Dealing with Home Buyer’s Remorse
By Sadiya Anjum
Every major decision in life brings with it a few doubts and anxiety. When purchasing a home, you may experience significant anxiety. Through the home buying process you will see yourself riding waves of excitement along with panic and regret. Unless you have a practical problem in your hands, all other pangs of anxiety are termed as “home buyer’s remorse” or “home buyer’s blues”.
Most people after making an offer or even after closing experience creeping doubts which may lend to sleepless nights. People often wonder ‘did I pay too much?’ or ‘what if a better house comes into the market next week?’ or ‘what if something dreadful happens and I can’t repay my mortgage?’ Firstly recognize that every other person who buys a home (especially for the first time) lives with these nagging doubts until a few weeks after the purchase.
Dealing with Home Buyer’s Remorse
What you must do is analyze your doubts one at a time. Where exactly did this doubt stem from? Mostly it may be your own self but sometimes friends and family unintentionally generate these doubts. Remember that even if they are experienced, you have purchased a home after looking at other homes and after having been approved by a lender. No lender will finance a home above its value and even if you did pay a little extra, you may have had your reasons for doing so. Besides in a few years the value of your home may increase and the extra you paid is not really going to count.
Think of how you can ease your doubts and what you can do to practically eliminate them. If you do not buy the home, what is your alternative? Every time you have a doubt (before closing) make sure that you get answers from a professional like your agent. After you have purchased a home, talk to a friend who is a homeowner and he will be able to assuage your worries. Sometimes all it takes is some external support to get rid of nagging doubts.
Protecting Yourself from Home Buyer’s Remorse
It pays to be prepared ahead of time. Know that you may be a victim of home buyer’s remorse at some point; just knowing this may help you when you are hit by anxiety. Before starting to hunt for homes, make sure that you are emotionally ready and prepare yourself for the home buying experience. Understand the whole process itself and get ready for the ride.
Analyze your financial situation and determine how much you can really afford. Make a list of what exactly you need and want in your home. When you do find a home, make sure you get a home inspection done; it will be worth the money you spend. Your purchase contract must protect you in all possible ways. Include a cancellation clause if you want. But make sure that you are definitely allowed to back out of the contract if there are problems with the title, financing, inspection and appraisal.
Preparing ahead will develop fewer doubts which means lesser anxiety. But some times with all the preparation in hand, you may still experience anxiety. Recognize that worrying unnecessarily is going to get you nowhere. Calm down and know that sooner or later, these doubts are going to pass.
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