Woulda, coulda, shoulda – If those words describe how you've felt after a recent purchase, you're not alone. Buyer's remorse sometimes plagues homebuyers when they think they missed out on the house/deal/yard/school district/neighborhood of a lifetime after buying a home.
The fact is that buyer's remorse is a common emotion for some when making any sort of purchase, especially when buying something as expensive as a house. You might scour home sale ads after you've signed on the dotted line, thinking there's a better deal out there than the one you got. Buyer's remorse is simply our fears intensified, and usually for no good reason. Here are some tips to help avoid experiencing buyer's remorse in the first place, and to ensure that you really did get the great house/deal/yard/school district/neighborhood you always wanted.
Take your time – Even if you're in a situation where you need to buy quickly, you don't have to rush into such a big financial decision. The job move? If you don't feel comfortable making a purchase decision by the time you must move, rent a place first; there's no law that says you must own a home immediately. Keep time on your side by looking around and deciding what appeals to you, and what doesn't.
If you're looking to buy in a new neighborhood, make the effort to thoroughly check it out. How long will your commute times be during rush hour? School district doesn't measure up to your expectations? Again, consider these important factors before making a commitment to purchase a home.
Do you have friends or family in your target neighborhood? See if you can spend the night at their home and keep an eye open to the possibility that this could be your new surroundings. Even if you don't stay overnight in the neighborhood, visit it several times at different times of day. Do you like what you see? How's the traffic? Can you get to and from a grocery store that you like in a reasonable amount of time?
Will the house work for your needs? This is a biggie. Once the surroundings pass muster, the next step is making sure the house does, too. Now, no house is going to be absolutely perfect down to the last little detail. But if the house doesn't meet needs that are high on your priority list, there's no point in considering it.
Getting off the hook – What happens when you decide you don't want to buy the house after the seller has accepted your offer? Well, that depends on what is written into the contract and your timing. That's why you should discuss the contract with your Texas Realtor® before you ever make an offer, so you will know your options.
One part of many contracts is an option fee, which gives a buyer the right to cancel the contract for any reason within a specified amount of time. So if something turns up on the inspection that the seller won't agree to fix or you simply decide you really don't want a two-story home, you can terminate the contract within the specified option time frame.
Finally, be realistic. If you're buying a pre-owned home, know that resale homes do have problems. The point is to go into a sale without the rose-colored glasses. If you know what you want, trust your instincts and rely on professionals like Texas Realtors®, inspectors and others to help, buyer's remorse will be the furthest thing from your mind and you'll be able to thoroughly enjoy your home purchase without any regrets.
For more information on buying, selling, or leasing property, I invite you to visit TexasRealEstate.com.
For your real estate needs, contact RE/MAX Genesis at 830-833-2000.