There is a home buyer disease that can strike without warning. Fortunately, it's not fatal, but it can be serious! You just signed a contract to purchase your first (or second or third!) home, and you have an unexplainable, sinking feeling in the pit of your stomach that you made a big mistake!
What is this dreaded disease?? Don't worry - don't call an ambulance. You will be fine!
It is "home buyer's remorse". This can occur twice during the home buying process - after a buyer signs a written offer to purchase a home, or shortly after the sale closes.
You loved your future home when you first signed the contract, but now you're not sure if you made the right decision. What if you paid too much? What if something happens, and you can't afford the house? What if there is a "better" house out there that might come along, that you missed? Is this really the neighborhood for you??? There are hundreds of questions and doubts that will run through your mind during this period leading up to the closing. What to do? What to do? This is the biggest single purchase you will probably ever make. Your initial euphoria has now turned into dread and fear, causing you tremendous anxiety. OK..so here is my advice..........
RELAX !!!! This is normal, and it's a simple case of BUYER'S REMORSE ! I have experienced buyer's remorse myself, and I am a REALTOR ! It's natural when making such a big decision and purchase, to second guess yourself. I moved from a single family home to my condo some years ago, and, right after signing the contract (and negotiating what I thought was a good deal for myself!), I lost sleep for several nights wondering if I had done the right thing. Well, I can happily say, to reassure you, I did the right thing! I have been very happy in my current home, it has appreciated nicely (even in this downturn of the market) and I have enjoyed, and will continue to enjoy, living here for many years to come.
HOW TO CURE this disease of buyer's remorse????
List the pros of home ownership. Taking on the responsibility of home ownership can seem overwhelming. Remind yourself of all the positive aspects and benefits. Make an "advantage list" - ie. - location, income tax deductions for mortgage interest and property taxes, home inspection results, etc. Review your wants and needs - analyzing the facts that lead up to your decision - this should help you sort things out.
List all the reasons you fell in love with this particular home (location, condition, lot size, neighborhgood, easy commute to work, upgrades or potential upgrades, etc) . Remind yourself of all the homes you saw that didn't work for you! Reassure yourself that you made the best choice possible for your price range, wants and needs. Don't be afraid to voice your doubts. Sometimes just acknowledging them can help. Also - don't be afraid to discuss this with your Realtor - he or she has been through this hundreds of time with other buyers. While well-intentioned friends and relatives offer advice which can be helpful, sometimes this, too, can be a source of this anxiety.
Whatever you do - do NOT continue to look at other homes. This will only serve to reinforce your doubts, and confuse you further.
The best cure for buyer's remorse is..................Time! Once you move into your new home, and make it feel like home, you will KNOW you did the right thing.
If it's any consolation - know that seller's have their own form of remorse too!!
All you need to do is - Unpack, relax and enjoy your new home and all the wonderful memories you will be creating!!