By Nancy Russell, Vice President CBRB
You don's get buyer's remorse when purchasing small, inexpensive items. However, big expensive ticket items like cars and homes can cause deep regret and concern that a wrong decision has been made. This is known as buyer's remorse, and takes many different forms, most of them characterized by a high level of anxiety, stress and other negative emotions.
Buying a new home is one of the most common triggers for buyer's remorse, due in no small part to the huge amounts of money usually involved. On all levels, buyers need to ensure that they bought the “right” house. And men, I have found that women experience buyer's remorse more often than men. Husbands remember, “A Happy Wife is a Happy Life,” so pay attention to this article.
The first thing to do to mitigate a potential buyer's remorse situation is to create your new home wish list, I call it DNA: Desires, Needs and Ability. Place all the things that you ever looked for in a home on the Desires list. Include even the most extravagant items. Then put together a Needs list that includes all the basic, must have items. This includes items that you simply cannot live without. Be honest with your Desires and Needs. Compromises can be made on the Desires list, but never on the Needs list. As you preview different homes, understand your ability to pay for those desires and needs. The comfort level and ability to make those monthly mortgage payments are critical for a stress free life.
Another area to reduce buyer's remorse is choosing the right real estate agent. A good agent will provide help in putting together your DNA from an unemotional third party perspective. Then that agent will be involved in all facets of the home buying process.? Beware of the real estate agents who offer no guidance.
It is normal for home buyers to have questions and doubts throughout the process; it's an emotional time. Most of the questions will be simple ones that are easily answered, but sometimes doubts creep in, making you uncertain if you want to proceed with the purchase. Good real estate agents are available around the clock to provide answers and assure their buyers that what they are feeling is normal. It's those unanswered questions that put buyers in a panic mode, especially for first time home buyers. Panic leads to doubt which can ultimately lead to buyer's remorse.
Another area that I direct my clients in when buying a new home is to get a sense for the neighborhood. Here is a scenario that is repeated time and again that can lead to all sorts of problems: a couple is looking for a home and attends an open house on a Sunday.? It's a sunny Sunday and the real estate agent has made chocolate chip cookies so that when you walk into the home you are greeted with a pleasant smell. You like the home and your offer is accepted. You arrange to go to the home once more before closing so that you can take some measurements for things like furniture or curtains. Closing comes and goes, you move in, but have no real sense for the heartbeat of the neighborhood.
I always recommend that my clients visit the neighborhood during mornings and afternoons, at sundown and early evenings, throughout the weekend when people are coming and going. This allows you to get a sense of the neighborhoods ebb and flow.? Just by sitting in a car and watching how the neighborhood lives and breathes allows you to get a sense that you will be comfortable in the surroundings. And by doing so, you will greatly reduce any potential feelings of regret.
There are many other things that can be done to reduce or eliminate buyer's remorse.? Call me as I will help you through the Home Buying Process.
“Whatever Nancy touches turns to SOLD.” Call me at 508-243-8128 or by e-mail [email protected]. Visit my website for more information www.nancyarussell.com or stop by the office located at 2 Maple Ave in Shrewsbury.
