If you are buying a home, expect to come down with a case of Buyer's Remorse. Don't let this psychological phenomenon ruin the excitement of buying your first home. Read the following scenario to see how to survive.
Well, you've been renting a lovely new house for several years, which is perfect for your young family. However, buying your own house has been your dream and you've occasionally scouted the areas that you’d love to raise your family in.
You have done a lot of research on the Internet about buying a home and you know that it is an involved process that requires you to prequalify for a mortgage, hire a real estate agent, find a home online or by using a real estate agent and driving around, and then applying for a mortgage, lots of inspections and finally settlement. So, you continue to rent; you already live in a neighborhood that you would like to live in.
Then one day you receive notice your landlord has been served with foreclosure and your time in the house is limited unless you'd consider buying the house on a short sale. Due to the location, asking price and your love for the house, you consider the offer and whether it's affordable on your income. You remember it is time to get prequalified to see if you can buy this home.
Buying a Home and Buyer's Remorse
After much haggling between you, the landlord and the bank, you agree on an acceptable selling price. You are soon going to be the new owner! Then the thought hits, "what have I done?", and you now are going through Buyer's Remorse, a most common feeling of regret others experience when making large purchases like buying a home.
The best advice I can give you about surviving Buyer’s Remorse is to let it sink in that Buyer’s Remorse is normal and will pass. Give yourself permission to accept it, that it is normal. Then realize that many people have had it. The key for you to move through it is time and confidence in knowing that you did your homework first before you bought the home.
Suffering From Buyer's Remorse And How To Survive
Now that we’re in 2009, the crazy lending programs from 2005-2007 are gone. To qualify for a home in 2009, you must cross all of your T’s and dot all of your I’s. There is no middle ground any longer. If you want to buy a home, you must prove that you can. You prove it with your income, assets, fico credit scores and credit history. If you have put all of these things through the test and you qualified for a mortgage and bought your home, then you can have confidence in doing the right thing. This is the key to moving through and surviving Buyer’s Remorse.
