Buyer’s remorse is something we feel on a regular basis, however home buyer’s remorse feels next level. After all, it’s arguably the biggest purchase you’ll ever make! You might ask yourself questions like “Did I act too quickly? What if a better home becomes available? What if I lose my job or can’t make mortgage payments?” With such a big purchase, it’s easy to second guess your decision and have doubts.
If you’re overcome with persisting remorse, there are a few things to consider and reflect on to assure yourself you’ve made the right decision.
1. Have your priorities changed?
Prior to purchasing the home, chances are you made a list of wants and needs. Some items are high priority, while others you can live without. However, these could’ve changed in the time you purchased the home to move in. For example, maybe you and your spouse bought your first home as newlyweds, but unexpectedly became pregnant. You might not have factored in a room for the baby, or maybe you’re wishing you lived in a more quiet neighborhood. Whatever the case may be, analyzing the facts that led you to purchase the home in the first place will help you sort through your feelings, and validate your decision.
2. Are you letting others influence you?
While the opinions of your friends and family can be helpful throughout the home buying process, it can be equally as detrimental. It’s easy to be persuaded or doubt your decision making, and having multiple voices in your head certainly doesn’t help. Before you go taking someone else’s advice or opinion to heart, ask yourself this: do they know the market? Are they familiar with the area? Are their opinions based on personal experience or assumption? At the end of the day, you’re going to be the one living in the home — not your friends and family. Trust your gut, do your research, and stick to it. If it helps, consider speaking with your real estate agent (this is the opinion that matters)! They can ask any lingering questions you might have and provide some peace of mind. If you don’t have an agent, consider reaching out to a real estate attorney.
3. Are you fueling the fire with continued searching?
Once you’ve purchased the home, stop looking at other houses. Continuing to look at other options will only add to the stress. While it’s difficult not to wonder “what if,” the grass isn’t always greener on the side. Be sure to unsubscribe from any email lists, delete any related apps on your phone, etc. There can be exceptions here, particularly if you’re unsure the appraisal will come in high enough, or you haven’t officially signed any contracts.
In most cases, buyer’s remorse occurs simply because it’s a hefty chunk of cash. However, there are times when you might need to back out of a contract, and the reasons are fully valid. Maybe there’s an issue with the deed or title, or the home inspection raised some serious concerns. Should this be the case, make sure to contact your agent directly.
Whether you are a first time home buyer or purchasing a multi-million dollar home, you have found the right person. Ken Venick has over 30 years of experience in the mortgage loan business and can put you or your client in the right mortgage loan product for their unique needs. Contact us today!