The moment you start living in a new home you purchased thoughts begin to sink in on whether you made the right choice. According to Les Christie from CNN.com, these remorseful thoughts occur to nearly 80% of homebuyers. This ranges from whether the home buyers felt they shorted themselves, overpaid, not enough space or just completely dissatisfied with the purchase. So, if you want to avoid this symptom of Buyer’s remorse follow these five key tips!
1. Do not succumb to others opinions or decisions!
During your journey on finding the perfect home most people tend to invite a family member or friend to accompany them on their trip. It is absolutely important to remember that you are the homebuyer and not the company that you brought for the trip! Many people fall victim to peer pressure and feel that they need the acceptance of others to warrant their actions. However, when it really comes down to it just remember it’s your life and do what works for you and your family.
2. Do not settle for less than what you wanted!
If you wanted 3 bedrooms in your home then get those 3 bedrooms! One of the biggest regrets that home buyers had on the survey responded that the home they bought did not have enough space. Remember, to stand your ground when it comes to your needs and wants. If you were looking for 3 bedrooms before the search then you must have already done the methodical thinking as to why you need 3 bedrooms. Remember, do not settle for a property that you did not want in the first place.
3. Decide what is a deal breaker!
Before you venture out looking at properties you have to figure out what would and would not be a deal breaker. For instance, in the previous example we referred to 3 bedrooms and not settling for 2. If you decide that 2 bedrooms would not be a deal breaker then make sure you go through the reasoning as to why it is not a deal breaker. Is it because 2 bedrooms was your minimum but 3 bedrooms is simply preferred? These are questions you have to ask yourself. Try to decide what you want first and then go into what your true minimum’s are when looking at a property. It is also absolutely important to find out what your price limit is as well before venturing out and about to gauge what costs you can live with.
4. Do not be an impulsive buyer!
Most people when they go to an open houses they love with lots of traffic they get the impulse that they need to make an offer right away. Do not let your emotions get the best of you when making an offer on a property. Remember that there are plenty of homes out on the market and other opportunity will present itself. If you already know you are an impulsive buyer then do a quick CMA on the property you may place an offer for so that you don’t overpay!
5. MOST IMPORTANT: Do your due diligence!
Last but not least this applied to every tip we have given which is do your due diligence. Do not just go jump out looking for a home and expect that everything will fall into place and that you will learn the terminology of the real estate industry as it comes. You are only setting yourself up for headaches, stress, paranoia and overall confusion. You absolutely have to understand what you are looking for and what costs there will be. If you are looking at condominiums or townhouses then do you know what an HOA is? Do you know what a mello-roose tax is? Do you know what entails in an escrow? etc. Remember the more education you have about buying a home then the better decision you will make overall.
Feel free to read Les Christie’s version of How to Avoid HomeBuyers Remorse on CNN.com.
Interested in sitting down and meeting with one of our great real estate agents for an in-depth explanation of a home buying process and what to expect? Give us a call at 626-629-8439. We look forward to being of service!