Home Buying Regrets aka home buyers remorse
You’ve just moved into your dream property, a move that you and your family are happy with. Your friends and extended family are celebrating your move, buying you house warming gifts and popping the champers, everyone is happy. But what if you’re not happy, what if you are regretful or worried you have made a mistake, is there something wrong with you? The answer is no, there is nothing wrong with you, you are not the first person to feel like this and you won’t be the last. Lots of people every year suffer from ‘home buyers remorse’, it is not uncommon and there are things you can do to make yourself feel better or to help prevent yourself getting home buyers remorse if you feel it building up or are worried you may suffer from it.Things you can do before closing the sale: Make sure you have asked all of the questions you can think of, get lots of information from the estate agent and the previous buyers before you close a deal. Doing this will mean that there are no shocks in store for you, and if there are , it is likely that you can pursue someone legally on the grounds of fraud. If you do not ask all the relevant questions and don’t make enough effort to know everything about the house, after you have closed the deal and if you find something out that concerns you, you will have nobody to blame but yourself. Before you close a deal on a property, try to do a walk-through of the entire house, if possible without the previous owners there. Make sure you really like to house, that you feel comfortable there and that you can see yourself living there happily. If you have any worries or doubts, now is the time to face them and deal with it.Realistically think about the move and the impact that this is going to have on your finances. Understand not only how your mortgage payments are going to be affected, but how other things such as utility bills, council tax bands, local amenities and travelling to and from work/schools, will affect your finances.Things that you can do after you have moved into your new home:Stay focused on the big picture, buying a home is one of the biggest things you will do in life, and will most certainly be the biggest financial commitment you have ever made. After moving into your new home it is natural to start thinking “what have I done” as the reality of the magnitude of the situation starts to sink in, and especially when you think about the 20 or 30 years or more that you have ahead of you paying off for your new home. This can sometimes get a little overwhelming, so take a breath and consider the future. Think about the fact that this is your dream home, you never have to move home again unless you want to, you never have to worry about running out of space (unless you suddenly decide to have 5 more children), and most importantly, once it is paid off, the house is all yours. Remember that this house isn’t just for you, it is an investment in your future, and in your children and grandchildren’s future. Knowing that you have something of value to leave to your family after you have gone will help to reassure you that you have done everything in your power to provide for them, even when you’re no longer around. Consider the alternatives, you could be living in a home too small, or in an undesirable location, you could be in rented accommodation and without the security of owning your own home. Make yourself appreciate the fact that you are living in your dream home and you aren’t one of the many people living in unsuitable accommodation, understand that actually things could be much worse.