Avoiding homebuyer’s remorse
Purchasing a home is oftentimes the largest financial consideration a prospective homeowner undertakes. Yet, there’s seldom little preparation afforded to would-be homeowners about the emotional considerations that soon accompany an accepted offer. For many, uncertainty of what the future holds can evoke a sense of insecurity, causing a homebuyer to question their decision and resolve. However, there are ways they can put some of their doubts to rest and avoid experiencing unnecessary feelings of disappointment and remorse.
When most prospective homeowners begin looking for a home, they typically establish general search criteria respective of their individual wants and needs. However, those who’ve taken the time to itemize those requirements, preparing a detailed list of what they expect of their new home, are better equipped to make qualified decisions relating to their search. Considerations inclusive of a home’s location, features, functionality, characteristics and attributes should be predetermined prior to initiating a serious search. When adhering to well-defined criteria, buyers are less likely to become apprehensive about any decisions they’ve made.
Yet, beyond a home’s tangible offerings, initiating a search within fixed budgetary constraints is also of significant importance. Homebuyers who’ve established financial parameters in advance of their home search are less apt to overcommit both now and in the future. The financial considerations of purchasing and owning a home can be consuming, but home ownership oftentimes proves financially rewarding. Prospective homeowners who’ve taken the time to educate themselves on the budgetary considerations incumbent in home ownership will be better prepared and confident in their decision to purchase.
It’s natural for homebuyers to experience varying degrees of anxiety when committing to purchase a new home. However, they mustn’t lose sight of their reasons for having chosen to submit an offer. There were qualities the property possessed that inspired them to take action. Buyers who can objectively examine their feelings are better equipped to rationally address those concerns with confidence.
Prospective homeowners who’ve become nervous about their decision are likely to find their future home’s qualities and offerings haven’t changed and they must ask themselves why they’ve become uncomfortable with their decision. Albeit, in rare instances, a feeling of apprehension may be warranted, but more often than not, a feeling of uncertainty is expected given the commitment being made.
For most homebuyers, the decision to purchase is an exciting time and it’s natural they’ll want to discuss their decision with friends and family. However, they might unexpectedly find themselves second-guessing their decision after speaking with others. Well-intentioned outsiders can prove an excellent source of support. But uninformed outsiders may also negatively influence a buyer’s confidence, causing them to make choices potentially hindering their purchase.
When buyers have made a commitment to buy a home, their decision is most probably based on their respective needs and current market conditions. And, while friends and family may be knowledgeable in real estate, buyers shouldn’t feel pressured to follow their advice. Prospective homeowners should therefore only surround themselves with those who are supportive of their decision.
Oftentimes homebuyers who’ve come to question their decision feel compelled to resume their search for other prospective properties. Unless their existing agreement has the potential of terminating, continuing the search for a different home will only serve to make a buyer further question whether or not they’ve made the right decision.
Prospective homeowners need to understand there’s no such thing as a perfect home and all listings possess different offerings. A homebuyer is not well served in arduously contemplating whether or not they’ve made the right decision. Newly listed homes will continually come to the market but perpetuating the search, once an offer has been accepted, will only further exacerbate a buyer’s feelings of insecurity.
When purchasing a new home, future homeowners are encouraged to begin thinking about how they would personalize and purpose the use of each space in an effort to make the home their own. Albeit, while a home is in escrow, buyers are strongly encouraged to keep extraneous expenses to a minimum. But those who’ve decidedly taken an active interest in creating future plans encompassing their new home are generally more engaged in seeing to the successful completion of the purchase transaction. Building an emotional connection can be the most effective means of mitigating feelings of uncertainty and regret for having committed to buying a particular home.
Understandably, there are times when the cancellation of an agreement is truly warranted and necessary. Those reasons may include, but aren’t necessarily limited to, a buyer’s inability to secure financing, problematic inspection findings, inequitable appraisal reports and title concerns. Language as contained within a homebuyer’s purchase agreement typically allows for the cancellation of a contract should any one of these factors become a concern.
Prospective homeowners should take the time to discuss the home buying process with a real estate representative in advance of initiating a new home search. Real estate professionals have an obligation to communicate and counsel their client during each phase of the transaction, while acting to negotiate reasonable terms on their behalf. Arguably each transaction has its own unique challenges but informed homebuyers who’ve acquainted themselves with the process are better equipped to make educated decisions, thereby limiting the potential of experiencing buyer’s remorse.
Sean and Aimee McDonald, Realtors with RE/MAX North Lake Tahoe, can be reached at 775-250-8335 or firstname.lastname@example.org.