Have you ever experienced going to a shop, buying something you like and later on regretting your purchase? This is not an unusual thing. In fact, it has surely happened to a lot of people (perhaps, not just once even). This is what is called buyer’s remorse.
For purchases that do not involve a hefty amount of money, there’s no reason to fret if you go through this feeling. However, when it’s a house you bought, regret is not something you’d want to feel after you’ve finalised the sale or moved into the house. After all, a house does not come cheap. Furthermore, it’s not like a shoe that you can just trade or gift to someone later on if you regret buying it. So, what do you do to avoid home buyer’s remorse?
First, you need to understand that it is not unusual to doubt your decision to buy a particular house especially as the closing date draws near. An avalanche of questions is surely going to hit you. Did you get a good deal or did you pay too much? Is it really the best house in the market for you? Can you really afford it? Again, these questions are perfectly normal. You don’t have to panic and abandon your chosen house just because you have these doubts.
What you should do instead is to look at these thoughts objectively and find out if there is really a cause for concern. You can start off by going back to your “needs and wants” list. If you haven’t created one before you started house hunting, you should make one now.
Based on your list, determine if your chosen house meets your requirements, especially the most important one. For example, if having a yard where your kids could play is number one on your list, then your potential home should satisfy this requirement. If it does not, then maybe this is one of the reasons behind your doubts.
In trying to recall why you picked the house, going back to your notes when you were house hunting would greatly help. Check out what you wrote down about the property, specifically the reasons why you liked it. Also read your notes about the other houses you visited. This should jog your memory as to why you preferred this property over the rest.
As you evaluate your thoughts, it’d be helpful if you talk to your real estate agent. As he was part of the selection process, he’d be able to remind you of the reasons why the house was the right fit for you. Furthermore, he can answer your question about the house and the buying process. Simply put, if you have an experienced real estate agent, he can provide you the reassurance you need to avoid home buyer’s remorse.
Another reason why you may be doubting your purchase is that, while waiting for the closing date, you’re still viewing houses. There will always be houses which may seem better than what you chose. But this doesn’t mean that you bought the wrong house. Remember, you didn’t pick the property just by simply looking at its pictures or because it looked pretty. You employed a meticulous selection process, one that took into consideration your needs, wants and budget. So, trust the process you employed.
It also doesn’t help if you have loved ones and relatives who question your decision. While some of them may have valid points, you have to bear in mind that your needs and situation are not the same as theirs. Hence, you can’t compare each other’s buying experience and houses.
Once you’ve assessed your thoughts and found out that they have no basis, then it is time to change your mindset. Let go of the doubts and focus on all the great things you’d do at your new home. Meanwhile, if you found out that there really is a problem, do not hesitate to talk to your real estate agent. If there is a legitimate reason behind your worry, then discuss it with your agent and lawyer how you could cancel the contract.
Home buyer’s remorse is avoidable when you have a good real estate agent guiding you. Call us at 01 495 9020 and talk to our efficient estate agents today!