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Home Buyer’s Remorse: Is it Real? How Can it Be Avoided?

Posted by Jason Coriano on Wednesday, December 14th, 2016 at 4:32pm.

Closing on a house should be one of the most exciting times of your life. Yes, there’s lots to do: moving, unpacking, decorating.

But you’ve made it! You found a new place to call home.

Occasionally, though, things go wrong. A few weeks into the new digs, and you’re filled with doubt. You wonder if you made a huge mistake, and now, you’re stuck with an unwanted building that cost you hundreds of thousands of dollars.

You have home buyer’s remorse.

It’s not so different from any other type of buyer’s remorse, except buying a home is a much bigger obligation, and you can’t exactly return it. The best thing to do is avoid it altogether. But before we get into that, let’s look at the most common causes of buyer’s remorse.

Common Causes for Buyer’s Remorse

Location

You don’t truly know what it’s like to live somewhere until you’ve actually lived there. Suddenly, that commute you thought you could handle or those neighbors who didn’t seem too bad have become the biggest sources of dread in your life.

You rushed into it

Buying a home is a big decision that shouldn’t be made a whim, and yet, some people do just that. It’s not until after they buy the wrong home that they realize what they actually wanted in a house.

You spent more money than you had

When you find a home you truly love, you may consider going a little over your original budget. But you had that budget for a reason. You thought you could swing the mortgage payments, but you quickly realize, you can’t.

Also, sometimes people forget to set money aside for closing costs.

You underestimated renovation costs

Renovations are part of the plan for many home buyers. They don’t buy a house for what it is as much as what it could be. However, those who don’t plan ahead sometimes discover it costs a lot more to give their home a makeover than they were anticipating.

How to Avoid Buyer’s Remorse

Think ahead

It seems obvious, but you can get caught up in the moment when buying a home. Before you commit, think of your life there. How far is work? How far away are friends and family? What’s the commute like? What will it be like to have people over?

You need to imagine living in the home before you actually live there.

Know the full cost

The cost of a home is more than just the final negotiated price. There’s closing costs, taxes, application fees, inspection fees, and more.

Don’t keep window shopping

Once you’ve decided on your house, stop looking at other houses. There will almost always be some appeal to those options you didn’t choose. It doesn’t matter if they’re better or not.

Make Sure It’s Not in Your Mind

Going off the previous point, some have a talent for convincing themselves they made a wrong choice when they didn’t. They create doubt. Don’t do that to yourself. If you’re feeling remorse, think about what’s causing those feelings.

If there isn’t a justifiable cause, then you’re doing it to yourself.

Plan to Rent it Out

If you’ve already purchased the home, and you’re completely sure that it’s not for you, there are still options. You could live with it for a few years, and then look to sell. You could check for a cancellation clause in your agreement (though the odds of that working are low).

Or you plan to rent out the home you just purchased. It’s not the option for everyone, but it definitely works for some.

Choose the Right Real Estate Agent

One of the very best ways to avoid buyer’s remorse is by having a trusted real estate agent by your side. They will keep you educated, making sure you know all the details and that you’re making the right steps along the way.

And of course, they’ll find a beautiful home that you’ll love.

At Metro San Diego Realty, we harness the full power the MLS in San Diego to make sure our clients are satisfied with their purchases. Contact us today and remove the worry of buyer’s remorse.

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