Did you make a huge mistake?
You used to live in your family's place. Then, perhaps, you rented an apartment, got roommates, and moved around for a few years. At last, the desire to buy a place of your own set in. You were excited about the future! You researched neighborhoods, searched online, and texted with friends about their own home searches.
Next came the really good stuff—looking at houses. You got pre-approved and wandered about each home envisioning a happy and contented life for you (and/or your family), full of optimism for the future. After a thorough search, finally you found a home that you loved.
So, you made an offer and waited excitedly for the seller’s response. Finally, you and the seller agreed on terms and your offer was accepted.
Congratulations! Break out the champagne and celebrate!
(Fast forward a few hours, days, or even weeks...)
You start worrying. Perhaps something specific prompts this anxiety, such as an unforeseen repair cost; or maybe this feeling of uneasiness just settles on you. We call this reaction “buyer’s remorse,” and you are not alone. In fact, 44% of American home buyers have felt buyer’s remorse! That’s because buying a home is not entirely a rational process. It is an emotional process, too.
Do any of these questions sound familiar?
Can I afford to pay my mortgage?
Did I make the right decision?
Should I have waited to buy?
What if the furnace fails?
What if I lose my job?
What do I do?
Stress sets in. Sleep may be hours in coming. Concentrating on work, school, and family becomes difficult. This is not a good situation to find yourself in.
One way to combat buyer’s remorse is to prepare financially for the demands of owning a home. Some buyers create a “rainy day fund,” about 1% of the home’s cost per year, which serves as a buffer from the stress of repairs and maintenance. But again, buying a home is not just about money; it’s about your gut feelings, too.
Remain calm. Use this simple exercise to tamp down those worries:
Grab a piece of paper and draw a line down the center.
On one side of the page write down all the advantages you now have because you bought this home.
Now, list all the disadvantages on the other side—this may include some of your worries and “what if”s, and that’s ok. A recent study found that writing about one’s worries actually relieves stress.
After you get done writing your lists, re-read them. Seeing those worries on paper can help you grasp that they’re just that: worries. Buying a home is obviously a good decision. Your list proves it!
And if it doesn’t? Contact us. We are here to help you with the next steps.