Tips To Avoid Buyer’s Remorse
Buyer’s remorse can be a reality for many people, for many different purchases. The same goes for real estate when someone is purchasing a home or other type of property. As a buyer, the process may feel overwhelming at times, as it is the largest purchase most Americans ever make. That is why partnering with an agent you can trust is important, so you can feel confident throughout the process, but I’m jumping ahead of myself. Let’s get to it. What are some practical tips to help avoid buyer's remorse when buying a home?
Take time to think things over.
Most hasty decisions lead to remorse if they are not well thought-through. Weigh the options and be sure before putting in an offer. In real estate, an offer is legally binding, it has more weight than wanting to purchase an article of clothing and then returning it, or even an expensive electronic device. It’s legally binding, so take your time.
Create a list of wants and do-not-wants before you start searching.
Most homes won’t have “everything” you want in a home, even if you're building a custom home, there often isn't that "one perfect house". Understand what you want and don’t want before you start touring homes. That way when you’re touring, you already have thought through what you do want and what you don’t want.
Talk to a trusted individual.
It’s important to process through a decision and talk to a trusted advisor, family member, or friend. It can be helpful to bounce ideas off another person before you put in an offer, that way once you do, you’re set to follow through.
Commit once you’re committed.
Once your offer is accepted, you’re committed to moving forward, pending the contingencies in the offer, which are there for your protection. Common contingencies include an inspection, appraisal, and financing contingencies. Talk to your agent on what contingencies are best for your offer. Other small things that may come up like "cold feet" or "worry", don't let that take ahold of you. Stay on the course.
Take a break from looking.
Once you're moving forward on a purchase, it isn’t helpful to keep searching for that “next best home”. In fact, once you close, it’s likely there may be one or two you love more that come up over the next year or two. The best advice we can give is to take a break from looking and stay focused. There are always more options, but at the end of the day, you have to remind yourself that the things you appreciated the first time you walked through are still at the home you’re purchasing. Taking a break for a few weeks / months can help free up some time to do other things too!
Overall, it’s important to think through purchases in general, but especially larger purchases like a home. We hope this article sparked some ideas and was helpful to you.
If you have questions or want to learn more about the buying process, contact our team. We’d be happy to connect via phone or in-person and talk through the steps involved. Fill out the form below or call us at (715) 212-4693!