You thought you found the perfect home, but now you’re starting to feel like you made a huge mistake. Take a breath and learn about buyer’s remorse and how you can shake the feeling.
What is Buyer’s Remorse?
Throughout time, and even more so in the past several decades, we have lived in a consumer-driven environment. With so many products made available, including those purchasable at the click of a button, it’s only natural that the phenomenon of buyer’s remorse has become so prevalent in society. In its most basic level, buyer’s remorse is the feeling of regret that some people experience after making an expensive purchase like a new car or a new home in Newburgh. Think about when you go to a department store and find the perfect pair of shoes. As you examine the product and define its benefits, feelings of excitement build and often overpower any other emotions. This generally leads to you making the purchase. However, once the excitement of something new wears off, those weaker emotions start to creep in, and you may start thinking the shoes were too expensive, or that you really didn’t need a new pair of shoes. This crossroads is where buyer’s remorse begins to take over, and if left unchecked, you may even ultimately decide to return the new shoes. The same experience is all too common in real estate, but just like with the shoes, you can find ways to overcome your emotions and justify your home purchase.
How Do I Overcome Buyer’s Remorse?
As elementary as it sounds, one of the best ways to beat buyer’s remorse is to make a pros and cons list. While it sounds simple, this exercise is the most direct way to find justification and peace with your new home purchase. Whether its own paper or in your head, start with making a list of all your negative feelings about the home. Was it too expensive? Is the lot too small? Are you worried about not being able to sell your old home? Whatever your feelings are, compile them all and then start analyzing each issue with critical thinking. More likely than not, you should be able to find the silver lining of each issue. While this exercise may not sound that powerful on paper, actually going through with it may yield a few truths that your negativity is trying to hide. Let’s revisit the examples above:
– Is the home too expensive? Even if you feel like you paid too much for the home, most likely it is still within your affordability. How do we know this? Unless you purchased with cash, your home purchase required you to be pre-approved by a lender, meaning that a professional mortgage officer determined that you could indeed afford the home.
– Is the lot too small? The lot is the same size as it was when you first fell in love with the home. It may not be as large as you would like it to be, but perhaps you can spend more time inside with other features of the home that you adore. You can also spruce up the property with exterior decorations and features, which in the end will make your appreciate the lot itself even more.
– What if I can’t sell my old home? Many factors determine the rate at which your old home will sell, and several of those are out of your control. Furthermore, the two homes are entirely unrelated. Whether your new home is magnificent estate or a small cottage, it has nothing to do with the interest prospective buyers will have in your old home.
Those are three very specific examples, but this exercise will work on almost any negative feeling you may be experiencing with your new home purchase.
What Else Can I Do to Beat Buyer’s Remorse?
It’s no secret that we often get too deep inside our own heads. If you try the pro/con exercise and still can’t seem to find light at the end of the tunnel, you may be too engrossed in the situation to avoid any bias. Another great approach you can take is to review the situation with a trusted third party. Whether this person is a close friend, relative, or even your real estate agent, sometimes talking the problem over with someone else can open your eyes to the positives that your psyche is refusing to admit. Your friends and family will give you honest and supportive feedback, while someone like a real estate agent will be able to look at the situation sans the emotions and memories you have tied to both your new and old home. Whomever you decide to talk with, be sure to show them your pros/cons list to help them figure out what specific issues are holding you back as well as how they can help you overcome them.
Just like with any purchase, there are some rare occasions where you really do feel like you made a mistake purchasing the home. These situations are rare, but if you believe that truly is the case, reach out to the Newburgh Homes team. We can get you in contact with local professionals who can counsel you on what is the best course of action to take.