Before Closing on a House – Home Buyer Remorse

The Before Closing Period  is Emotional

So, you found the house you liked. You’re excited (especially, if you’re a first time home buyer)!

You’re sharing the excitement with your friends and family (intentionally or not :), planning on new furniture and decorations… And, of course, looking forward to that closing day!

The Buyer’s Remorse is Common

However, as the closing date comes near, you become to worry. All of a sudden, there are those “if” questions:

What if this is not the right time to buy? What if this is not the right house? Right price? Right location?..

Does this in some way describe how you feel? Don’t worry. You’re not alone!

Most home buyers have the so called buyer’s remorse!

What Causes Buyer’s Remorse?

Buying a home is one of the most expensive purchases in your life. So it’s only natural to have some doubts and concerns.

It sounds unbelievable but in many cases family and friends aggravate your worries. No, they mean well! But you’re a “newbie” and they are seasoned pros. So many feel it’s their duty to educate you. It just happens that they stir up the negative and increase your own doubts.

What to Do When You Have Buyer’s Remorse?

First, check if the concerns are valid.

Worried about the condition of the house? There are no perfect houses but if the home inspection uncovers serious repair issues, you need to act. You can either negotiate the repairs or use the inspection contingency to get out of the contract and find a better deal.

Worried about the price? Well, even though you maybe a newbie, you know home prices better than your well intentioned family. Why? You’ve been checking homes online on a regular basis for the last year or so. They, on the contrary, may have bought their house a while back and are out of touch with reality.

Worried about payments? Talk to your loan officer. Do the rent vs. buy calculations. If the payment is going to be the same or lower than the rent, there’s no big reasons to worry.

To sum it all, go back to the original reasons why you wanted to buy the house. If the house fits your needs, wants, and budget, the buyer’s remorse will pass and you’ll be fine.