How to Avoid Buyer's Remorse

In a bankrate survey, 43% of recent home buyers had at least one regret about their home buying process. That number climbs to 63% for millennials, who are typically first time home buyers. To be clear, they don’t regret buying. The survey asks if they regretted anything about the process or the home they bought.

Here are some great ways to avoid having buyer’s remorse. 

Define the deal breakers

It’s easy to forget what’s most important to you once you start seeing houses. Before you hit your first open house, discuss your deal breakers v. preferences. Deal breakers are things that if a house doesn’t have it you won’t buy it. Period. Preferences are things you’d like, but don’t have to have. If a house has “everything else” you want, but not this thing, you will not buy it…that’s a deal breaker. If all the other pluses would persuade you to buy without this thing, then it’s a preference.

Focus your discussion on things that you cannot change after you buy, like the home’s location, school districts, size of the lot, number of bedrooms, etc. Not focusing on the “unchangeable” is where regret can sneak in.  

Set the right budget

The first step is to talk to a qualified local lender. While the lender sets the amount you are able to borrow, that doesn’t mean you should spend that much. Plan out what monthly expenses on houses in that price range are. Consider the mortgage, taxes, insurance, maintenance, HOA fees, etc. Pick a price range where you are comfortable handling the costs after you move in. 

Get expert help

How your cousin, or in-laws bought a house a decade ago, 3 states away isn’t usually helpful or relevant to your search. Each state has different laws and each market has different local conditions that change regularly. Using an expert local realtor to guide your process is important to avoid mistakes.  Ask your realtor to only show you homes that fit your preferred price and have all your deal breakers so you don’t waste time and emotional energy on homes you have decided you don’t want to buy. 

Don’t skip steps

In a competitive market for buyers, it’s easy to get caught up in “winning” and offer to waive inspections. But those inspections are crucial to avoiding regret. You don’t want to pay a premium for a great home only to find out you need a new roof or septic system immediately. That’s a huge regret. Stay with your plan even if it means taking a bit longer to find a house.  

Fight indecisiveness

Deciding which house to make an offer on can be difficult. It’s a big decision that affects your quality of life. Remember there are no perfect houses, and there are no perfect decisions. There is a lot you can’t know including the future, so don’t obsess on what you can’t know and focus on what you do know. Think through the pros and cons of each home, and when one looks really good, go for it. 

If you want more tips about buying and selling, reach out to the 919 Realty Group and let us help you get started on your home buying journey.