BUYING A HOME: Buyer's Remorse
Monday Oct 19th, 2020
Buyer’s Remorse: The Biggest Regrets of Home Buyers
Buying a home can be a bit of a scary business. It’s a big decision and serious investment. Both personally and financially, a lot is riding on the choices you make in the process of purchasing a home. A good Realtor can help you avoid a great many of the most common pitfalls but it’s up to you to make the final call on so many things. You don’t want to look back in a year or so and feel that you’ve made a huge mistake.
That awful feeling that sits in your gut like a gas station burrito after making an ill-chosen purchase has a name (and it’s not indigestion). It’s called “buyer’s remorse.” It’s defined as the feeling of regret after making a purchase. It’s an emotional reaction to buying something regardless or despite of, the price. This type of regret is most often experienced after making a major purchase. Buyers’ remorse can stem from guilt over the perceived extravagance, a feeling of being overly-influenced by the seller or a suspicion that the choice made was the wrong one.
Buyers’ remorse is a terrible, sickening feeling. A little touch of that feeling is natural, even expected. You talk yourself into decision and then spend a little time second-guessing and convincing yourself that you were right. It’s only human to have a little tension in a transaction the size of a home. However, when that little bit of tension turns into a case of the cold sweats, you know you’ve made the wrong choice. Informing yourself about the common home buying regrets can help you to avoid them yourself! Here are a few of the most common reasons homebuyers regret their purchase.
Some buyers overreact to their dissatisfaction with their current space and go to the extreme in the opposite direction on their next purchase. Buyers leaving a small home that’s feeling rather crowded want the biggest possible home and find they’ve over-bought and can’t manage the upkeep. Or when looking to downsize, a buyer might go TOO small and find that they can’t accommodate guests as they would like.
Stay away from this trap by planning and choosing logically, not emotionally. Plan for your future in the home, not what you’ve experienced the past. Considering buying all the home you can afford and not skimping or scrimping on space so you love it for longer. You’ll be able to grow into the home and enjoy it for longer. The longer you stay, the more money you’ll save in the long run (it costs a lot to move!).
Settling for a strange layout
After you have been looking for a while, you start thinking you need to be less choosy. You give up on finding the layout you really want and begin to accept the fact that you’ll have to make some concessions (sounds reasonable enough right?). You convince yourself that an awkward or poorly planned layout isn’t really that bad and you’ll get used to it. The previous owners did after all. If a home feels awkward when you tour it the first time, it will still feel weird after ten years. Don’t talk yourself out of getting what you really want and need.
Falling for a trend
You’re thinking that you want your home to be contemporary and up-to-date. You want your friends to be just a little bit jealous! You love a certain look from a magazine. All these things are fine but don’t let them dictate your home purchase. Today’s trend is tomorrow’s dated look. Just think – saloon doors to the kitchen, wood paneling and Pepto-pink bathrooms were once major design trends (hard to imagine, isn’t it?!). Stick to contemporary-yet-classic in the things you can’t easily change like structure, tile and flooring. Let your taste for current trends be reflected in things that you can switch out without too much trouble and expense like wall colors and lighting fixtures.
Missing what’s missing
When you fall in love with a house, it’s easy to skim over the little details. You focus on the “Wow!” features and get distracted from your mission. Maybe it’s the house’s pretty exterior that sets you off-track and you forget it’s not in the right neighborhood for you. Perhaps a massive, natural stone shower just takes your breath away and you don’t realize there’s not a bathtub anywhere in the home to bathe your newborn child.
Doing it alone
Many buyers (and sellers) think that they can save money and shorten the home buying process by doing it all themselves. A good Realtor is your advocate, your best friend and best weapon in this process. If you’ve chosen a trustworthy Realtor then you won’t have to worry about being rushed or cajoled into a quick purchase or sale.To avoid this pitfall, choose your Realtor wisely. Ask for referrals, talk to your friends and compare their experiences. Listen to your gut. If you don’t feel comfortable with a Realtor’s attitude or advice, find a new Realtor. You shouldn’t have to sit on either side of the closing table without a knowledgeable guide and friend beside you.
Talk to your Realtor about what you want and need in a home. When they tell you the home isn’t hitting all your “must-haves”, listen to them. Remind yourself of your needs often and don’t rush into a choice just because you’ve been dazzled by one particular feature. Familiarize yourself with the common mistakes that homebuyers make so you won’t have that sick-to-your-stomach feeling when you receive the keys. Talk to your real estate agent in Kitchener-Waterloo and learn from their expertise. This way, you won’t be saddled with a bad case of buyer’s remorse. For more information on how to buy your dream home with the best terms for you, contact us here.