Homebuyer’s remorse is real, here are some ways you can prevent it

Even experienced homeowners can find themselves feeling new homeowner anxiety, regretting their new home purchase—sometimes even before moving in. It’s called homebuyer’s remorse, and here’s how you can avoid it.

What you need to know about homebuyer's remorse

The thought of owning a new home is an exciting one, holding all the promise of a new life—starting over in a place that’s ideally suited to you in every way. Unfortunately, the actual process of buying a home can be so stressful that people may regret their decision to purchase before, or even well after they’ve signed on the dotted line.

This is known as homebuyer’s remorse, and over 50% of new homebuyers experience it at some point.

When it comes to preventing this new homeowner anxiety, preparation is everything. Here are some things you can do to feel more in control, right from the beginning:

Take off those gorgeous, rose-colored glasses

This is one of those times in life when it’s critical to see things as they really are. You’ll need to understand and embrace that buying a home is a complicated, often messy process involving a lot of planning, searching, bargaining, inspecting, and financial work, as well as endless patience and careful consideration of everything involved—before the deal is sealed.

Understand the different types of mortgage loans

There are many types of mortgage loans to choose from, and they have varying short- and long-term financial implications. Understanding your options and the differences between them is key to making the financial deal that’s best for you. Woodside Homes can refer you to a preferred lender partner and provide you with a personal Sales Counselor so that you feel informed and comfortable on your new home journey.

Be realistic about your budget

Your budget needs to include everything from utility bills, groceries, and car payments to taxes, insurance, and don’t forget your monthly entertainment subscriptions. It’s better to be safe than sorry, so when in doubt, round up.

Do you need it, or do you want it? Make a list.

When you’re buying a new house, it’s easy to get carried away with all the things you want, or want to do for your new home. Since money is the root of most new homeowner anxiety, breaking your list up into “needs” and “wants” will help you get clear on the difference, and stay in control of your budget. You can even assign timelines, to help you prioritize, monitor your progress, and plan ahead for significant purchases. 

Don't disregard closing costs

Closing costs often take new homebuyers by surprise, and the sticker shock can be substantial (ranging from 3% to 6% of the total purchase price). You may be able to negotiate some closing costs or take advantage of special incentives as part of the terms of the sale. Speak with a Woodside Sales Counselor to learn about available options in your favorite Woodside Homes communities. 

Be flexible... and just breathe

The never-ending requests for more information from real estate agents, mortgage lenders and underwriters can get the better of you. Understand that all of this is just standard procedure, so do your best to stay calm and be patient, take a deep breath, and head to your favorite yoga class.

Mind these most common reasons for homebuyer’s remorse

Homeowners can end up regretting a home purchase for many reasons, but the following four top of the list. As you move through the homebuying process, check in with yourself to be sure you’re not compromising on things you may later wish you hadn’t.

The house is too big, or too small

You’ve decided to sacrifice the four-season porch overlooking the little bit of acreage you’ve always wanted for an extra bedroom and easy access to the gym. Settling for a smaller house in a convenient location instead of going for a larger house that’s more out of the way is a common regret.

That is why at Woodside, we want to hear about what is most important to you and your family. Then we can find the best-fit home for you with the Living Well Solutions, made to personalize your space for the home of your needs.

Right house, wrong neighborhood

Nobody can predict real estate market fluctuations and how their neighborhood and property value could be affected, but you can feel better about your decision by taking some time to get to know the area you’re considering moving to.

Money matters

Inspections, closing costs, planned (and unforeseen) repairs add up fast, and can trigger the financial panic button—especially if interest rates drop after you’ve purchased your new home. You can offset this by purchasing a house that will allow you a more generous slush fund than you think you’ll need.

It just wasn't meant to be

Sometimes a home just doesn’t work, for no obvious reason. The rooms are too small, the neighborhood isn’t what someone hoped it would be, or they may feel they acted in haste or made a bad financial deal. In a Woodside home, you'll discover options for personalizing your space to your preferences and have a Sales Counselor to help you navigate your new home purchase. We are here with you on your journey home, and beyond, so that you feel confident about this major life decision.

Here's how to hang on to your homebuying joy

If you still find yourself obsessing over the negative aspects of the process, house or neighborhood—make a conscious effort to stop. Instead, concentrate on the benefits of your new home, and your goals and vision for it.

Try this:

• • • Collect inspiring images and ideas for your new home in a book or on a vision board
    • Keep in mind that every house has flaws, and stop nitpicking
    • Don’t look at other homes for sale, which can make you second-guess yourself
    • Make your goals for the home a priority
    • Be open to suggestions from others about how to improve the house or property

If you’re a new homebuyer, let Woodside walk you through it

Yes, new homebuyer’s remorse is real. So what could be better than eliminating the potential for it from the start? With Woodside, you can design a new home that’s built for you, with the floor plans and features you want. Contact us today, and let us get you home.