Tips to Avoid Buyers Remorse

Dated: 05/11/2013

Views: 18249

How to Avoid Buyers Remorse

Have you gotten caught up in Buyers remorse after winning a Bid on a home?  In todays hot market, many home buyers end up buying with their emotions instead of with sound business sense.  By following a few simple rules, you can avoid buyers remorse.

1.  Wants and needs.

Do you really need those granite counters, stainless appliances, bonus rooms?  Must haves such as large yard, enough bedrooms, garages and location are all timeless elements.  Wants can come and go like fashion.  Make a list and stick close to it. In 10 years who knows what fashion will dictate as the new “must have”.

2.  Bidding wars are a “no win” situation for most buyers.

Emotions can win out, and the after effect is buyers remorse.  Look at the home as a business investment, weigh all the options based upon sound guidelines, run the what ifs and only after you own it, let your emotions out of the bag.

3.  Parking is Prime real estate.

We all have 2 or 3 cars nowadays.  Nothing worse than coming home and finding you have to park half way around the block because your neighbors have taken up all the area in front of your house.  Go by the home in the evening or on the weekend when everyone is home from school or work.  That way you can get a real feel for the situation and avoid buyers remorse.

4. Make a Return Visit.

Before making an offer, try and make a repeat visit to the home.  You would be surprised all the items you did not notice on your first visit.  It will either reinforce your desire to purchase or open your eyes to the flaws.  Either way, this helps you make a more informed decision about the purchase offer and help you avoid serious buyers remorse.

So in your search for your new home, try to step back and look at the home as a business decision.  That way, with a little neutrality, outside of emotional lures, you may be able to avoid buyers remorse.

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