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Buying a home for the first time (or any time for that matter), can be overwhelming. After the process is complete, and the flood of emotions have ceased, one may start to experience buyer’s remorse. Luckily, you are not alone! Here are the top four reasons for buyer’s remorse, and how to overcome them.
A few months after you have settled into your new home, you may begin to notice unusual happenings in the community and question why you decided to move there in the first place. Perhaps you overestimated the amount of belongings you had until you met the maximum capacity in your new house. Or perhaps that carpet in the kitchen does not possess as much character as you once thought it did. Neighborhood choice, home size, and home updates are the top three reasons people regret their home choice. How do you combat this?
The first thing to do, once your house has closed, is to stop the house hunt. By continuing to look at alternatives, you will constantly be thinking about whether or not there is a better house out there. Instead, make a list of things you love about your home and neighborhood. Explain how it is a fit for you. You chose this house for a reason, just don’t forget why you chose it!
Buying a house comes with great financial responsibility. According to a recent Trulia survey, 9% of homeowners wish they had been more financially secure before deciding to buy a house. The main reason for feeling financially unprepared is the failure to look at the big picture. While all of the expenses may seem manageable on their own, adding up everything can be quite overwhelming.
If you fear you will not be able to keep up with the expenses, then you are most likely in need of a budget. Start by reviewing your typical monthly expenses and discover ways to cut back within that list. Focus on reducing low-priority costs, and put the funds towards paying off low-balance debts to further eliminate small payments from your monthly total.
Even if you feel as though you are financially prepared for making a house purchase, you will most likely feel the sting of a decreasing savings account balance throughout the closing process. Buyer’s remorse in this area typically stems from homeowners seeing a large amount of money that was once easily accessible, turn into something that is non-liquid. Once the closing costs, the down payment, and the moving costs are paid, you may be left feeling financially insecure in your purchase.
To combat this feeling, first understand that buying a home does not mean a loss of assets, but rather a transfer of assets to a less liquid form. Setting up a realistic savings goal to replenish your account is a good first action to take for feeling more in control of your finances. Instead of updating your home immediately, consider saving those funds so you have more financial flexibility later.
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