A recent survey by Trulia showed that 44% of homeowners are saddled with regrets, either about their current property, or the process they went through to purchase it. Your home should be an oasis where you can enjoy peace and solitude, or the company of your loved ones, not a cauldron of anxiety.
Let's look at the main reasons buyers experience remorse when purchasing a home, and some strategies for avoiding those negative feelings.
Regrets, I've Had a Few
One of the biggest concerns when you've just purchased real estate is that a "better" home was just around the corner, ready to pop up on the market as soon as the purchase contract was signed. Many people get addicted to the shopping process and fuel their doubts by continuing to constantly refresh the websites and apps they use to find properties. They keep cruising desirable neighborhoods looking to spot "FOR SALE" signs. Don't do this!
Feelings of insecurity are often exaggerated by the input of family and friends who think they are more knowledgeable than the buyer, or even the buyer's agents. These know-it-alls, as beloved as they may be, are often out of touch with the market. They base their criticisms on an understanding of what it was like when they bought their home, twenty years ago, or even in a different state. Don't listen!
And of course a major driver of regret is the sudden fear that you are no longer financially secure. This fear can create a stress level that is almost unbearable.
These stresses and more can be avoided or minimized by following these steps.
Make a List and Check It Twice
The purchase of a home should begin with an honest examination of your wants and needs in a property. Get very clear on the difference between the two. Just because you WANT Italian marble vanities and a 50-seat private movie theater doesn't mean you NEED those things. Or you might just be that fancy!
Before you consider making any offers, check how the house measures up against your list. Then check it again.
Set a budget and stick to it
Twenty percent of buyers wish they saved more money before they undertook the purchase of their home. If you have properly assessed your finances, you can set a budget, and then force yourself to stick to it. This is a key to avoiding a high-impact source of regret.
Have you ever taken a picture of the stove, proving all the knobs are turned off, before you go on vacation? It's a helpful little reminder that you did everything to keep your home safe and secure.
Give yourself proof that you have done your due diligence in buying a home. Document and file away every single moment of the purchase process. Take notes at every meeting. Save inspection reports in easy-to-reach locations. Keep documentation from your lender and real estate agent. Being able to refer to these items at a moment's notice can solidify your thinking and alleviate any fear that your purchase was made hastily.
Teamwork Makes the Dream Work
According to a NerdWallet survey, only 32% of buyers believe their real estate agent or mortgage lender made the purchase process easy. Surrounding yourself with a qualified and attentive team of professionals is a crucial step in making sure that the process and the aftermath are both satisfactory.
Jessica & Sarah are highly experienced Iowa realtors, ready to take the charge in leading you through a purchase process you can look back upon fondly. Contact us today and we can help you find the home of your dreams for today, tomorrow, and beyond!