand your wants and needs
"Wants" and "needs" are two different categories that you'll need to keep track of when looking for a home. Knowing the difference between these two categories is crucial if you want to avoid home buyer's remorse. A movie room, for example, is a want, whereas an extra room for the arrival of your new baby is a need. Of course, there's nothing wrong with wanting a house that can accommodate some of your wants. However, it's vital to be realistic and realize that you may need to fulfill some of your desires yourself after you've already acquired a property. Look for a home that meets your necessities and some of your wants. No house will meet absolutely everything on your wishlist, but it should give you enough space to work on the remainder of your wishes.
Consider your budget closely
Because buying a home is such a significant investment, knowing how much money you'll need will go a long way toward avoiding home buyer's remorse. You should look over your budget and how much money you'll need in great detail. Before you start looking for a property, take your time looking for the best interest rate. Even a tiny change in the interest rate can make a huge difference. Once you've chosen the right mortgage, talk to your mortgage broker about your options and be pre-approved so you may start home hunting. Your mortgage broker will also assist in working out all the numbers and the many hidden costs of homeownership. When looking for a home, you must consider the additional costs you'll incur, such as utility bills, taxes, and subscriptions, to make sure you can truly afford it.
Do your research on the home
After you've found a home you like, you should learn about its history and current condition. Additionally, it would be best if you had it evaluated. The great thing about online listings is that they allow you to gain a lot of information. You can read the information on the listing itself, find out how long the listing has been up and whether it has been up several times. And if you're buying a home long distance, this is great news. The ability to find a lot of information online without visiting every piece of property you like makes your life much easier. Since you can do this remotely, your long-distance home buying journey will be much more manageable. After you have gathered enough data, you can hire a house inspector to see if there are any issues that the previous owners haven't discovered or been open about. Lastly, it would be wise to get the home appraised by a professional so you may have a basis for negotiation if you decide to move forward.
Take a walk around the area
Nothing beats taking a walk around your potential new neighborhood and getting a sense of the area firsthand. This way, you can be positive that you will enjoy the neighborhood and that you can imagine yourself living there. Visiting a new town or a neighborhood before buying a house will ensure you avoid home buyer's remorse and have fun exploring a new place. However, if this isn't possible, you can utilize online resources. They will help you visualize the neighborhood and determine how close or far the needed amenities are.
Get a local real estate agent
Hiring a local real estate agent comes with numerous benefits. Since they know the area well, they will help you understand the market, find a suitable house, and handle all the home buying paperwork. Having a licensed specialist familiar with the area on your side will lessen your chances of experiencing house buyer's remorse.
Don't make haste decisions
Buying a home in a hurry is never a wise idea. If you feel you have to rush to get a house, think again. You don't want to make haste decisions on something that will have significant financial and emotional ramifications. If possible, consider different options for temporary housing to buy yourself more time to make this critical decision. Get to know the area, contact the local schools if you have children, and determine the best commute route. You'll be glad you took the time to make sure you'll be happy in your new house.
Once you make a choice - stop searching
If you've found a house you genuinely love and that ticks most of your boxes, stop searching. Of course, given the number of residences on the market, you're more likely to come across several homes that you find appealing. Furthermore, among the many don'ts of real estate investing, endlessly seeking the ideal property should be at the top of the list. If a house has grabbed your attention (and heart), stop searching and looking at listings. This will take some self-control, but it will help you avoid home buyer's remorse.