Did you make a huge mistake?
You used to live in your family's place. Then, perhaps, you rented an apartment, got roommates, and moved around for a few years. At last, the desire to buy a place of your own set in. You were excited about the future! You researched neighborhoods, searched online, and texted with friends about their own home searches.
Next came the really good stuff—looking at houses. You got pre-approved and wandered about each home envisioning a happy and contented life for you (and/or your family), full of optimism for the future. After a thorough search, finally you found a home that you loved.
So, you made an offer and waited excitedly for the seller’s response. Finally, you and the seller agreed on terms and your offer was accepted.
Congratulations! Break out the champagne and celebrate!
(Fast forward a few hours, days, or even weeks...)
You start worrying. Perhaps something specific prompts this anxiety, such as an unforeseen repair cost; or maybe this feeling of uneasiness just settles on you. We call this reaction “buyer’s remorse,” and you are not alone. In fact, 44% of American home buyers have felt buyer’s remorse! That’s because buying a home is not entirely a rational process. It is an emotional process, too.
Do any of these questions sound familiar?
Stress sets in. Sleep may be hours in coming. Concentrating on work, school, and family becomes difficult. This is not a good situation to find yourself in.
One way to combat buyer’s remorse is to prepare financially for the demands of owning a home. Some buyers create a “rainy day fund,” about 1% of the home’s cost per year, which serves as a buffer from the stress of repairs and maintenance. But again, buying a home is not just about money; it’s about your gut feelings, too.
Remain calm. Use this simple exercise to tamp down those worries:
