How to Avoid Home Buyer’s Remorse in Real Estate | Katonah Real Estate

Ever bought something special and later realized you didn’t really need it or like it after all? It might be something as small as a new handbag or as big as an over-the-top power tool. Usually, returning it is as simple as boxing it back up, locating the receipt, and taking it back to the store for a full refund.

But unlike store merchandise or a car, you can’t ‘try before you buy’ a home, which makes your decision to buy or not buy even more stressful. Not only is a home the largest investment you’ll probably ever make, it’s also where you’ll lay your head at night, spend years of your life, and make memories.

We’ve entered a busier real estate market, with competitive bidding and limited inventory. In the hype of the hot new listing, and knowing there are other buyers zeroing in on the same property, you might feel compelled to go the extra mile to “win” the home. And then, it’s quite possible that, within hours or days of getting into contract, you may start to feel buyer’s remorse. Once you’ve had some time to ‘cool off,’ you realize the home may not be the best one for you or that there are issues you overlooked previously. You want to pull out of the contract.

How do you avoid buyer’s remorse? Throughout the home buying process, stay grounded by asking yourself the following questions.

Must ‘own’ this house or must ‘win’ this house?

Often, in a competitive situation, a buyer just wants to “win.” If you’re competing and forced into a multiple counter-offer situation, step back and ask yourself: Is this the home I really want or do I just want to beat out the other buyers?

Also, has the potential purchase price exceeded the list price? Putting an offer on a home at $425K is one thing. But a few rounds of counter offers may bring the price up to $500K. This can create a completely different set of circumstances, and the home may no longer be right for you.

Have I seen the home more than once?

There are hundreds of buyers who, through the years, saw a place only once. There are even savvy international buyers who buy places in New York City sight unseen. But this is the exception, not the norm. No matter how much you think you love the home, if you’ve only seen it once, you could be heading for buyer’s remorse. Going back in the evening or a different time of days provides another perspective. Also, you may see things differently the second time around. Often, you miss something in your first pass that stands out the second time around.

Have I walked through every room?

A quick tour of the home provides a basic understanding of the floor plan, condition and size. But to really know a home, dig deep. Walk to the end of the lot and look at the back of the home. Open every closet and go in the attic, basement, and garage. Look at the neighboring houses, too, and try your car in the garage.

Have I seen a floor plan (if available)?

Seeing an architectural floor plan provides an opportunity to see the home in a different context. It’s possible you’ll pick up on things you might have otherwise missed.

Have I reviewed the photos after seeing the home?

Going back to the listing photos helps jog your memory. Seeing the photos, which are snapshots in time, will give you a different perspective. Was the shade closed in the photo and if so, why? Did you ever look out that window? Does the photo remind you that the bedrooms are small because there are only twin or queen-sized beds without any nightstands? These types of questions are a great way to evaluate if a home will work for you.

How to Avoid Home Buyer’s Remorse in Real Estate | Zillow Blog