How to Avoid Home Buyer’s Remorse
July 27, 2021Buying a home can be stressful, but is also exciting. As exciting as a new home is, home buyer’s remorse can quickly set in if it turns out that you didn’t get what you wanted. Here are a few tips on how to avoid home buyer’s remorse:
1. Figure Out the Finances
Surprise expenses and costs are some of the biggest reasons home buyer’s remorse sets in. Not only is it stressful to be surprised with costs that stretch beyond your budget, but it can also weigh heavily on you as a long-term commitment. One way to help avoid home buyer’s remorse is to figure out the finances early on to help prevent surprises later.
Set a Realistic Budget
Home buyer’s remorse often sets in when costs pile up and extend beyond a comfortable budget, especially if the home you bought isn’t exactly what you want. Going over budget is one of the common mistakes home buyers make and often leads to buyer’s remorse.
Making sure you have a realistic budget that covers all major expenses during and after the home buying process can help you stay focused on homes within your budget. As long as the numbers are realistic for what you want and you stick to them, you can help avoid home buyer’s remorse after closing.
Account for Closing Costs
Closing costs can often surprise home buyers and can lead to home buyer’s remorse if they are not prepared to deal with them. By figuring out what these might look like and accounting for them within your budget as much as possible, you can help avoid sticker shock when you’re trying to get over the finish line and wrap up the home buying process.
Understand Mortgage Types
Buying a home and taking on a mortgage is a long-term commitment that can quickly contribute to buyer’s remorse if anything is misunderstood or a surprise. As you figure out your budget, you also want to understand the mortgage types available to you and the financial implications of them for you in both the short-term and the long term.
Get Pre-Approved
Whether you are looking to buy a home off the market or looking into a home build loan for new construction, pre-approval is an important step that can give you an edge during the process.
Not only does this let sellers and builders know that you are serious, but it can also make your offer more competitive, help with keeping a firm budget, and make the process faster. This can help you get what you want in a competitive market while also avoiding home buyer’s remorse later.
2. Know What You Want
If you’re not sure what you want in a home, you could end up just settling for something that seems like it might work. Often, this leads to home buyer’s remorse once you move in and start realizing all the things that don’t work for you.
If you’re lucky, you’ll be able to do some remodeling to get your new home to where you want it to be. If you’re not, you may find yourself in a seemingly endless cycle of remodeling and dissatisfaction as you try to make a home work for you. This is one of the signs it’s time to move, so you want to do what you can to avoid it in a newly purchased home.
Instead of settling and potentially ending up disappointed, take some time to figure out what you want in a home. A “wants and needs list” is a good start and can help you better evaluate options that would be a good fit for you. Having some idea of what your dealbreakers are is also helpful.
3. Pay Attention to the Neighborhood
When you buy a home, you want to make sure the home works for you, but you also want to make sure the neighborhood works for you. You could have the perfect home that suits your needs and still end up with home buyer’s remorse if the neighborhood doesn’t.
There are a lot of things to consider when choosing a neighborhood to ensure both the home and the location are right for you. Much like you made a “wants and needs” list for your home, also consider making one for the area you want to live in. This can help you prioritize what is most important to you, what will be a dealbreaker, and what you’re willing to compromise on if needed.
4. Take Your Time
It can be tempting to rush into making an offer and closing on a home you like, especially in a competitive market. However, rushing through the process can often lead to home buyer’s remorse. Once things calm down and reality sets in, you may discover a lot of issues and red flags that were ignored as you rushed through the process or let the excitement carry you through it.
Instead, take your time and really evaluate whether the homes you’re considering meet your needs. Reference your “wants and needs” list, pay attention to details, and really focus on what living in the home would be like. Once the excitement of buying it wears off and you move in, does the home still meet your needs? This could result in a long home buying search, but can also help you avoid home buyer’s remorse.
5. Build a Custom Home
Home buyer’s remorse often results from spending too much, buying a home that just doesn’t work for what you need, or buying something in the wrong location. One of the best ways to avoid home buyer’s remorse is to build a custom home.
When it comes to custom homes vs existing homes, you don’t have to be limited by what’s on the market. With the right builder, you can build on land in one of their neighborhoods or you can build on land you own. Plus, the home is specifically designed and built to suit your needs, which tends to take home buyer’s remorse off the table completely.
These are just a few ways to help you avoid home buyer’s remorse and get what you want and need in your home. If you’re having trouble finding a good fit on the market, consider a custom home that is built to meet your needs. Contact Custom Home Group at 717-284-4090 to avoid home buyer’s remorse and start making your dream home a reality!