Buyer's Remorse

There’s no worse feeling than convincing yourself to buy something you’re unsure of and then realizing after the fact that it was an “all sales final” situation. That sweater on the clearance rack that is really cute but you’ll never wear because it’s itchy? Yeah, you’re stuck with it now. Now, imagine it’s a house. 

The real estate market has been so wild over the past few years that desperation has driven some people to settle and buy the house they kind of like just so they don’t miss out. This is a huge risk! Buying a house is likely the biggest financial purchase you’ll ever make and of course, if you’re spending that much money, you want to love your purchase forever. Here are some safeguards to consider to help you navigate this market and not end up regretting your purchase later on down the road. 

Be Afraid 

Now, we don’t mean to say this as a way of staying out of the market. You need a healthy dose of fear of RISK. Having no fear can sometimes cause us to be reckless and to lose all common sense. If you throw caution to the wind you might find yourself waiving inspections or appraisals. Overlooking these warning signs can spell big trouble later. 

Be Reasonable 

The house that’s been on the market for a year and doesn’t check all your boxes? Do not convince yourself that it’ll just “be fine.” It might not be horrible but if you dislike a solid portion of it or it might cause you to be resentful in a year, it’s not for you. Don’t spend time rationalizing it in your head if you’re not actually excited about the house or property. 

No Desperation

Simply put: don’t let desperation lead to bad decisions. Make a basic checklist of your must-haves. Each of you gets 5 with an understanding that if a property meets at least three, it may be the right one. Give yourself a 24-hour time frame. If a house goes on the market that might be acceptable, give yourself this window of time even if the market moves fast. No one wants to be rushed into a decision that might not be the right one. Also understand that both parties need to sign off on the property. If one of you is waffling, trust their gut instinct.