Buying your first-ever house can be an exciting and thrilling experience. However, making such a big purchase can also bring anxiety and uncertainty. Feeling buyer’s remorse is normal. The thing is, it can get worse knowing that you can return that expensive purchase.
There are several reasons for a homebuyer’s remorse. It can be due to an unfriendly neighborhood, unexpected maintenance, high mortgage payment, sudden loss of savings, undesirable layout, or long commute. Learn how you can avoid homebuyer’s remorse.
1. Review your priority list
Before you start looking for a home, you need to have a wants and needs list. That includes all the features you cannot live without and extras that can make your life a little happier and enjoyable. Double-check your list and only look at houses that match what’s on your notes. Ideally, the house should feature most items on your list with unique qualities that make it stand out from others.
You could have a better feel of the purchase contract if you carefully sort out the facts. Make sure to also assess your feelings. Are you just nervous about getting a new house, or was it a poor choice?
2. Remember to be flexible
Keep in mind that no house could fit every detail on a buying list, budget, or lifestyle choice. There will always be compromises, which you must be flexible with. Buyers often feel frustration and remorse from getting a house that doesn’t tick all the boxes. There’s no ‘perfect’ house when it comes to home hunting. The only way you should potentially achieve that is by building from the ground up.
When it comes to being flexible, your major requirements are the only ones you shouldn’t compromise on. Some of these include the number of bedrooms and bathrooms you need, the practicality of the floor plan, the square footage you desire, the exterior type and interior style, the community’s noise level, and the age of the home. Think about what’s important for you or your family and be reasonable with your decisions.
3. Save enough cash
Buying a house is possibly among the most expensive transactions you’ll ever make. In most cases, you need to finance a large sum of money for the home sale price, home appraisals, home inspections, closing costs, and earnest money deposits. You will need to pull out from the deal if you run out of money. When saving cash, consider the general fees that come with the home buying process.
You need at least a down payment of 3.5% to 5% of your mortgage loan. Plus, there will be fees for credit checks and mortgage applications. The closing costs will include title search, discount points, origination fees, underwriting fees, title insurance, credit report fees, and recording fees. They typically cost around 3% to 5% of your mortgage balance.
4. Don’t skip a home inspection
Many homebuyers skip getting their houses inspected since it requires an additional budget. It can be pretty expensive, depending on the inspector, the house, or the location. Not investing in a house inspection can be a huge financial regret. A house inspector will generally check for obvious issues on electrical and plumbing systems, roof and insulation, heating and cooling system, doors and windows, walls and ceilings, basement, and foundation.
You can hire a specialized inspector to cover all the bases, such as oil tanks, asbestos, structural engineering, and septic tanks. If there are issues found during the inspection, you can negotiate for a lower price or repair them before closing.
5. Don’t rush the hunt
A lot of people rush into finding a new home out of need or excitement. But remember that house hunting shouldn’t be rushed. It’s a permanent and expensive decision that requires time. Most individuals who rush into their purchases, big or small, feel remorse afterward. Don’t get overwhelmed with all their choices. Instead, focus on what’s on your priority list and budget. If you need help in gaining mental clarity about this personal investment, consider hiring a professional life coach. They can help you focus better on what you want and need, reach your goals faster, and ensure your decision fits your aspirations and desires.
Avoid getting stuck with the buying process and seek expert help when you need one. Many people who experience buyer’s remorse don’t have patience during their hunt and just wonder how they’re going to survive following the purchase.
Feeling remorse about buying a house can hinder you from enjoying such a remarkable purchase. There will always be downsides to every purchase, but you can minimize them by following these tips. Be more careful when making a decision and you’ll surely be happier with your new home.