Remorse is the feeling that you have chosen the wrong item to buy and in this case, the wrong house, paid too much, or that the house has major flaw. When you buy a house, you can not just bring it back to the store and get something else. You basically own the house and it is not what you wanted, then you are stuck with it. Best way to avoid buyer's remorse is to prevent it completely.
- Mortgage Pre-approval
- Get help from a Real Estate Agent
- Ask Lots of Questions
- Set Some Reasonable Expectations
- Get a Home Inspection Done
- Avoid Overexposure
- Try Renting First
- Once You Find a House, Stop Looking
Mortgage pre-approval lets you know how much you can borrow and also your closing cost and monthly payments.
Real Estate agents are a great resource to answer all your questions.
Asking Questions will give you more information and the more info you have, the best prevention against home buyer's remorse and the more comfortable you will be with your purchase.
Remember that no house is perfect and as a result be prepared for defects but also keep in mind some critical areas when writing your offer i.e. roof, furnace and appliances.
A home inspector will point out major defects and even minor flaws.
Know what you can afford, what type of loan you can get, your long term plans and why you are buying real estate.
As soon as you have a contract to buy a home, stop looking because looking at anymore houses will only make you doubt your decision.
Finally if you are still undecided, then the best strategy is to rent for a while and observe the market until you feel more comfortable to buy.
There you have it, information is the best prevention against feeling home buyer's remorse. The more information you have about the home buying process and the actual home you are trying to buy, the more comfortable you are with your decision to purchase the home.
Hope this helps you first time home buyers out there, even though at this time there has been much talk about the crisis in the housing market, there are still opportunities and deals out there. Good Luck and Happy House Hunting.
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