Buyer’s remorse is not a good thing, especially if the purchase is something big. Like a house. But it happens from time to time. A buyer sees a home, loves it, makes an offer, goes through the process of buying the home and moves in.
Folks are sending well wishes and housewarming gifts and everything seems to be going well. The kids love their new rooms and the in-laws just brought over a celebratory bottle of wine. But the wine is not what is giving you that light-headed feeling.
Could it be buyer’s remorse?
Buyer’s remorse is this feeling that just won’t seem to go away. The feeling that you chose the wrong home or that you have made an error in purchasing the home right now, or that you’ve gotten yourself in “over your head”. You’re not the first person to have some regrets lingering in the back of their mind after making a huge purchase and signing on for a twenty, thirty, or forty year commitment to make a monthly mortgage payment.
There is a huge potential for buyer’s remorse right now, since now more than ever, buyers are actually first time homebuyers, and this opens the door to an elevated level of stress over the purchase. But you can have a greater level of confidence that you have made the right decision and overcome those feelings of regret. Having second thoughts is normal, since it is likely the largest purchase that you will ever make. Going into debt for $450K can be scary. It is a huge commitment financially.
Leave buyer’s remorse behind!
But you can put buyer’s remorse behind you by focusing on the long term. After all, it has always been your dream to own your own home, right? And even if you were content to rent or lease your home, homeownership gives you a more secure financial future because you are investing in something as opposed to living in someone else’s investment property and giving your landlord a stream of income.
Would-be homeowners can invariably feel better about their purchase by knowing exactly what they are getting into before closing. There is no way to get out of the purchase once your home closes. Be sure that you ask all the questions that need to be asked and get everything in the open up front.
Don’t wait until you have closed to ask for a repair to the roof or for something else. And always consider a home warranty, since much of the worry that the buyer experiencing remorse has is when they unearth a problem that is going to cause them to experience a financial setback by getting it repaired. With a home warranty, you can usually get things fixed without paying anything other than the cost of the warranty initially.
Do your homework upfront and all will be good…
Buyers should also be aware of the ongoing costs of living in their new home, too. Sometimes that just means paying insurance and property taxes while other times it might mean that it now costs more to make the daily commute to work, or some other expense that hadn’t been anticipated. These items can wreak havoc on the budget, so planning for them before buying is always a smart idea.
Your real estate agent can give you a better idea about what to expect as far as expenses go after you buy your home.
Article provided by Vickie Nagy a San Ramon CA real estate agent. For more information about Vickie you can visit her Danville CA real estate website where you can also search Dublin CA real estate for sale.
