How To Prevent Buyers Remorse
Ever heard of homebuyers remorse? It happens, but we don’t want it happening to you! So here’s some ways you can be sure to avoid feeling like this big purchase was anything less than perfect.
We’ve all felt buyers remorse to a certain degree with something we’ve purchased at the store. The difference here being you have the ability to return or even exchange what you purchased at the store. You can’t return your home the same way you can return an appliance you recently picked up.
As with all big purchases there may be a moment where you second guess yourself. You might decided to go the extra mile and spend a little more than you previously anticipated. Sometimes it may be worth digging a little deeper but before you do go the extra mile be sure to think it though.
Are you just trying to win?
Do you need this home? Is there enough features to prevent you from having to remodel? If the decision to ante up and go all in is really only coming down to being competitive hold back and save that money. There is always a property that fits your price range and your needs around the corner.
A bidding war could bring the home value up to a point where it passes its original listing price. If that happens you may be in a whole new ball game and should consider what type of impact this would have on your existing circumstances.
How many times have you seen the house?
One of the most common factors influencing buyers remorse is how familiar you are with the home. Have you inspected it top to bottom? Have you walked through it multiple times? Make sure you’re extremely familiar and comfortable with the house before you make your purchase. Finding out new things about the house could be a good thing. However, it could also make you question your purchase.
Every walk through you do of your potential home might change the way you see it’s current features. So be sure to do multiple walkthroughs, during staging and post staging, when its empty. Being as familiar with the house as you can be will only help you be more confident in your purchase.
Have you analyzed the floor plan?
This might seem like an obvious question but you would be surprised how many home buyers move forward with a purchase without inspecting the floor plan. This relates to the previous point, its just another way to become as familiar with your potential home as you can possibly be.
Have you been through the home alone?
Having someone with you to essentially “pitch” the home to you every time you walk through it can skew your perception of the house. Make sure you walk through the house alone at least once so you can be alone with your thoughts. Develop your own opinion without having someone tell you how great everything is at every turn you make.
Due diligence
If you feel like a home might be too good to be true, you might be right. It’s always good to question how good the home seems to be. This makes sure you you are alert to a lack of possible disclosures. If you don’t encounter any specific disclosures about the house before you make your offer consider there might be something being kept from you.
Double check on previous inspections the house has undergone. Always inquire about any past inspections as well becuase if they seller isn’t directly asked about it they may not say a thing about it. Coming across these disclosures after you’ve already purchased the house is a sure fire way to suffer from buyers remorse.
Have a safety net
One full proof way to keep yourself from experiencing buyers remorse is to have a contingency based around a home inspection prior to your purchase. Having a specific inspection contingency allows you to jump ship if something unexpected comes up. Most agents are quite familiar with such a contingency so you’re certainly allowed to have it.
Having a safety net and being as thorough as possible is a great way to keep yourself from experiencing buyers remorse. However, at the end of the day just make sure you don’t sign an agreement if you’re 100% convinced. If you have the slightest inclination to double check something or that something is a miss listen to your gut.
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