Ways to avoid homebuyers’ remorse

Ways to avoid homebuyers’ remorse

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There are times when the stress related to the process of purchasing a house can get the better of you. And this is all natural. It is a rare occasion that one goes out and buys property. You probably have many hopes and dreams tied to the idea of having your own home or apartment. Not to mention it is a significant investment in terms of money, time, and research.

Whether you are moving to another part of the country or buying for the first time, the homebuying process also requires you to adapt to changing circumstances in your life. Hence, this is why you might be more fixated on the mistakes you shouldn't make as a buyer than on the positive. However, there are ways to avoid homebuyer's remorse that has been making you doubt your decision to make the purchase.

First of all, remember that you are not alone in this. Many new homeowners experience a certain amount of regret arising from the intrusion of the pesky 'what if' thoughts. However, assuming a different perspective with a little guidance can help you get rid of homebuyers' remorse. Let's see how you might keep home buying anxiety at bay.

Remind yourself that buying a home is complicated

Most of the time, homebuyers want to make the most out of the money at their disposal. This means constantly brooding and comparing your options might put you in an overly critical state of mind. Yet, no matter how dissatisfied you are at the moment, it is better to assess the purchase of your new home rationally. So, take a step back and think about the entire process. Point out to yourself that you had to make compromises on a couple of things. Note down the reasons why the choice you went with in the end might have been the right one.

Even if you feel strong remorse with regard to a certain decision or feature you settled for, there must be a few advantages you could recognize or reasons why you agreed to it. Keeping in mind that buying a home is quite challenging should make you less self-critical about its drawbacks.

Build a realistic budget

The key to avoiding homebuyers' remorse is to devise a budget that you can stick to. So, it is not just the purchase per se that you need to cover. You should also account for the expenses of hiring your real estate agent or lawyer. The same applies to relocation expenses and the cost of packing supplies. Finally, inquire about all taxes and fees you need to cover after you buy a house. So, try not to cut any corners. For the most part, it will be your passivity that gives birth to remorse later on rather than anything else.

So, if you set down and create a straightforward, realistic budget, you will be able to economize efficiently. It should also help you navigate the final purchase negotiations and the post-move-in phase. This should help you do away with the remorse as you will have a greater sense of control over the purchase.

Compile a ‘wants vs. needs’ list

The next step is to be clear about your expectations. This requires making a clear distinction between the features of the home you want and the features of the home you need. Sometimes it happens that people cannot distinguish between the two. As a result, they get disappointed because they actually mix up their underlying motivations.

So, make sure you have your motives straight. Start by delineating what you would like your home to have and then extracting what you actually need out of that. So, it is important to set down what you are willing to settle for. Delineating 'the bare minimum' you are willing to go for will make you more receptive to it.

For instance, you should start big and determine how large you actually need your new place to be. So, even if you have a lifelong dream to live in a house, your age, health, or financial situation might not allow it. Hence, it is important to figure out whether a house or an apartment will suit you better. When you decide on the best option for you, you will be able to dodge remorseful thoughts related to you abandoning the dream of living in a house, a penthouse, a duplex, etc.

Be sure to do this for everything you have an issue with, no matter how small or irrelevant it may seem.

Your general feeling of remorse might actually be tied to something specific

It's simple. If something bothers you, it means it is relevant and needs to be thought through. So, even if you are kind of fine with having Venetian blinds, for instance, it might actually be a source of discontent you transfer onto the entire property. With a list, you will be able to locate points of discontent and possibly figure out a way to solve them or reason with yourself.

Understand the mortgage types and closing costs

Finally, having a good understanding of the mortgage types could eliminate your feelings of remorse. Considering the long-term and short-term implications of each will help you get a good grip over your finances.

In other words, being in complete control of your spending will help you avoid homebuyers' remorse. Therefore, also make sure you have good oversight over what constitutes the closing costs. In turn, you could reason with the seller and entice them to take on certain costs onto them.

Betty White

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