How to Prevent Home Buyers Remorse

It happens now and again to just about everyone at some point . . . You buy something you REALLY, REALLY, REALLY want but then 24 to 48 hours or so you begin to doubt your choice just a smidgen . . . and then worry seeps in, I think I made a mistake. . . . And then situational worst case scenarios start to play out for you, hypothetically!

Below are some of my tips on how to avoid this as a first time home-buyer or a seasoned home purchaser.

1. What is the home’s proximity to YOUR important places?

The three most important considerations when buying real estate are location, location and location. After all, you can change much about how a home functions and looks after you purchase it . . . but you can’t change the location of the lot on which it is built.

But there’s more to it.

Proximity is where the place is in relation to what you do every day. Consider where you have to go to take the kids to school, where you go to work, how close it is to major roads and arteries. What will your transportation costs be?  Where you go to get groceries? What do you want your lifestyle to be in your free time?

A well-placed home will buy you more free time, which can be very valuable to a busy professional or a family with a hectic schedule.

2. Beware of hidden costs?

Maybe your list of must-haves includes a large yard for the kids to play in. But before buying all that land, you need to consider whether it’s worth the expense of keeping it up. What will you upkeep costs be? After all, many kids today spend large chunks of their days engaged in activities away from home.

Please consider how you want to engage with your outdoor space before committing to a rent or mortgage. If all you want is a pretty scene through a window, maybe a unit in a condominium makes more sense for you.

Additionally what are the heating and cooling costs of the space before buying it? Ask for a ½ a year’s worth of utility bills from the seller. In South Florida consider the costs for July, August and September traditionally the hottest time of the year.

3. Ask yourself: Is it what you really want?

Or is it what someone is telling you that you want? It’s easy to go with the flow and do what you think most people do: rent after college, then buy a starter house, then a move-up house, then a retirement home. Instead, you need to focus on what’s meeting your needs. What do you want and be really honest with yourself!

4. Ask yourself: Is this what you really NEED?

Take a reality check. Will it be enough space for your family a few years down the line, or will you have to move if your family grows?

Can you afford this home now and in the future? Don’t stretch, figuring you’ll have a bigger income down the line. Make a selection that is good for you today fiscally, it can become really easy to push your limits especially if you can become qualified for a bigger mortgage than you anticipated.

5. Have you mastered Juggling?

Buying a home is a juggling act among function, price and enjoyment.

Make sure you are focused on a home that is sustainable. If you can’t easily live in it, or can’t afford the payments, or if you simply don’t like living there, it’s just not for you something better more well suited will come along.

And don’t rule renting out, either.

Since the housing bubble’s burst, in the new rules of real estate, I think that home-ownership is not a given for all. We are redefining what the American dream is and it does not always include owning a big house in the suburbs. Be true to yourself during your search for home!