When you’re doling out thousands on a major purchase, it can be easy to second-guess yourself and wonder if you made the right decision, especially when that purchase binds you to one home in one area for the foreseeable future. Unlike most purchases, which feature a ‘try before you buy’ option, a house is a different story. So, how do you know you’re making the right decision?
If the house satisfies your lists of needs
One of the most effective ways to combat home buyer’s remorse is to differentiate between your list of wants and needs. That’s because, when you’re closing in on a few specific neighborhoods, it’s unlikely that you’ll find absolutely everything you want in a home amongst them. On the other hand, it is likely that you’ll find a home with everything you need. Every buyer has their own unique set of needs, but a few might include your required number of bedrooms or bathrooms, a minimum amount of square footage, or the addition of a garage. While it’s preferable to find a home that also possesses all of your wants—and you may certainly find it—it’s important to keep in mind that your needs will help you write a few properties off right from the start and can also be the reason a certain house is a perfect fit. And remember, it’s always possible to make additions to the house later on.
If your house is move-in ready
The best home is one that comes without any unexpected issues. Major renovations and repairs can tack on tens of thousands of dollars to the total cost of the house if you aren’t careful. So, try to keep in mind how move-in ready your home is. You can do this by evaluating the condition of certain aspects of the house—for example, inspecting the house for any water damage, looking into the condition of the roof, or checking for any foundational issues. Not eve
ry home buyer possesses the skills or resources to take on these projects themselves or to pay a professional to do them. Luckily, you won’t have to worry about any of this if you buy new!
If the house falls in line with your budget
Perhaps the biggest culprit of buyer’s remorse? Purchasing something you
can’t afford. No matter how much you love a property, you’ll probably regret making a purchase that leaves you drowning in debt, particularly if you don’t have the means to pay it off. As you begin your house-hunting search, try to work out what your budget will be at the time of your purchase. Do you have a few months to spare? Consider ways in which you can expand your total budget—take, for example, an online bank that will add to your savings every time you make a purchase or get paid. Even a quick assessment of your daily expenditures and an examination of areas where you can cut back can go a long way in creating room in your budget for a major purchase. Plus, our network of Preferred Lenders offer some of the most competitive rates and terms in the market!
If you’re not acting on impulse
Unlike most products you’d buy that become readily available as soon as they’re stocked, a house will be sold to the highest bidder. This creates a competitive environment, in which some are compelled to put in an immediate offer in order to beat out the competition, while others feel like they’re losing out if they don’t. If you have your eyes on one particular property, ask yourself: does this home provide me with everything I need or am I just looking to ‘win?’ If it does, then you have yourself a winner! If it doesn’t, consider other available properties
or floor plans better suited for your interests.
If you’ve viewed the home privately
An open house might be a great way to get an initial feel for a home, but it isn’t always the best way to tour it. Oftentimes, house hunters will gain a sense of their fit for a home by imagining themselves in it. This can be hard to do when you have a mix of other interested buyers looking to strike up conversations, ask questions, or inadvertently make you feel cramped within smaller sections of the house. You may also have a host of questions you’d like to ask your agent in private or wish to view the property a few times prior to making your decision. So, before you close in on an offer, be sure that you’ve toured the property an adequate number of times so that you know and feel comfortable with the property you’re looking to purchase.