3 Ways Home Buyer Remorse Can Creep In
Most home buyers don’t even think of the fact that home buyer remorse is a real thing? The excitement of buying a new home can quickly turn to anxiety and worry after you sign the contract. Did you make the right decision? What if you acted too quickly and a better house comes on the market next week? Is the house worth the price, could you have gotten a better deal, is it worth the money? What if something happens to your finances and you can’t make your house payments? Take a deep breath. Everything you’re feeling is completely normal and common during the home buying process. Unless there is a legitimate reason for concern, you might just be experiencing home buyers remorse.
3 Ways Home Buyers Remorse Can Creeps In
1. Continuing to Look at Houses
Once you’ve committed to a contract, it’s is a big mistake to keep looking. Unless you feel that the contract has a good chance of falling apart or it has a probability of not appraising or that their may be an issue with the inspection and repairs then you need to stop looking. Seeing more homes will only confuse you more.
2. Talking it over with friends and family members
Let’s face it, our loved ones mean well but their opinions are not always helpful and reassuring. They may question your choice and what you paid for it, especially if it’s your first home purchase. Ask when they bought their home, do they really understand the current market? Do they live in another part of the country, in an area where housing costs a fraction of what you can expect to pay at your location? People always love to play devils advocate, don’t let this derail your excitement.
3. Working With An Agent Who Doesn’t Offer Guidance or Explain What’s Coming Next
I assume if you’ve gotten this far that you trust your agent, which is great! But sometimes an agent who’s so familiar with the process doesn’t always keep you informed ahead of time of the next steps and what you can expect. Unanswered questions can put buyers in a panic mode and panic leads to doubt which both ultimately lead to buyer’s remorse. If you’re working with an agent don’t be afraid to ASK THEM. It’s their job to help you and keep you informed. If you haven’t begun the process, please remember to address this when you interview and first meet your Real Estate Agent to make sure that you’re both on the same page with expectations.
Check Out the Neighborhood At Different Times
If you’re interested in a home, make sure you visit the neighborhood during the day and at night. Take a walk and try to talk to some neighbors if you can to get a feel for the area.
Is the Home Move-In Ready or Are You Taking On Renovations?
Having a vision of how you wish your home would look is great, but if you aren’t completely sure of the cost, expertise and time needed to achieve results you may be on the path to regret. An easy way to avoid this is to get referrals from you Naples Real Estate Agent BEFORE you purchase a home. Talk to contractors and remodeling companies to see what your ideas will generally cost so you’re prepared then make sure you have enough cushion in your budget for your desired results.
Choose the Right Lender
Not choosing the right lender can prove to bring on a myriad of problems and regret. It can hold up closing and drive you bananas if they don’t ask for all your paperwork upfront, creating more work for you as the process comes down to the wire. No doubt, this kind of frustration will lead you to second guess your decision. While you may love your lender in your home state, I always recommend a local lender who knows the in’s and out’s of the area and their guidelines so nothing gets held up.
In the End…
Know that buyers remorse is common and happens to most of us, but the biggest take away should be to do your homework upfront with a trusted agent and lending team around you so that you can be guided through each step of the process and ask questions along the way. Most of the time being informed is the number one root of doubt and confusion. Ask questions and work with an agent who understands your concerns.