December 2, 2014

5 Ways To Avoid Experiencing Homebuyer’s Remorse

5 Ways To Avoid Experiencing Homebuyer’s Remorse

You’ve just bought your house and your family and friends are celebrating with you. But deep inside, you feel uneasy. You feel that you’ve shouldn’t have bought that home for some reason. This nagging feeling is what you call as the homebuyer’s remorse.

According to experts, such feeling is uncommon since only 5% to 10% of the homebuyers experience such regret. Therefore, to help you feel confidence in your home purchase; we have prepared some tips on how you can avoid feeling homebuyer’s remorse.

  1. View the home you want to purchase more than once. Regardless of how you think you love the home you’re about to purchase, if you’ve only seen it once, then there’s a higher chance that you can experience buyer’s remorse. Therefore, view the home during different time in different days as you can eventually see the home in a different perspective the second time around.
  1. Tour every part of the home. Although you might have done a quick tour of the house and you know the floor plan, condition and size, this is not enough. You have to dig deeper like walking at the back of the home to see how it looks at the end of the lot or trying to fit your car in the garage.
  1. Request for a private home tour. Joining an open house is one of the first steps to finding a home you want to purchase. However, if you’re serious about buying the house, its best that you tour the home privately. In this way, you can have the full attention of the listing agent and you can ask questions that you don’t want everyone to hear.
  1. Make a list of your wants and needs. Before purchasing a home, you need to have a list of your wants and needs. Then once you look into different homes, check if most of your wants and needs are present in the house you want. Analyzing such facts can help sort your feelings before making the final offer.
  1. Think realistically about the true cost of homeownership. Sometimes, homebuyers feel remorse a few weeks or months after the purchase because it is when they realized the costs of living in such property. Therefore, to avoid this from happening, you have to understand the true cost of homeownership so you know what to expect once you sign the deal. This includes knowing the costs of mortgages and your monthly utility bills.

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