How to Avoid Falling Prey to Home Buyer’s Remorse
As discussed in last week’s Thought Leadership, buying a home rather than renting continues to be more economically feasible due to low mortgage rates and home prices. However, due to a recent influx of buyers, among other factors, a housing industry crunch has stricken parts of the U.S., including Atlanta.
With more Americans looking to buy homes and fewer homes on the market, potential buyers feel a sense of urgency to win a bid on their “dream home.” Unfortunately, some buyers will wake up in a few weeks and realize that the location, landscape or floor plan isn’t right for their needs.
Buyer’s remorse is common among all types of purchases but can be the most devastating after purchasing the place where you’ll lay your head most every night and make memories for years to come. Spending the time to ask yourself the questions below can offer a better guarantee to securing the real home of your dreams.
Have I seen the home more than once?
While this may seem like a no-brainer to veteran house hunters, some buyers fall victim to “love at first sight” and sign contracts immediately after the initial viewing. However, only viewing a home once with stars in your eyes is the quickest way to eventually succumb to buyer’s remorse. Touring a home multiple times and at different times of the day provides different perspectives and gives you the chance to spot things you may have missed before. No matter how much you think you love a home, a second look is always necessary.
Have I toured the home privately?
Walking from room to room with other buyers, your Realtor or the seller creates a false sense of what the home will feel like after move-in day. “If you’re serious about a home, go back for a private showing,” an article in Forbes magazine advises. “A lot more is revealed when you have time alone in the property.”
Is it a fair price?
Another way to “ensure that buyer’s remorse will rear its ugly head is by not getting a fair price on the property from the get go,” according to Mortgage Marvel. Paying above market price will likely create resentment toward the property later down the road. Research local market trends and consider a professional appraisal to better gauge a home’s fair market value.
Is this the home I set out to find?
When searching for a home, it’s easy for your judgment to become clouded and for you to lose sight of what was originally important in your house hunt. Don’t settle and turn a blind eye toward certain factors, such as a work commute or home renovations, which may turn problematic after you move into your home. According to Forbes, “a good agent will bring you back to your original plan before you sign a contract.” Continually revisit your priorities while searching for a new home to ensure you meet your wants and needs.