Buyer’s Remorse: What to Do About It

Have you found yourself spending a lot of time looking for a house to buy and deciding where you want to live? Eastside of town or northwest toward Tumalo? In the city or in the country? Near public parks or do you want solitude?

The time comes to submit the offer. Before you do, be sure to review your goals and check the appropriate boxes supporting your decision. Are you ready and excited to submit an offer or is there a slight hesitation? If you have some hesitations, take a step back. It’s totally fine. Really, it is.

When purchasing a home, you need to satisfy your family’s needs and wants, not what others think you need. They mean well (most of the time, I’m sure) yet most buyers know what they want and need in a home and where they want to live.

What are some ways to experience buyer’s remorse?

Sacrificing location

You’ve always loved a certain part of town. Maybe it’s where you grew up, or maybe you can see yourself adopting two dogs and taking them on long walks. Perhaps you need a certain school district for sports or academic reasons yet sense maybe you can be happy somewhere else and hope to get an inner-school transfer. Stick with looking in those areas you like first to see what your options are.

Maybe you have dreamed of living on five acres south of town yet your friends say, “Why do you want to live so far away?” Rather than kicking yourself for caving in to someone else’s expectations, calculate how “far away” it really is and give everyone a cute little map with your new address and encourage them to escape the madness.

Buying too big

I see this many times when a family’s current 2,400 square foot home seems tight and too small. Buying that larger home with the bonus room and extra space may only fit your needs for another few years. When your angels are gone will you enjoy 4,000 square feet or will you regret having to care for it? Question if a big move is worth it or could you simply add a bonus room or an additional bedroom?

The other reason a space may seem small is too much stuff. No need to be embarrassed. I have seen full bedrooms used simply for storage— boxes, old clothes, old skis that could be retrofitted as furniture or wall art. Consider all the stuff you are saving and find a new owner who can put it to good use. Then turn your newfound space into a small office area or homework station.

Not considering future growth

This satisfies the readers who can think both sides of the equation. I just explained how buying something too large may not be worth the cost and expense; yet buying too small also creates issues as they relate to your lifestyle choices. Many popular TV shows about home buying and selling often quote the buyers saying, “We need room to entertain our friends and family.” Most of the time I wonder if I’m not entertaining enough as it sure seems everyone is having parties. Do you have family come to town who stay over often? Do you have many friends from out of the area who come every summer and they are crammed into your home office with an air mattress for bedding? Once your friends hit 40 the air mattress buzz loses its appeal.

Are you expecting twins? If you are a young couple and plan on having a family, perhaps if your budget allows you can purchase a slightly larger home than you need now that will fit your future needs.

Only you know if you are ready to buy

This type of buyer’s remorse is a real, yet calculated one. If you find yourself asking your agent, “What do we do if we want to get out of the deal?” or “I’m not sure we can sign the papers until next month because we are so busy,” you may not be ready to buy. What is holding you back?

Be honest with yourself about why you want to potentially back out of a deal for the house you believe is your next home. If this is the case, continue shopping online and researching areas. One day your conscious and subconscious minds will meet and you’ll feel comfortable and confident about investing in your future.

Buying a home is a happy, exciting time. It’s hard to be happy and excited if your home-buying ducks are floundering around in a sea of confusion. Ask your agent questions that you need help answering. A good agent won’t reply, “Now is the best time because rates are low!” That may be true, but interest rate issues may not be part of your thought process. Learn as much as you can before you dive into the decision. When you’re ready, it will feel freeing, exhilarating and be a positive experience for all involved.