Having homebuyer’s remorse is a difficult and uneasy feeling for anyone. How does this happen and what can I do when faced with such a situation?
What if after purchasing your home or being under contract, you’ll have an overwhelming feeling that you made a wrong decision? Perhaps the house wasn’t the right choice? Something comes up on the market two weeks before you close and it’s got features you like better? What if you’ll think you could’ve gotten a better deal for the same price?
These are all signs of buyer’s remorse and trust me, it’s a terrible feeling. So you ask, “Is there a way to make sure I don’t regret my home buying decision?Get today’s rates.
Buying a home is an expensive move. If you haven’t closed yet, there is still a chance to cancel if you find one that’s better than the property that you originally intended to purchase. However, if you already closed, there is nothing more you can do.
Before anything, you must first examine if these feelings are simply a result of being nervous about moving. The best way to find out is to get back to square one and ask: why exactly did you buy the house? What were your needs?
Going back to your checklist is an effective strategy to get reason aligned with the facts. Ask yourself the following questions.
a) Does the property come with all the features and systems you originally wanted to have when you did home shopping?
b) What made you buy the house? If you’ve had to choose among a number of different properties, what made you choose it? If you bid for it, what made you fight for it?
c) Back to when you were shopping, did this one stand out specifically from the rest of your options that had similar features?
d) You surely liked the house before. So what changed?
e) If you cancel your contract now, are you sure that you can find a better property?
Situations that trigger your regret
Sometimes, buyer’s remorse is triggered by events, often by having seemingly harmless conversations with others. The next thing you know, you already feel off about paying this house that you suddenly think was the wrong idea.
Additionally, here are some common scenarios that may trigger feelings of regret.
Still looking at listings
You’ve chosen the house, made your offer, and are currently going under contract. Why do you still look at what’s for sale?
More often than not, you will find something that you think would have been a better choice. But you don’t know that. There could be multiple interests on that property or it has unseen damage that cannot be divulged by online photos. Perhaps the house has history that you don’t even want to know.
The thing is, doing this could be an unnecessary torture, unless you expect your current contract to not go through successfully.Find a lender today!
Did you feel like you were pressured into making an offer on the home because of tight competition in the market you’re buying in? Do you still have questions you want answered but your agent is not around? Do you feel like you hired the wrong realtor and feel like they are not doing a very good job at properly representing what you really feel and want as a buyer?
That could be a major red flag. See to it that you find the time to sit down with your agent or realtor to appease all your worries. Not just your agent but also your lender, or anyone involved in originating the mortgage. It’s their job to get those questions answered. After all, it’s your deal and your money we’re talking about here.
Your family discourages you
Although not all families are like this, there are those who feel discouraged after talking to their folks about home buying, resulting to overwhelming doubt or remorse.
Questions like ‘Where will you get the money to pay for that?’ or ‘Are you sure you can’t get a better deal for that amount of money?’ can seriously erode your confidence.
Don’t worry. If you’ve taken the previous steps, you should be good. It’s not uncommon for homeowners from the previous generation to have a disconnect of just how the market scene has changed in the past few decades. What used to be good has a fat chance of no longer being the case today.
You have your own questions
Dwelling on the negative side of things does not lead us anywhere. If you’re having these feelings of doubt, know that they are normal. People are naturally and subconsciously resistant to change, even if what’s ahead is a good thing. Just be confident and take pride in yourself for taking a big risk towards something you know is for the better.Click to See the Latest Mortgage Rates»