Property and Buyers remorse
You might know the feeling, you’ve spent weeks searching, and maybe missed out on one or two others along the way, and when you finally found this house, you loved it! But when you wake up the morning after the auction or contract signing, you start second-guessing yourself… did we make the right decision… what if we moved too quickly and a better house comes on the market next week (you know my thoughts on that…!)? What if we paid too much for it? What if something happens to your finances and you can’t make your mortgage payments? So many questions and so much doubt… It can overwhelm you
None of us are immune from it; it’s a state of mind I discuss with most of my clients at the time we’re getting to know each other.
I read a study this week which showed that a large number of home buyers only spend an hour inspecting the property they buy and doing the due diligence…so it’s little wonder they start to doubt their decision shortly after
There’s a litany of questions that will run through your mind in those first few days after we’ve signed the contract, and most will be simple ones that are easily dealt with, but some can drive you crazy and create a lot of uncertainty if you let them. Unless there’s a valid reason for concern, and by this stage there generally isn’t, you’ve got what is known as Buyers Remorse.
A house is the most expensive thing most of us buy and we all want certainty that we’ve done the right thing and bought the “right” home..
Before you jump to that conclusion, though, let’s review your initial decision. You need to make sure it’s not a case of simply developing cold feet over a purchase.
Pull out Your Wants and Needs List
Remember we developed this before we started this process? Grab it and have a look over it again – check through the must-haves, and nice-to-haves. Does the house meet most of your list?
What features made it stand out from the others we looked at for you?
How many other houses were there that met your needs and gave you the same sense as this one, or was this the only one where you got that feeling?
Can we get out of the contract? And how many more are going to be as good as this one it if we do, and how much more time will it take?
What was special about the house when we made the decision to buy it and how has it changed since we signed the contract, and I mean really changed?
Have you done all your inspections and due diligence on the contract?
Examining the facts that led you to your decision will help you sort out any lingering doubts. Was it really a poor choice or would you have felt just as nervous moving forward on any house? Getting the building and pest inspections, having the contract checked by your solicitor or conveyancer, getting finance pre-approval all can help to ease the remorse factor
Scenarios That create Buyer’s Remorse
Remorse sometimes kicks in after we start talking to others about the new house.
Friends and family members
Usually they mean well, but it’s not uncommon for family and friends to question your choice and what you paid for it, especially if it’s your first home purchase and they’re on house number 3.
But do they really know the market? It’s a BBQ topic most of the time and especially now, but most people don’t buy property every day, and it might have been years since they were in the market. If that’s the case they’re probably relying on the media or old information, and not directly in touch with current prices and trends. They might live in another suburb or state, where housing costs are somewhat less than here. And let’s face it, there’s always one family member who knows better than anyone else – I’ve got one in mine too…
Continuing to look at houses online
Stop looking at other houses. Just stop.
Trying to do it all on your own.
If you are trying to navigate your way through the process without any support and advice, questions and doubts will arise and the agent isn’t always going to give you the support or information you need – remember they work for the vendor, and have to represent their interests, not yours. They can’t tell outright untruths when they know the answer is different, but sometimes in the rush to get the contract signed, things get left out of conversations.
To help on this front, have someone who has your interests at heart to guide you through the fog of negotiations and contracts.
Remember, It’s natural.
We tend to think about the negatives uncertainties even more whenever we make important commitments, especially in the middle of the night, dwelling on the “what-if”s instead of maintaining that sense of excitement and anticipation.
The best thing you can do is to recognize that buyer’s remorse is common, you’re not the first to suffer from it, and you won’t be the last. Understanding why it happens will help you prepare for it before it hits you, deal with it quickly if it occurs.