5 Ways to Avoid Buyer Regret
You know that sinking feeling. The anxiety and uncertainty that hits after you made a big purchase? The nagging feeling in the pit of your stomach that you made the WRONG decision? That is buyer’s regret.
And I’m telling you, a home purchase is the LAST thing you want to have regrets about. Current research shows up to 52% of home buyers experience remorse. So let’s flip the script and take a look at five ways to prevent that sinking feeling from taking over.
If we haven’t met before, I’m Holly McDowell, and I specialize in finding buyers a fabulous home that they won’t regret on Spokane’s South Hill and beyond.
Tip One: Understand the Financial Implications
The expense of owning a home isn’t as simple as principal plus interest. Other factors impact the true cost of homeownership: property taxes, insurance, HOA fees, utilities, maintenance, yard care….the list goes on. These aren’t bad things, just expenses to be aware of and factor into your budget. Quick Tip: What the lender says you can afford, and what you are comfortable paying might not be the same thing.
Tip Two: Know Your Goals
Hopefully, you can count on your Realtor to guide you through this one. Just in case that isn’t your experience, ask yourself the following questions. How long do you plan to live in the home? Is this a starter home? Will you be growing a family here or retiring? Do you plan to move in 5 years and turn the house into a rental? All these questions help determine the neighborhood and type of house that will meet your needs and provide the most happiness long after closing.
Tip Three: Wants vs. Needs
As we all know, a need is something you need to have and a want is something you would like to have. Apply this same thinking to what features your new home should have. Divide the features and amenities into needs and wants, then prioritize. Sure, you might have it all in your head, however, writing it out will clearly distinguish between the two, helps you find things to compromise on and gives your Realtor a clear objective. The number one regret home buyers had? They didn’t buy a bigger home. Hmmm…
Tip Four: View the Home Multiple Times
But Holly! It’s a seller’s market! We are lucky to see the house once! Hey, it is possible to see a house twice – even on the same day occasionally. Why might you want to see the house more than once? The first time emotions are high, the second time allows you to take a more objective tour. Pull out that 100 pt buyer checklist and dig in deep.
Tip Five: When You Find a Home – STOP Shopping
Once you find a home that captures your heart and meets your needs….STOP shopping! No more cruising the streets looking for signs, and turn off the Zillow notifications. There will always be another option that catches your eye. Focus instead on the house you have, dream big and turn it into your home.
If you are concerned about buying a home you will regret, then you should check out the Top 10 Things Buyers Regret After Buying a Home where I outline the top regrets and tell you how to prevent them.
Buying a home you might regret is avoidable! Schedule a buyer consultation with me and learn about my signature buyer process designed to find you the perfect home.
Drop a comment below or pick up the phone and text or call. You can also book online. I look forward to hearing from you.