How to Avoid Home Buyer's Remorse
Posted by Nick Wagenknecht on Thursday, March 2, 2023 at 8:15:12 AM By Nick Wagenknecht / March 2, 2023 Comment
Buying a house is likely the largest purchase you’ll ever make, so it’s normal to have some anxiety over the purchase once you settle. But what happens if you keep having those thoughts a month or two after you move in? That’s called buyer’s remorse, and it’s happening more and more to buyers given the competitive market we've been in over the past few years.
➀ Create a realistic budget & stick to it.
It’s easy to get carried away when you feel like you’ve found the perfect place to call home, and even easier to stray from your budget what you’re up against multiple offers, or have lost out on a house or two already. It’s important to decide on a budget and maximum monthly payment, and stick to it.
➁ Be financially ready.
Buying a home is the largest single purchase most people will make, so it’s crucial to be financially prepared. Talk to your lender about what to expect with closing costs, and get an estimate on a home before you submit an offer.
➂ Create a non-negotiable list.
Get very clear on what you want before you start looking at homes. Create a list of things that you have to have and things that would be nice to have. Choose what you’re not willing to compromise on and stick to it, and don’t feel pressured to adjust your criteria just because of the lack of inventory.
➃ Don't waive too many contingencies.
In order to win a home offer, you may have to waive certain contingencies that seem low-stakes. But some contingencies are there for a reason, especially the home inspection contingency. The last thing you want is to have a list of repairs you weren’t budgeting for as soon as you move in.
➄ Don't try to "time the market".
If you've outgrown your home or are looking to downsize, waiting until the market conditions are perfect might end up causing disappointment.
Post a Comment