Worried About Home Buyer’s Remorse? These 5 Tips Will Help Avoid Regret
Picture this... You won the bidding war! But did you get caught up in the moment, and now you have regrets? See how you can avoid buyer’s remorse before bidding gets heated.
1. Set and Stick to Concrete Limits When it Comes to Budget
Don't bid on a home you don’t want just to beat out the competition. Consider your priorities and what matters most. Once you've set your budget, build in some artificial wiggle room if you can by looking at homes that are priced $50,000-$75,000 below the top of your budget. That way, you have some flexibility to go over asking in your offer if needed.
By setting a firm budget, you'll know that if the bidding war goes above that threshold, you'll need to move on from that house no matter how in love you are with it. Getting into a deal that you ultimately can't afford comfortably will pan out to be worse in the long run than walking away from a house you love.
2. Prioritize Your Non-Negotiables
For example, if it's important to you that the home has a yard for your dog or children to play in, make sure all homes you consider meet these criteria.
Make a list of everything you want your ideal home to have and break them into two sections: non-negotiables and nice ones.
The second list might not be the first priority, but it'll give you a better idea of what's out there. If the home you buy has the items on your non-negotiables list, you'll know that you're in the right place. Put your home wishlist on paper and refer back to it periodically so that in moments when buyer’s remorse is creeping up on you, you can remind yourself about all of the things this house does have that make it perfect for you.
Surround yourself with supportive friends or family members who will help keep buyer’s remorse at bay by reminding you why buying a new property is an exciting and rewarding opportunity.
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3. Stop Looking at Houses Once Your Offer is Accepted
You may have difficulty living in the home you bought or getting excited about moving in if you're on the market for an average of five days. It's important to make sure that this is where you want to live before signing any papers, and it's best not to be distracted by other options. Once your offer has been accepted, stop looking at properties because buyer’s remorse is most likely to set in when we are still trying out different houses during our house hunt; now is the time for serious decision-making!
Stop reading about real estate prices going up or down and instead stay focused and grounded with these tips. Now that your search is over, start getting excited about what's to come and plan for your future. Instead of looking online for homes, try looking at new furniture, home maintenance tips, or decor ideas.
4 . Trust Your Gut and Your Agent
When it comes down to it, you have to trust what you feel is right for yourself and your unique situation. If it doesn't feel quite right or if you're having a tough time making a decision, there may be a reason why your gut is telling you to hold back. Your real estate agent should have your best interest at heart and be educated about the market as a whole. They'll be able to guide you to the right decision as an unbiased third party.
If you're looking for a real estate agent who can help you navigate this market and help you achieve your goals, we'd love to help. Click here to schedule a call with us to see if it's the right fit. Or, if you're interviewing agents, we have a list of 15 questions that you should ask. Get all 15 questions here.
5. Secure Your Peace of Mind
Experiencing buyer's remorse, especially after making a purchase as large as a house, is a completely normal feeling. A Trulia survey from 2017 found that 44 percent of Americans had regrets or buyer's remorse about their current homes, which may be even higher for Millennials. At the end of the day, there are ways to ensure that you're protected should your sense of buyer's remorse turn into actual regret.
Perhaps you'll want to opt for an additional inspection before closing, and if issues are uncovered, you may be able to pull out of the deal before things get too far. Make sure to invest in homeowner's insurance from a company that you trust.