Most decisions we make in life lead to at least a small amount of buyer’s remorse. In fact, scientists have called this phenomenon the post-decision dissonance. For example, choosing to spend money on a much-needed vacation may later create buyer’s remorse that you did not save the money for retirement. People that buy a home often feel buyer’s remorse for various reasons. Here are the top causes and ways to avoid buyer’s remorse after buying a home.
We Spent ALL OF OUR MONEY!!
This is usually the biggest surprise for first time home buyers. Acquiring a home takes money and there is no way around this subject. Consider this short list of ways a person will spend money when buying a home
- Ernest money paid at the time of offer
- Home Inspection
- Down payment
- Closing costs
- Moving costs
- Utility installation or change fees
These items can easily add up to several thousand dollars. This can put a serious dent in most people’s lifestyle. This is why it is a good idea to first talk to a lender before looking at a home. In order to avoid being blindsided by these costs, the lender can provide you with an estimate of all the items listed above. This will help you to see if you are on track with your savings.
Why Does it Take So Long to Get to Work?
Many people choose to rent an apartment or home based on its convenience to work, school and other important pieces of their lives. When looking for a home, the location may change without the buyer giving a second thought to the daily commute. People that thought they loved their home later begin to despise the place simply due to the daily drive of getting back and forth to work.
This is an easy problem to avoid. Before buying the home, get up extra early a few days scattered across 2 weeks. Take the time to drive to your potential new home in the morning before work, then leave from that place and head towards your job. Leave at various times so that you can judge the traffic. This one exercise could literally change your mind about where to buy your next home.
This Neighborhood Does not Fit Our Lifestyle
It is always a wise idea to knock on a few doors and chat with potential neighbors. This gives you a chance to meet the people that will be living mere feet away from you and learn some valuable information. For example, if you are a young couple with young kids, you likely would want to see other young families in the area, not empty nesters. Also, if there are issues in the neighborhood brewing under the surface, now is a good time to find out about noisy parties, unruly pets, or other situations before spending your money.
We Don’t Have Enough Room
This problem does not always materialize right after moving in. In the eyes of someone that has never purchased a home, the new place only needs to be slightly larger, or even the same size, as their current situation. However, most people accumulate stuff as they age. The majority of families grow in size as well. These 2 conditions dictate that more space will be needed as time marches on. If a person, or couple, buys a home that is too small, it will be painfully evident in a few months, or possibly the next year.
In order to avoid buyer’s remorse about the size of the home, people should really sit down and consider where they see themselves in the next 5 to 10 years. If they intend to add a spouse, plus a baby or two, and possibly a family pet, then they will need at least 50% more space than their current living situation.
Final Thoughts On How To Avoid Buyer’s Remorse After Buying a House
As mentioned earlier, people normally have doubts after making a purchase, simply because we all want to be assured that we are doing the right thing. By following the advice about planning for expenses, checking the neighborhood, determining the commute and analyzing space issues, you should be able to avoid the worst of the home buyer remorse problems with your next purchase.
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