Having a seller accept your offer on their home can initially be a very exciting experience. For some homebuyers though, this feeling may turn into buyer’s remorse. This is a common occurrence and you may be wondering why this happens and what you can do to avoid feeling this way while navigating the home buying process.
Is Buyer’s Remorse Normal?
If you end up having second thoughts about going through with the purchase of your new home, you’re not alone. Buyer’s remorse is a fairly common experience among home buyers for a variety of reasons. Purchasing a home is a major expense and investment, so it’s natural to want to feel entirely sure you’re making the right decision.
Common Causes of Buyer’s Remorse
You may have buyer’s remorse for financial reasons, aesthetic details or other factors, such as the neighborhood you’re moving into. Some of the common reasons homebuyers face buyer’s remorse include:
- Homeownership Expenses: some buyers become anxious about whether or not they’ll be able to continue to afford their mortgage, insurance, repair costs and other home-related expenses. Even with a carefully managed budget, job loss or major illnesses could make this a challenge.
- Pricing Regret: buyers sometimes wonder if they should have held out for a lower price or if they should have continued looking for a more affordable property.
- Unhappy with neighborhood factors: The new neighborhood might be noisier than expected, or traffic might be heavier than anticipated, leading to longer commutes.
- Unsatisfied with the home’s condition or appearance: Buyers might decide that they’re not as happy with certain aspects of the home, such as its layout or any repairs that are needed.
Coping with a Case of Buyer’s Remorse
When you’re feeling buyer’s remorse, it can have a negative impact on your home buying experience. Determining the reason you’re feeling this way can assist you in coping with it. For example, you can take steps to save money if you’re worried about homeownership expenses. It may also help to think about the reasons you decided to put an offer in on this particular home in the first place, such as its features, cost or proximity to good schools. Separating facts from feelings may help ease the sting of buyer’s remorse.
How to Avoid Feeling Buyer’s Remorse
You can lower your risk of having buyer’s remorse by keeping a few important tips in mind:
- Avoid Comparing: once you’re under contract for your new home, stop looking around at other homes that are for sale. Doing this can easily lead you to start questioning if you’ve made the right home buying decision.
- Know exactly what you want: When you’re still looking for a home, make a list of features that it must have. This helps you avoid putting in an offer on a home that has one or two features that immediately impress you. Creating a list will allow you to focus your attention and ensure the home has all of your other must-have features. Otherwise, you could end up disappointed with your purchase.
- Get a market analysis: If you haven’t already, get a market analysis done. This will give you additional information and help you avoid overpaying for your new home.
You might not be able to avoid buyer’s remorse entirely, but focusing on the positive aspects of your new home and the home buying experience can help. With a positive outlook, you can avoid regret and look forward to getting settled into your new house.