Buyers Remorse When Buying a House? How to Avoid it, and What to Do

Did you have a feeling of instant regret after making an offer on a house? What about upon exchanging contracts, or even walking through the door as the owner for the first time. You’re not alone!

Many new homeowners experience some element of “buyer’s remorse”, meaning they can’t truly enjoy the excitement of settling in. So, what is buyer’s remorse, how do you deal with it and what can be done to avoid it?

In this article, the Property Solvers buying company offers some advice.

What Does House Buyer’s Remorse Mean?

“Buyer’s remorse” is a phrase that describes the sense of regret you may feel after making a purchase – particularly a big one.  Whilst some buyers pull out of the house sale, this issue will usually appears once the new homeowner has moved in.

For example, once the keys to a new house are in your hands, you may get a creeping feeling of guilt, or a small voice in your subconscious that whispers “I regret buying a house now”.

There are many reasons why this could happen. They include:

• A sudden realisation of the size of your commitment
• Concern that you “like” the place but don’t “love” it
• Money worries
• A feeling that there may have been a better property out there (i.e. “I regret buying a house on a busy street – there was probably somewhere quieter”)
• Concern that you are only doing this to please others
• The feeling that you have too many other things going on to have to deal with a house as well
• A sense of being trapped (i.e. “I regret buying a house with my boyfriend – it will be much harder if we decide to break up”)
• A feeling of trepidation regarding any maintenance or future renovations
• Worry about any structural or legal problems that may arise later on

How to Get Over House Buyer’s Remorse

This sense of regret may overshadow what should be a happy and exciting time in your life. For this reason, it’s important to work out how to deal with buyer’s remorse and move forward in the best way possible.

So, what is there to do if you regret buying a house? Perhaps consider:

• Explaining your position to the person you bought it with (if relevant), as they may be able to offer another perspective, or at least a little comfort
• Talking to a close friend or family member who has no stakes in your property ownership to get an outside opinion
• Making a list of all of the benefits of owning this particular property
• Looking at the positives – perhaps all that’s needed is a bit of time
• Speaking to a financial adviser to check whether your money concerns have any real basis
• Researching what can be done to improve or add value to your property
• Reminding yourself of your motivation to buy this particular house in the first place
• Deciding whether you’d prefer to sell the property and move on
• Putting things in perspective; most people will own a property at some point in their lives – this isn’t really all that huge in the grand scheme of things.

How to Prevent Buyer’s Remorse

Be sure to to prepare yourself for the possibility of buyers’ remorse further down the line.

One of the best ways to do this is to undertake as much research and preparation as you can before committing to a property purchase. In this way, you can collect great deal of evidence to prove you’ve done the right thing later on.

When looking for a home to buy, why not create a checklist of the Required, Preferred and Desired facets that your future property should have – much like a job specification? As a result, you’ll be able to place a home’s features in order of importance, making sure you get as close to what you want as possible.

Your Property Checklist

Things to consider might include:

• Bedroom numbers
• Bathroom numbers
• Number of reception rooms
• Accessibility
• Age of property
• Potential for child-proofing
• Outdoor space (front and back)
• Outbuildings
• Home office space
• Potential to improve, extend or otherwise add value
• Proximity to transport links
• Commute to work
• Proximity and quality of nearby shops
• Local schools
• Weather
• Internet coverage
• Local crime rate
• Curb appeal

Next Steps

Once you’ve created a shortlist of properties that meet as many of your criteria as possible, try to carefully compare them. As a result, you’ll be able to whittle down your list to just two or three, and you can then visit each one and ask the estate agent as many questions as you can.

Consider getting independent surveys done to rule out the possibility of structural problems and the presence of asbestos.

Draw up a clear budget to check exactly what you can afford.

Talk to your loved ones to get an outside opinion, as they are likely to tell you if they foresee any potential issues.

You can also speak with other people you know who have recently bought a home – particularly if they live locally to the property you are considering – to discover what challenges they came up against.

Wait a while. If you’ve done all of the research you can, but you’re still worried, perhaps there is a good reason. After all, there will always be other houses.

Selling Up and Moving On

We hope that this article has helped you work out how to overcome or at least minimise the psycological effects of buyers’ remorse.

Buying a new home can be an anxiety-ridden process, and a certain level of worry is inevitable. However, if you find yourself in possession of a property that you wish you’d never bought, Property Solvers can help you.

Our specialists can make you a cash offer of up to 75% of your home’s market value, and we may be able to close in as few as seven days.  We also have estate agent and auction options available

For more information about our services, simply get in touch with our team today.