5 Common Reasons for Real Estate Buyer’s Remorse
You must have some sympathy for the people who go through the taxing, stressful process of buying a house, and then end regretting it. Buyer’s remorse – the sensation that you’ve made a mistake – is a real issue, and it’s not hard to see why it causes so much agony. But if you’re one of those people in that situation, then don’t worry: all may not be lost. Nothing is absolute – and if you’ve got yourself into the uncomfortable situation of regretting the biggest financial decision you’ve ever made, then it’s important to keep in mind that you can also get yourself out. Below, we take a look at some of the common reasons for buyer’s remorse and offer some solutions.
You’re in the Wrong Neighborhood
You’re not just buying a property when you get a mortgage and commit to years of income for your house. In fact, the house is probably only 60% of what you’re buying. The rest is taken up by everything that’s around your property: the neighborhood! This will have a significant influence on how much you enjoy where you’re living. Indeed, there’s a reason why so many people advise you to spend a considerable amount of time exploring the area around your home. It influences so much!
Solution
Well, there are two solutions. The first is that you do as Jack Nicholson’s character from The Departed desires and ensure that “you are not a product of your environment. Your environment is a product of you.” That is, influence everything until you’re living in a community of your own creation. Now, this would be nice, but it’s also not realistic. You’re not going to change the culture of a neighborhood all on your own. So the other solution is: concentrate on the good, and get over the bad. There’s nowhere in the world that’s perfect – if you’re having problems here, then the answer doesn’t exist in the neighborhood over yonder. That’s got issues too! If you’re still looking for a house to buy, one of the best advice is to drive around the city and the neighborhood to get a feel of it and see if there are enough fun things for you to do there.
It’s Destroying Your Finances
Owning a house is not cheap. There’s a reason why it’s considered an achievement. It can take years to get to the financial situation that you need to be in to get your hands on the keys. And, of course, it doesn’t end when you’ve moved in. There are things that need to be replaced, updated, the heating breaks, and so on and so forth. It seems like there’s always one issue or another. It might not be long before you’re beginning to have serious doubts about how you’ll ever be able to keep up this rate of payments for years on end. An understandable concern.
Solution
Win the lottery! OK, we jest. Would be nice though, right? But seriously, the first thing to do is keep in mind that these expenses are not going to be there forever. There are usually a lot of additional costs that you haven’t factored in that crop up after you’ve first moved in. Once they’re taken care of, they might be out of your life forever! So don’t stress about those ones. If your mortgage is crippling you due to circumstances that were not present when you bought the house, then you can look into renegotiating your monthly payments. You don’t have to live with the terms that were set when you first bought your home forever.
The Style Isn’t To Your Taste
First impressions don’t always turn out to be correct. You might have loved – or thought you loved – the overall look and feel of the property when you first saw it, but now that it’s yours, you’re beginning to realize that it’s not really to your taste after all. What you thought was quaint and traditional now just looks dated. The modern design that caught your eye now seems to be a bit tacky, and not trend-setting at all. You think you’ve bought a dud, a house that looks terrible and which you’re going to have to live with until you decide to sell up…if anyone will take the cruddy looking property off your hands.
Solution
The solution is to remember that everything is possible, and nothing is static. So you don’t like the interior of the property, no worries! There’s a reason why whole home remodeling is a thing. It’s to help people who want to change every aspect of their house the opportunity to do so. You’re not locked into the style of the house that you bought. If you want to put your own spin on every aspect of the property, then you can. Refurbishing wooden floors is easier than you think!
That House Over There Is Nicer
You were excited about the property you were going to buy. It seemed to be nice enough, the area was good, the price was acceptable. Everything was good. But then, you were browsing the real estate listings page, and found a property that was nicer, better located, and cheaper. My oh my, what a fool you’ve been, to commit to this increasingly bland looking property when the perfect one was just on the next page of search results!
Solution
Slap yourself hard – you deserve it! OK, you don’t. But really, your mind is just playing tricks on you. It’s easy to see all the plus points of a property – or anything, actually – when you know there’s zero chance that it’s going to end up yours. It’s a classic case of “the grass is greener on the other side.” In reality, here’s what would happen if you were given a chance to undo your purchase and consider the other – you’d choose the one you already bought. Everyone only ever sees the plus points when they’re living in a fantasy land.
“It Just Doesn’t Feel Right”
We’re going to jump straight to the solution with this one. You’ve moved in, and it doesn’t feel right, sure…but only RIGHT NOW. Give yourself time to feel at home, make it yours, and build memories. You can take it from us – it will feel right if you give it a chance!