Homebuyers Need Not Suffer from Remorse

One simple tip to ease buyer’s remorse?  Stop shopping after you’ve purchased your home.

Sixty-four percent of homebuyers ages 25-40 and 33 percent of those ages 57-75 have regrets about their home purchase, notes a poll conducted by Bankrate.com. 

Recent market conditions prompted many buyers to waive contingencies and make offers on homes “sight-unseen,” notes the post.  Some buyers may have settled “for properties that aren’t quite right for them,” and their dissatisfaction is mostly centered on physical and financial misgivings.

Money regrets come about when new homeowners suddenly feel the costs of maintenance, HOA fees, property taxes, and insurance. 

“It can cause a rude awakening if one fails to plan for inevitable expenses,” notes Mark Hamrick, senior economic analyst at Bankrate.

Physical characteristics of the home, too, can be a later source of angst for some buyers.  For example, fifteen percent of Millennials regret their home’s location, and 30 percent were sorry about the size of their home, whether it be too small or too large.

One of 50 home buyer regrets listed in an interesting article at familyhandyman.com is that some buyers completely drain their savings to make a home purchase.  Other upsets include the lack of a home warranty; ignoring a sump pump; owners not knowing their “must-haves”; and consumers not understanding the importance of proximity to a good school district—even those without children are impacted when it comes time for resale in a less-desirable area.

Consumers may feel pressured to buy in this “frenzied market,” says The Washington Post, but one good way to preempt remorse is to “avoid rushing.”

A good course of action is for buyers to create a financial plan and consult with local lenders who have good understanding of the area--as well as of their clients and their personal financial circumstances.

“The best thing you can do is break free from the habits that are evoking feelings of buyer’s remorse,” says American Family Insurance.  Their tips include:

·         Stop home shopping after you’ve purchased your house;

·         Stop “nitpicking” your home and remember the things you like;

·         Embrace positive feedback that you receive; and

·         Recall your wants and needs list and keep it handy for review.

Also, “work with an experienced realtor…you’ll be more likely to trust their guidance,” says the post.

It is also helpful to personalize and decorate your new home—repaint in your favorite colors and hang your special art pieces.

Another thing remorseful buyers can do is to simply take a breather from the home buying thought process.

Purchasing a home can be overwhelming.  Buyer’s remorse is a common experience.

Still, keeping emotions at bay, understanding your real estate goals and financial plan, and working with a knowledgeable agent will ease your mind and help make your new purchase the stuff of dreams--not nightmares. 

Post authored by Lora Bray.

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