You never think homebuyer’s remorse will happen to you until it does. You loved the home during the walkthroughs and right up until you signed the contract, but now you’re not sure if you made the correct decision.
What if you acted too quickly and a better house comes on the market next week? What if something happens to your finances and you can no longer afford it? What if you paid too much for it?
These are just some of the many ‘what if’ questions that will run through your mind during the period leading up to closing. Most of the questions will be simple and easily answered, but sometimes doubts creep in causing uncertainty and anxiety. This is what we call homebuyer’s remorse.
Review Your Wants and Needs List
You can’t totally prevent homebuyer’s remorse, but you minimize it by having a strategic house hunt. Go over your wants and needs checklist and compare the house you got with the house you said you wanted. Ask yourself the following:
- Does the home satisfy the most important items on the list?
- What are the qualities that made this house stand out from the others?
- Were there many houses that met your standard or was this a rarity?
- If you can back out of the deal, is it realistic to think another house will be better?
- What changed – really changed – that made this house special a few days ago that is no longer the case?
Analyzing the answers to these questions will help you sort out your feelings.
What Brings On Homebuyer’s Remorse?
Discussions with family and friends
They usually mean well, but it’s not uncommon for family and friends to question your choice and what you paid for it. But do they know the current market in Kitchener-Waterloo?
It may have been years since they bought a property themselves, and they probably aren’t in sync with current price trends. They may live in another part of the country, where housing costs aren’t affected by the spill over from the Toronto market. And if your parents are anything like ours, no house is “good enough” for their children. It’s unfair to compare how parents bought a home years ago with home buying today.
Continuing to Look at Houses
This is a BIG mistake. Stop looking at other houses unless you feel the contract has a good chance of falling apart due to financing or home inspection.
Nowhere to Turn for Guidance
As the time passes between signing the contract and the closing date, more and more questions and doubts set in. If no one is available to answer these and reassure the homebuyer that what they are feeling is normal, homebuyer’s remorse is heightened. The Dennis Team’s agents are there at every step. Our agents are happy to answer all your questions, even after closing, and ensure you are completely satisfied with your home purchase.
Your Own Doubts
There are no certainties in life, and we tend to think about the uncertainties even more when we make important commitments, dwelling on the negative instead of when we should be looking at all the positives.
When Your Concerns Are Valid
There are times when your purchase should be halted. The conditions of your contract may allow you to back out with no penalties if:
- You cannot get financing
- The house does not appraise at a price at or above the contract sales price
- The home inspections uncover more repair issues than you are willing to take on
- The property boundary lines are not as represented by the seller
- A title search uncovers undisclosed liens that won’t be satisfied at closing
These (and other serious problems) are all issues that must be resolved before you purchase the property. In today’s Kitchener-Waterloo market, some or all of these conditions may have been waived during negotiations. The Dennis Team agents will provide guidance on when and if any of the above conditions should be waived.
Prepare Yourself Ahead of Time
Recognizing that homebuyer’s remorse is a common occurrence is the best way to help ease your doubts and fears. Understanding why homebuyer’s remorse happens helps prepare you for it ahead of time and quickly work through it.
Working with the Dennis Team
The Dennis Team is with you every step of the way. We know that homebuyer’s often have concerns and doubts after their home purchase. Our team of real estate professionals is always available, even after closing, to help you with any questions or concerns you have with your home purchase. Contact us today and we can begin a stress-free home purchase together.