Realty.com

Wish I Didn’t Buy This House

Posted November 5, 2009 by Matthew Denton

Helpful tips to overcome remorse

For most homebuyers, the regret of buying a home sinks in the moment they feel they have entered in a long-term financial commitment without considering the choices they could have prior to signing the deal.  It may sound absurd for some who wonder why such feelings exist when in fact, home buying should be a worthwhile effort for the hardworking employee.

But home buyer remorse actually exists.  Feeling anxious after the purchase is absolutely normal within an acceptable amount of time.  If the homeowner experiences remorse more than this, then he should act on it right away.

Remorse can be avoided. Here are some helpful tips:

Avoid agents who do not provide you with more property information.  You’re not getting your money’s worth.  A good agent will keep you updated with other sales and new listings in the market.

Read your contract carefully.  You may spot a clause that can actually save your from headaches.  If you can’t understand some statements, consult a lawyer.

Don’t be too impulsive especially when posed with a tempting offer.  Search for more comps and evaluate your decision carefully.

Prepare a comprehensive financial plan.  Seek the help of a professional if you can afford it.  It’s a good measure against wrong choices.

Stop comparing your choice with other listings.  Face the fact that you’ve already made a decision.  Look at the good features of your house and work on the minor setbacks.

Listen to your relatives’ and friends’ comments but don’t take them seriously.  Some may quip, “You could’ve taken a larger one in the next suburb for the same price.” Remember that these statements are mere expressions, not necessarily sound pieces of advice.

Review the property inspector’s findings.  Estimate if you can cover the cost of repair.  Some homebuyers jump into a decision without realizing the high costs of renovation.

Yes, home buying is stressful but it can be a wise decision if you act on little things that will turn out to be big problems in the future.

Realty.com is a real estate search portal, dedicated to connecting home buyers and sellers to trusting real estate services. Follow the Realty.com blog for up to date housing news and trends. And monitor local mortgage rates at RealtyGadget.com.