Are you considering buying a particular home but are worried it might not be the right choice for you? Maybe you have bought a home and are starting to regret your decision. Either way this article is going to discuss tips on what is buyer’s remorse and what you can do about it. It’s important to have a methodical approach to buying a home.
What is buyers remorse?
Home buyer’s remorse is when you regret buying your home. Maybe the house is too dark due to a shortage of windows, or you are finding the home needs more work than you noticed originally. The first thing you need to ask yourself is can the problem be fixed. Making some changes to the house may solve your displeasure. These are the types of issues that cause buyers remorse and can make you feel overwhelmed.
1. Don’t rush into a purchase
Be prepared to walk away from purchasing a house if it doesn’t feel right. Don’t rush into purchasing but take time to decide. Never allow yourself to feel pressured into buying a home if you are not happy about it. Don’t make too many compromises when buying a house because this will also lead to buyers remorse.
2. Research research research
Ensure your community has the amenities you want and be sure to check out the crime rate in the area. Research everything you can about the property you are buying. Drive around the neighbourhood at different times of day or on different days to see if the area still appeals to you. Talk to the neighbors. Neighbors are usually a great source of information about a community.
3. Worried about finances? Create a budget and avoid buyers remorse
There are many expenses when buying a home and some buyers regret having to pay for closing costs, inspections and or the worrying about cost of future repairs. It can be difficult to see your savings account shrink after paying the down payment.
Create a realistic budget when buying a home so that you can cover all major expenses. You may want to replace the roof in a few years or extend the deck in the back yard. This will help you better predict your financial situation and prevent buyers remorse.
4. Make personal changes to the home
Personalizing your new home can relieve buyers remorse. Try painting and redecorating a few rooms. Maybe even renovate the kitchen or bathroom. Try upgrading the finishings in the home to reflect your personal taste and style.
5. Mortgage payments are too high
Mortgage payments are higher than you expected and its difficult sticking to your budget. This can happen if you purchased your home at the top of the market. This can cause more stress as you will have to wait longer to make money if you sell. It can also be frustrating if the mortgage rates drop after you have closed on your new home and result in buyers remorse.
Renting out a room in your home may not be your ideal solution to making payments a little easier each month but its advisable to hang onto your home for at least 5 years before selling in order to recover the cost of buying and increase in profit from home equity.
If you require assistance with your real estate needs call Roy Thomas at 902-497-3031 or make a appointment online here.
