Worried About Home Buyer’s Remorse? These 5 Tips Will Help Avoid Regret
Need to stay on track during your home buyer journey?
Set and stick to concrete limits when it comes to budget
Don't bid on a home you don’t want just to beat out the competition. Consider your priorities and what matters most. Once you've set your budget, build in some artificial wiggle room if you can by looking at homes that are priced $50,000-$75,000 below the top of your budget. That way, you have some flexibility to go over asking in your offer if needed.
By setting a firm budget, you'll know that if the bidding war goes above that threshold, you'll need to move on from that house no matter how in love you are with it. Getting into a deal that you ultimately can't afford comfortably will pan out to be worse in the long run than walking away from a house you love.
Prioritize your non-negotiables
For example, if it's important to you that the home has a yard for your dog or children to play in, make sure all homes you consider meet these criteria.
Make a list of everything you want your ideal home to have and break them into two sections: non-negotiables and nice ones.
The second list might not be the first priority, but it'll give you a better idea of what's out there. If the home you buy has the items on your non-negotiables list, you'll know that you're in the right place. Put your home wishlist on paper and refer back to it periodically so that in moments when buyer’s remorse is creeping up on you, you can remind yourself about all of the things this house does have that make it perfect for you.
Surround yourself with supportive friends or family members who will help you stay on track by reminding you why buying a new property is an exciting and rewarding opportunity.
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