Tuesday, October 23, 2007

Home Buying Tip of the Day - Dealing with Buyer's Remorse

When you were out looking for your first (or next) home and in hot pursuit of the "American Dream" it was exciting looking for just the right home with the right view and in the perfect neighborhood.

Then came the fun stuff, looking at houses knowing that any one could be your new home. You walk through a few of them imagining each as your own with your belonging and touch. Some were to small, others not in the right neighborhood but finally you find your dream home.

You sign the contract and anxiously await the answer. Terms are eventually worked out and you have just bought yourself a new home for you and your family.

Later that evening you take your family out to dinner to celebrate a new home and new life.

HOWEVER....

Maybe tomorrow or the day after you start worrying. You wonder if you made the right decision, you wonder if the house that was a little cheaper would have been better, maybe you worry about making the payments and how it will affect your lifestyle, you ask yourself over and over is the house to big? Is it to small? Did I do the right thing?

Don't worry, you are not alone. It is not unusual for buyers to start worrying after the house is put under contract. It is understandable that these feelings creep up once the contract is signed. After all, purchasing a home is most likely the most expensive investment you will ever make and it is only normal to wonder if it is the right home, the right neighborhood and whether or not you will be happy there for the long term.

So how do I get over it or know if my concerns are valid? The best way to deal with buyer's remorse is to plan for it in advance. Before ever going to look at a house take a piece of paper and put a line down the middle. On one side write every advantage you can think of about owning your own home as well as everything you require in a new home. On the other side write all the disadvantages you can come up with as well as what the house must not have.

Put your list away and go looking for your home. Once you put a home under contract and the feeling of regret or doubt starts creeping up on you take your list out and review it. Since the list was wrote while you were in a more rational state of mind you can take comfort in knowing you are making the right decision. It probably won't eliminate the feeling altogether but it will help put things into perspective.

Now stop worrying and enjoy your new home!

6 comments:

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