Buying a home is euphoric and scary. On one hand, you are moving into a property you own. On the other, you are committing to the repayment of a lot of money.
How to Avoid Buyer’s Remorse
Buying a property can throw your emotions all over the place. First, you are ecstatic when the seller agrees to your offer. Soon thereafter, you start worrying about the price, potential problems and the commitment you have made to pay hundreds of thousands of dollars over the next 10, 15 or 30 years. It can be a monstrous rollercoaster for your emotions. You need not have buyer’s remorse.
The first issue giving rise to remorse is almost always the purchase price. If it makes you feel any better, the seller almost always thinks they should have asked for more. In truth, the agreed upon price is almost always pretty fair if you obtain a mortgage loan. The lender is not going to give you a loan well in excess of the value of the home, so you can rest assured you probably got a fair price. Yes, you may have paid $10,000 too much, but it is a relatively insignificant amount given the value of the property over time.
The second area of remorse is the payment obligation. Buying a home sounds great until you realize payments of $1,500 or $2,000 are due each month. What if you lose your job? What if someone gets sick? What if, what if, what if… Stop worrying. Life is full of risks and buying a home is a relatively minor one compared to other decisions we have to make. If you default on a mortgage, so what? Yes it is bad, but they are not going to put you in jail. Most successful business people fall on their faces five or ten times before hitting it big. In a worse case scenario, you can do the same.
Remorse can be an all encompassing thing. If you let it take hold of your emotions, you are going to suffer for no reason whatsoever. Remember, real estate is an excellent long term investment. If you keep the property in decent shape and hold on to the property for five or ten years, you will inevitably come out ahead. Stop stressing out and enjoy your new home!
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