We’ve all experienced a case of buyer’s remorse. If you finally get your hands on that brand-new electronic gadget you’ve been eyeing, you may be disappointed to discover that it falls woefully short of your goals. Or it’s like getting a brand-new car and having to take it in for service right away or getting a new bar with a built-in tap and then realizing you don’t host any parties. However, none of those things can come close to home buyer’s remorse. While you can quickly get a cash offer and sell it, you will inevitably lose a lot of money. Therefore, before embarking on your homebuying journey, you need to make sure you prepare well. That’s why we’ve consulted real estate experts and prepared six tips to help you avoid buyer’s remorse.
How to avoid buyer’s remorse after purchasing a home?
Home buyer’s remorse is, unfortunately, very common. According to a recent survey, more than 75% of recent home buyers say they have at least one regret about the house they purchased. On the other hand, 81% of successful buyers admit they made at least one concession in order to finance their property.
Because buying a home comes with serious financial implications that could jeopardize your future, you need to approach it with great caution. Otherwise, you might end up regretting your decision. To help you prevent this from happening, here are our six expert tips for avoiding buyer’s remorse.
#1 Know how much you can afford
When planning on buying a home, the first thing to do is set a realistic budget. Make sure to factor in all expenses related to your purchase as well as the move to your new home. If you know how much you can spend, you’ll avoid having second thoughts or feeling any regrets.
On the other hand, you’ll also avoid feeling disappointed. If you begin searching for a new house before setting a price range, you may end yourself looking at properties that are far above your budget and yet find a home you like. You’ll be disappointed when you discover that you can’t afford it.
#2 Know what you want
Making a “wants and needs” list can also help you avoid buyer’s remorse later on down the road. Instead of thinking about the things you’d like, you might focus on the items your new house actually requires. By prioritizing your requirements, you’ll know what you’re willing to give up and what is an absolute must.
For example, consider how many bedrooms you need or how much square footage you can afford. On the other hand, write down features you’d like in a new home, such as an open-plan kitchen or updated windows. Then, based on your budget, you can easily see which of these features are available to you.
Also, remember that one of the main reasons people later regret purchasing their home is the lack of storage space. Sure, you can always listen to the advice from experts from Zippy Shell Columbus and rent a storage unit for all your extra belongings. However, if you assess how much storage space you need in advance, you’ll easily avoid this from happening.
#3 Avoid buyer’s remorse by hiring an experienced agent
Many homebuyers, especially young professionals or newlyweds buying their first home, make the mistake of thinking that they can handle everything the home buying process brings. However, they couldn’t be more wrong. Buying a home – from looking through online listings to negotiating the offer, is a challenging task that requires professional assistance.
That’s why finding an experienced and trustworthy real estate agent is essential. The best way to ensure that you’re working with a good real estate agent is to complete your due diligence before you choose one. In this manner, you’ll have someone to turn to for guidance if you ever find yourself in a jam.
#4 Thoroughly check the property before accepting the offer
Once you do find a property that really feels like your next home, make sure to make all the checks before accepting any offers. It’s crucial you hire a certified inspector to inspect the house before buying and make all the checks as that’s the only way to know for sure if you’re getting what you’re paying for.
Even if a home inspector finds something needing replacement or repair, it doesn’t mean you should give up on that property. You can use this information as leverage and potentially negotiate a lower price. Alternatively, you can always ask to have it fixed before agreeing to sign anything official.
#5 Stop looking when you’ve found the right one
Even after deciding on a property, most purchasers admit that they can’t resist the need to look at more. But if you want to avoid buyer’s remorse, it’s time to stop doing it, no matter how tempted you are. The more time you spend looking around for a home, the more seeds you plant of uncertainty about your final decision. This just serves to increase your dissatisfaction. It might be a real pain in the neck to keep re-evaluating something you’ve previously decided. So, why put yourself through that?
#6 Listen to your gut and don’t rush
Nowadays, many home sellers opt for selling to a cash buyer because it’s more convenient and cheaper, but there are still plenty of great options available on the market. So if you’re buying in a seller’s market, you need to be extra careful as the selling agents will work much harder to convince you that the home they are showing is “the one.”
Sellers will always try to raise the sense of urgency, too. Don’t let yourself get manipulated by their sales tricks and games. Instead, take your time (unless you’re not absolutely sure you’ve found the right home for you).
It’s a no-brainer – if you want to avoid buyer’s remorse and ensure you stay in love with your new home, you must prepare well for your real estate adventure. Therefore, thoroughly analyze your finance, work with experienced professionals, and, most importantly, take your time and don’t let the selling agent sweet talk you into taking an offer that simply doesn’t feel right.