You got your new home, and your family and friends start coming and congratulates you. Some are sending text messages, housewarming gifts, and everyone is popping those champagne corks. However, you feel queasy. So, what’s going on with you? Maybe, you have home buyer’s remorse that distresses your feeling that you actually made a wrong decision in your home buying. You have the feeling that for some reasons, you should not buy that particular home.
Actually, this feeling isn’t very uncommon. According to some experts, there are at least 5 up to 10 percent of home buyers are suffering from home regrets. The record shows that first time home buyers in the U.S. who have never owned a home before got the higher average of home buying remorse. This is due to the fact that these first time home buyers in the U.S. are overwhelmed about their first home.
However, to make you feel confident regarding your home buying; there are some guides to follow to avoid the regrets. The following are some guidelines in order to prevent home buying remorse;
1. Focus upon the long term benefits
According to Corliss Franklin, lawyer of the real estate in Plainfield, New Jersey, it is normal to get second thoughts with regard to home buying. This is because it is the major financial decision and purchase you made in your whole life. Franklin says that there is nervousness that manifests from the start when the home buyer focused on the price of the home.
People believe that they go into a big debt for at least $300,000. Also, most are fret over by the biggest monetary commitment. However, the idea is to focus on its benefits of owning a home in the future. Although people are getting cold during the closing date but most home buyers recover the fear by simply remembering that they fulfill already their dream to have a home.
2. Be sure you buy the right home
There is no stepping back once you disclosed the home buying. So, be sure that you have all the answers regarding the property that you want in order to satisfy you. It is too late to know some exemptions once you are already in the settlement process. According to Jim Randel, a real estate attorney based in Westport, Conn., if you believed you have been tricked, you have the right to sue the person for fraud. For instance, major issues regarding the home that weren’t disclosed, neighbor disputes over the line of property, garage encroachment into the property of the neighbor that are not revealed in the first place.
Another area to consider where there is recourse can be the psychological impact issue. A person sometimes feels he is defrauded if he wasn’t informed about the murder occurred in that home that he bought.
In short, you cannot undo the deal despite of how remorse you have experienced. It is very hard to cancel the transaction and goes out safe. Breaking a promise on the deal of the real estate after signing the home buying contract, means losing the amount of money you have deposited. In some cases, you must face a lawsuit.
3. Make final inspection and get ready for closing
One way to avoid jitters during settlement is by doing a last inspection of the property prior to the closing date. This can be arranged once the seller moves out to have a proper inspection of the home. Be sure that everything is in the proper place and you are 100% confident to buy the home.
Avoid unnecessary stress to avoid the remorse as well. You must be prepared on the settlement day and be sure to know the happenings in the closing date and be prepared. Know the people present in the closing and know also if the sellers will attend or only the lawyers. The job of your agent is to ensure that there are no surprises that would arise to make you change your mind during the whole transaction. If there are problems that arise along with your seller, your agent will negotiate the issues on your behalf.
4. Factoring of current expenses
Sometimes, the regret does not come for weeks and even months. This situation comes suddenly after you moved into your new home and accepts the first bill. Other homeowners feel remorse when their home is far from their jobs since this could add to their monthly expenses.
However, for some homeowners, their remorse occurs when they understand that the property tax that they are paying continued to rise. The best defense for home buying remorse is to assume logically regarding the true value of home ownership so that you are aware about your expectations when you are already on the line.