Buying a home is a huge deal and usually the largest purchase you will make in your life. The last thing you want is to have buyer’s remorse after you’ve signed the papers. Here are a few warning signs that you might be setting yourself up for buyer’s remorse with your home purchase.
You didn’t Properly Tour the Home
If you didn’t tour the home and see every single room, you may find that you are unsure about buying the home. It’s best to see the home more than once and see every nook and cranny. This will help you to be sure you are buying the right home for you.
Surprises in the Disclosures
Before you make an offer, it’s important to be aware of any disclosures the seller may have. Disclosure packages should always be available before you make an offer and you certainly want to look through the package. If you don’t, you may find out later that the home has a major disclosure you were unaware of. This could send you into a spiral of buyer’s remorse and looking for a way out of the deal.
Sometimes, you may find that you are too busy to review the disclosures. If this is the case, you shouldn’t make an offer. It’s also important to find out if a home inspection including a termite inspection has been done and review those reports before submitting your offer.
Does the Home Meet your Needs?
When you start shopping for a new home, you probably have a long list of things you need and another list of things you would love to have. This is very common and you should only put in offer that check off everything on the need list and some of your major items on the want list.
If you make an offer on a home that doesn’t really live up to what you set out to find in the first place, you are setting yourself up for buyer’s remorse. Sometimes, this happens when you get caught up in the competition or the beauty of a home. It can be easy to start sacrificing things you need and want for something that seems good now, but won’t serve you and your family well later.
The Numbers don’t Add Up
Many new home buyers will go into the transaction knowing what they can get from a mortgage. However, they don’t account for closing cost or their monthly budget. When the numbers don’t add up, you can quickly go from excited to remorse.
Maybe you just signed the papers and after seeing all the real numbers, you start realizing the home really doesn’t fit your budget. Make sure you check out all the numbers before you make an offer or you might find out quickly how buyer’s remorse feels.
The Neighbors are not What You Expected
Did you know, over 8% of homebuyers experience remorse because they don’t like their neighbors. This isn’t something you have full control over or even something that might keep you from buying a specific home. However, you can meet the neighbors before you put in an offer and at least get a sense of how friendly they are.
There are several reasons why people feel buyer’s remorse after purchasing a home. However, if you go into the process with the right plan and attitude, you will have a better chance of buying a home without any regret.