What is Home Buyer’s Remorse? How to Avoid It

What is Home Buyer’s Remorse? How to Avoid It

What is Home Buyer’s Remorse? How to Avoid It

By Mark Spain Real Estate

It’s easy to get carried away when buying a home. With all the savings and stress involved, many buyers rush their house hunts and overlook how much weight a home purchase can hold. If you’re guilty of this, you’re likely now suffering from a severe case of home buyer’s remorse. 

Home buyer’s remorse occurs when a buyer feels guilt or regret after purchasing real estate. While there are ways to mitigate this feeling, it’s best to avoid it proactively. And with help from the buyer’s agents at Mark Spain Real Estate, you can do just that! With years of industry experience, our agents will help you make informed decisions about your home purchase and ensure you find the right fit! Read below for our tips on how to avoid home buyer’s remorse. 

What is Home Buyer’s Remorse? How to Avoid It 

Create a Realistic Budget

Overspending on a home can quickly lead to buyer’s remorse. Whether you’ve underestimated closing costs or offered too close to the asking price, it’s easy to overspend when you don’t have a concrete budget. Before beginning your home search, establish a budget that accounts for all significant costs, including mortgage payments, property taxes, HOA fees, etc. Doing so will ensure you stay within your means and don’t financially commit to a home you can’t afford. 

Determine Your Wants and Needs

Along with a solidified budget, you also need to create a wants and needs list before starting your home search. If not, you might experience buyer’s remorse after buying a house that doesn’t check all of your boxes. In this list, you should include must-haves and nice-to-haves for your dream home. One way to avoid buyer's remorse is to determine your wants and needs, especially if you have a family!For example, a large backyard may be a must-have for you if you have pets. Or, if you have children, you might require a home near a quality school district. Think long and hard about your wish list before you begin house hunting. Believe us – this will make the whole process much easier! 

Take Your Time

Buying a home is a huge investment and should not be taken lightly. Though you may feel pressured to snag a home in a competitive market, the best thing you can do to avoid buyer’s remorse is to take your time. Instead of rushing the process, explore everything your market has to offer. When you find a home that piques your interest, make multiple visits and ask many questions before making an offer. Aleve yourself of the pressure and take things slow! 

Work with a Real Estate Agent

Forgoing help from a real estate agent is one of the biggest mistakes a home buyer can make. With years of industry experience, a buyer’s agent will provide valuable insight into the local real estate market. One way to avoid buyer's remorse is to hire a trusted real estate agent. Not only will they advise you on establishing a budget and narrowing down potential listings, but they will also help you make an official offer! Before embarking on your house hunt, thoroughly research real estate agents in your area to find one who aligns with your goals. After all, you don’t want to have remorse about your real estate agent too! 

Include Contract Contingencies in your Purchase Agreement

Including contract contingencies will limit your risk of buyer’s remorse. Most industry experts consider this a must-do before making an offer on a home, as you want to know exactly what you’re getting before signing on the dotted line. Contract contingencies allow you, the buyer, to walk away from the deal if certain conditions aren’t met. For example, many buyers include home inspection contingencies in their contracts, allowing them to negotiate the sales price, request repairs, or forgo the sale if home inspection results are poor. Ultimately, more contingencies mean more confidence in your purchase! 

Buy a Home with Mark Spain Real Estate

Are you scared of buyer’s remorse? Don’t stress! The industry professionals at Mark Spain Real Estate are here to help you find your dream home. Our team of experienced real estate agents delivers unparalleled customer satisfaction and promises a seamless and stress-free buying experience! 

Check out our Guaranteed Offer Program! Our guaranteed offer participants receive the most competitive all-cash offers in the industry and close in as little as 21 days. Contact our agents today to learn more about our Guaranteed Offer Program and sell your home hassle-free!

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