3 Ways to Avoid Buyer’s Remorse

Monday, October 1, 2018

3 Ways to Avoid Buyer’s Remorse

When homebuyers go on the house hunt for the first time without knowing what to expect, they may find that a year or so later they’re left to face their buyer remorse. Often, first time homebuyers are eager to find the perfect home, the one they have in their heads, and when they find it, they’ll bend over backwards to secure it. When you do so, you may find that you end up paying more than you can afford or missing glaring issues with the home. This buyer’s remorse can be avoided, however, if you’re careful to know what to expect and what’s important beforehand.

Make a Wants and Needs List

When you’re searching for your first home, there’s probably a whole host of things you would love to have in your home. But chances are, there’s a much smaller list of things you need in your first home. Do you need that fireplace, or do you need an extra bedroom for a growing family? Do you need a gas stove or do you need a laundry hook-up? There’s nothing wrong with seeking out your wants, but make sure your needs take priority and that you don’t settle for a home that has plenty of wants — but few of your needs.

Be Prepared to Wait

The housing market is always precarious and competitive. If you have a picture in your head of starting your house hunt and closing on the home of your dream within a week or two, you’re going to have to adjust your expectations. It’s great to see a house and click with it, but be prepared that you may have to take part in a bidding war — or even multiple bidding wars — before you finally find a home you can close on. And even when your offer is accepted, then you have to wait on the bank.That doesn’t mean your dream home isn’t out there or that you can’t close on it, but it’s always better to be prepared for the long haul.

Hire a Realtor

As you’re starting out on the house hunt, you may be tempted to skip hiring a realtor. You may have heard misconceptions from friends and family about realtors that paint them as someone only out for a commission, trying to get you to pay as much as you can for a home. In reality, realtors are very careful to represent their clients well, because word-of-mouth greatly impacts their livelihood. In actuality, not having a realtor can put you at a disadvantage when it comes to knowing the community and negotiating the price. Without a realtor, it’s easy to be taken advantage of.

That doesn’t mean you should hire just any realtor. Make sure you interview more than one. You want someone experienced, with a successful track record, as well as someone who knows and loves the area of Bryan-College Station.

If you have more questions about avoiding buyer’s remorse, talk to your College Station realtor. They can make sure you buy a home that you don’t just love now, but continue to love as time goes on.