How to Avoid New Homeowners Buyer’s Remorse

How many Americans have buyer’s remorse after purchasing a home?

If you had to purchase your home all over again, would you?

Buying a home is one of the most significant decisions we make in our lifetime. Anyone who has ever bought a home can tell you about the stress, pressure and frustration that can come with purchasing a home. They will also tell you about the excitement and joy they felt when the found the perfect home.

Recently, however, MSN Real Estate published an article highlighting a survey which showed that 25% of homebuyers have buyer’s remorse. In some areas of the country it was even higher than 25%.

What do we mean by “buyer’s remorse”? It means that these buyers would not purchase their house again if they had the choice to do it over again.

That is a shocking statement since our homes are the biggest financial purchase many of us may make.

The good news is that there are ways for home owners to avoid buyer’s remorse. Whether you are a first time home buyer or you know the sting of buyer’s remorse and never want to feel it again, today we are going to be sharing with you tips on how to do just that.

Tips on How to Avoid Buyer’s Remorse

  1. Anticipating the Cost of Owning a Home
    Purchasing a home will likely be the biggest purchase of your life. However, that won’t be the only money you put into your home. Owning a home includes ongoing expenses, like utility bills, upkeep, landscaping, finishing the basement, etc. Having realistic expectations about the costs of owning a home will reduce the chances of experiencing buyer’s remorse.
  2. Before You Close, Make Sure You Know What You’re Getting
    Walking through the home during an open house is a great way to get an introduction of the home. One great way to avoid buyer’s remorse is by seeing the home more than once, walking through every room, and even having a private showing.
  3. Before Making an Offer, Read the Seller’s Disclosures
    Seller’s disclosures are normally available in many markets prior to making an offer. Another great way to avoid buyer’s remorse is by carefully reading through the entire disclosure.

    Zillow, the popular home and real estate market place, goes so far to say that if you don’t have time to read the seller’s disclosure then you shouldn’t make the offer.
  4. Check Out the Neighborhood
    Our last tip on avoiding buyer’s remorse is making sure that you have checked the neighborhood out thoroughly. Does the neighborhood have all the amenities that you want? If you are planning on having kids, how are the schools?

    For more tips on finding a great neighborhood check out the recent article we published called How to Find Your Dream Neighborhood.

Summary

One of the best ways to steer clear of buyer’s remorse is to have the knowledge available and accessible to you. It is impossible to be an expert in every single area. That is why having a real estate agent that is working for you and your best interests is the first place to start. Please call our office today at:

248-348-7200