Having Second Thoughts? How You Can Avoid "Buyer's Remorse"
December 21, 2013
“Buyer’s remorse” may seem like an easy thing to avoid with a home purchase. After all, it’s a major purchase, so you’re definitely going to make sure you’ll be happy, right?
Unfortunately, buyer’s remorse happens all of the time. To help ensure that it doesn’t happen to you, here are several things you can do:
Think carefully about your offer. If you’re going to pay more for the home than its original list price, take some time to consider if it’s a fair deal. Of course, just because you’re paying more than the list price doesn’t mean you’ll regret it later, but you need to think about what you’re getting for the extra cost.
Bid to win the home, not to win a competition. Multiple bid situations are fairly common these days, so be prepared for this situation. If you have to bid against other potential buyers, keep in mind that your goal is to get the home you want rather than beating the other guy. Try to keep your competitiveness to a minimum.
Know the property inside and out. Before you buy, visit the home multiple times—with your agent, with your family and by yourself. Also, visit the property on weekends, weekdays, during the day, and at night. By getting to know every inch of your prospective new home, you’ll be more likely to have a good comfort level with it.
Familiarize yourself with the area. Much like knowing the house inside and out, you should familiarize yourself with the area by visiting on different days and at different times. By doing this, you’ll get to know how convenient (or inconvenient) the shopping and services are and what the traffic patterns and commute times are like.
Make sure you have a thorough inspection done. In almost all cases, you should have the sale contingent on a professional home inspection. Repair and maintenance issues are often the number one cause of buyer’s remorse. If the inspection reveals problems, don’t be afraid to ask the seller to make the needed repairs before you buy.
Discuss the property with your agent. Your agent is your best source of advice. Ask for their honest opinion about the home. Are there disclosures you need to know about? Has your agent dealt with other listings in the neighborhood? Your agent can help put your mind at ease on several different fronts.
Don’t just settle—make sure it’s what you want. In the end, you may not be able to get everything you want in a new home, but that doesn’t mean you shouldn’t try. Yes, shopping for your dream home can be frustrating at times, but don’t settle for less just because you’re anxious to buy.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671