Buying an own home is a dream for most people. When the booking has been done, it’s normal for a lot of people to experience what is known as the Home Buyers Remorse. This is basically a well-known phenomenon, emerging from human nature to over-think decisions once they’ve been made.
Home Buyers Remorse is Real
For example, a buyer might feel that maybe they rushed through the buying process. Sometimes, talking to family and friends who are experienced in these matters can also create doubts.
A customer might also feel that maybe they paid extra for the property. Perhaps, they could have got it for less if they’d bargained a little more or better.
Overall, the idea and process of buying a house can be confusing on many levels. It is undoubted, the biggest decision you will be performing for a long time. It also includes big money and the idea of meeting loan requirements and making EMI payments can be daunting as well. All these thoughts become more noticeable once you’ve booked your house.
All these factors add up to creating Home Buyers Remorse which can lead to a tremendous sense of dissatisfaction. Don’t let it reduce your happiness.
If you’ve recently bought a home, and you’re feeling the first twinges of Home Buyers Remorse, here’s how you can deal with it.
1. Make a list
Sometimes, nothing works better than good old pen and paper list. Sit down and make a list of all the reasons that had attracted you to this home.
Was it the affordability? The location? Was it a proposal that would have passed away soon?
Whatever the reason, this was why you thought that pull towards the home.
These same hallmarks are still valid. Unless of course, you’ve made some significant compromises with what you bought and what you want.
Relax and think of what you wanted in your dream house. Compare it with the list in your hand. If they matchless or more, the Home Buyers Remorse will dissipate once you settle in the house or home.
2. Stop watching at more homes
A home is a lifetime engagement. Once you’ve made your decision, then stick with it. The more you keep looking at other houses, you will continue feeling unsatisfied with what you have.
Undoubtedly, there will be extra home out there which might have better features. However, there is also a good possibility that there will be yet another which is even more interesting. The best decision would be to stop looking at more houses.
3. Understand the process
Most often, people are overwhelmed by the very concept of buying a home. Ideally, they should educate themselves about the distinct processes involved before they start considering their choices.
They can do this by communicating to a reputed dealer or doing their due diligence. By doing this, they will have a brighter image of the process of buying a house.
This will assist them to make a wise and informed decision eventually. When buyers are conscious of how things work, there’s no place for remorse because they realize they have made the right decision.
4. Don’t exceed your budget
Suppose you want to purchase a phone. You look up your favourite model online and then just as you’re about to purchase, you see a phone with excellent features for a higher price. What do you do?
You might decide to skip your budget and purchase the more expensive phone. Mostly because your pocket can manage it.
But in the matter of real estate, if you increase your funds, you’re looking at a lifetime of EMIs that you need to spend. EMIs that are much greater than you had expected or planned for.
Overshooting your budget is the simplest way for Home Buyers Remorse to kick in. Don’t give in to temptation. Stick to your initial budget.
5. Get your life back
Often when people want to purchase a home, they put their life on hold. Everything that is supposed normal goes outside of the window.
Wherever they turn, there is something related to real estate. It could be in their email or in the talks they have with people.
Once they do buy the house, it becomes almost anti-climactic. You can stop this from occurring to you by going back to your routine from earlier.
Pick up your leisure activities where you left them. Go on morning walks. Have communications with your family. Get your life back. When you do this, there’s no time for Home Buyers Remorse to creep in.