With preparation, the euphoria of entering your new home can stay with you instead of being … [+] replaced by repentance.

getty

The home buyer's repentance is a real thing. Immediately after the joy and excitement of walking into a newly bought home, comes the second guess. For many, buying a home is the biggest single purchase they will ever make, and that brings fear and anxiety with it. Even people who have carefully weighed and researched the advantages and disadvantages often regret something afterwards.

According to a statewide survey of 1,000 U.S. homeowners conducted by Hippo, the Palo Alto, California-based property insurance company, 63% of home buyers between the ages of 28 and 38 regretted buying their home. And while other age groups feel less regretful, homebuyers' remorse cuts across the board, hitting a whopping 52% of all buyers.

"Remember, some regret is natural," said Andrea Collins, vice president of marketing at Hippo. "But if you develop a process that includes realistic home ownership expectations, you can minimize it or avoid it altogether and retain some of the joy you felt the first time you stepped on the doorstep."

"Understanding everything related to home is especially important for first-time home buyers," said Steve Wilson, Hippo's senior underwriting manager. "The costs include property taxes, routine house maintenance, regular repairs, property insurance, and operating costs. If someone has rented some of these ongoing financial obligations may be unaware. "

New homeowners are not only overwhelmed by the never-ending cost, but are often surprised by the amount of maintenance a home requires.

"78% of all homeowners have at least one job they fear," says Andrea Collins. "For many, repentance is mostly about caring."

Steve Wilson suggests that the best way to avoid being overshadowed by maintenance issues is to make the purchase with your eyes open.

"You have to learn everything about a house before you buy it. Take a good look at every part of the roof. Examine the gutters. Examine the siding and look for signs of deterioration or damage. Then go inside. Take a look at the frame, either in the attic or some other place where it's visible, showing you how the house was built. Look for signs of water damage throughout your home. And do what is most often neglected: examine the systems, including plumbing, electrical, heating, and cooling systems.

"Then," adds Wilson, "have the house inspected by a licensed professional."

Collins adds that potential homebuyers already have a licensed professional in their warehouse who can be a great resource.

"Your realtor knows the neighborhood, the schools, the special features of the area. Lean on them and ask lots of questions. "

Homebuyers' remorse is often a by-product of overheated property markets where inventory pressures and bidding wars cause potential buyers to forego professional inspections and rush decisions. Wilson and Collins advise homebuyers to stand up to the pressure and take their time.

"But if you feel remorse," says Collins, "speak to a broker who can help you understand how much of what you are feeling is natural. It can also be helpful to write a love letter to yourself at home listing all the things that led you to fall for it. "

After all of this, if you still wish you hadn't bought the home you bought, Wilson suggests renting the property could be a solution. But if you bought it in a hurry, you may find it easy to unload.

"If the local market is overheating, you should be able to sell it relatively quickly," he says. "Hopefully without any loss of value."

source https://seapointrealtors.com/2021/09/01/how-to-avoid-homebuyers-remorse/

 This free site is ad-supported. Learn more
​