Worried About Home Buyer’s Remorse? These 5 Tips Will Help Avoid Regret
Yay, you won the bidding war! But did you get caught up in the moment, and now you have regrets? Here's how you can avoid buyer’s remorse before bidding gets heated.
Stick to a budget
Don't bid on a home just to beat out the competition. Consider your priorities and what matters most.
Once your budget is set, build in some wiggle room by looking at homes $50,000-$75,000 under your max budget. That gives you the option to go over asking if needed.
If the bidding war goes above your threshold, move on from that house, no matter how much you love it. Getting a deal you can't afford is way worse than walking away from a house you love.
For example, if it's important that your home has a yard for your dog or keiki to play, make sure all homes you consider meet that criteria.
Make a wish list of everything you want and break it into two sections: must-have and nice-to-have. If the home you buy has the items on your must-have list, you're in the right place. The second list might not be a high priority, but it'll give you a better idea of what's out there.
Write your wish list down on paper and check it periodically so when buyer’s remorse starts creeping in, you can remind yourself all the reasons why this house is perfect for you.
Watch the wandering eye
It's important to make sure the house you bought is where you want to live before signing any papers, so don't be distracted by other options. Once your offer has been accepted, stop looking at properties because that's when buyer’s remorse is most likely to set in.
Stop reading about real estate prices going up or down and stay focused. Now that your search is over, start getting excited about what's to come and plan for your future. Instead of looking online for homes, try looking at new furniture, home maintenance tips, or décor ideas.
Go with your gut...and your Realtor
When it comes down to it, you have to trust what feels right for you and your unique situation. If it doesn't and you're having a tough time making a decision, your gut maybe trying to tell you something.
Your Realtor has your best interest at heart and is educated about the market as a whole. They'll be able to guide you to the right decision as an unbiased third party. If you're looking for a real estate agent who can help you navigate this market and help you achieve your goals, we'd love to help. Click here to schedule a call with us to see if it's the right fit.
Peace of mind
Experiencing home buyer's remorse is completely normal. A 2017 Trulia survey found that 44 percent of Americans had home buyer's remorse, and Millenials may experience it even more. At the end of the day, there are ways to protect yourself before buyer's remorse turn into regret.
For example, you can opt for an additional inspection before closing, and if issues are uncovered, you may be able to pull out of the deal before things get too far.
Questions about East Hawai`i's real estate market?
We know that you hear it over and over - "the market is changing every day," and it's "never been hotter!" We go beyond those empty phrases and guide you through the process of buying or selling a home.
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