Combat Buyer's Remorse
So you did your research, you looked at model homes, you investigated neighborhoods and school districts, you made an offer, and—voila!—you’re a homeowner! This should be one of the happiest days of your life…so why do you feel like driving off a cliff ala Thelma and Louise?
Well, it’s called buyer’s remorse, and it’s as universal as the common cold. So take a deep breath, do a few yoga poses and relax. It’s going to be okay. Everyone goes through it. Statistics are on your side: 74 percent of first-time buyers say they like their new home better than their previous residence, and 67 percent of repeat buyers like theirs better.
And anyway, you legally have three days to change your mind and cancel the contract. Right?
Wrong! No such law exists. The only way you can cancel the contract is if cancellation rights are written in the contract. Generally, a buyer can cancel only for failure to qualify for mortgage financing after a diligent and good-faith effort, or based on the reasonable disapproval of some aspect of the home.
The best way to prevent (or at least mitigate) buyer’s remorse is to prepare yourself in advance, long before you ever sign on the dotted line. Write out the pros and cons. Do your homework. Then relax and enjoy your new home.
It is important to remember that the purchase of a home is an investment. With home ownership the buyers has removed themselve from the rental market which subjects them to a lot of unforseen challenges such as monthly rental increases, poor landlord maintenaince or the need to move due to a property owner selling the rental. With the purchase of a home you have fixed your monthly payment and are investing in their own portfolio. No longer are you paying someone else's mortgage and enriching another individual. You are no longer subject to landlord's and homeowners inconvienient intrusions into your home to varify upkeep or subject to poor landlord managment and slow response to houseing issues.
Another great way to avoid buyers remores is to make sure that you have purchased a home with a mortgage payment that is comfortable for your income and lifestyle. I talk with all of my clients about this very issue because having a nice home is great, but being house poor is terrible. Buyers should take time to consider how the payment will affect their ability to enjoy thier hobbies and leisure activities!