Home Buyers Remorse Explained
Why people feel sad after Buying House
My partner and I sold our Family Home of 6 years recently and Purchased a new Home in Melbourne. We were flooded with different kind of emotions after the purchase. I did a lot research buyers remorse. Here is what I found.
You’re familiar with that sinking feeling. After making a large purchase, there is uncertainty and anxiety. You’re unsure whether your choice was correct. Buyer’s remorse is an all-too-common occurrence, particularly when large or significant purchases are made. You begin to doubt your own actions.
Most of the anxiety stems from the sudden change in people’s finances , along with the burden of responsibility of actually owning a house. The noise issue has only made things worse.
Long story short – People save up money for years to buy a house, they spend a large chunk of it on a house that they regret buying.
People think the house will sell fairly quickly if they put it on the market, however they don’t think it will sell for the amount they paid – Considering a lower sales price, factor in realtor fees and other closing costs, if they were to sell now they would be looking for some Loss.
People get lost, and anxious about all of this. Well, another option would be to try to rent out a bedroom to help offset the mortgage cost, but since People get annoyed by the noise, they keep arguing in their head that no one would want to live here.
However, what if you experience buyer’s remorse following the purchase of a home?! You can’t just return a house to the store if you’re not satisfied with your purchase.
What are your options, then? Fortunately, there are several steps you can take to alleviate buyer’s remorse and gain a better understanding of why you’re experiencing anxiety and worry.
Avoid Home Buyers Remorse - Download the checklist( Free) for prepping your Home Buying experience
Is it normal to have buyer’s remorse after buying a house?
Yes, experiencing buyer’s remorse following the purchase of a home is completely normal.
Many homebuyers have second thoughts about their purchase, even if they were initially overjoyed at finding the home.
Buyer’s remorse sets in, especially following significant financial decisions. A house, without a doubt, falls into this category.
A home is almost certainly the largest purchase you will make in your lifetime. It’s understandable that you’d experience increased anxiety.
Purchasing a home is a significant life decision that cannot be reversed. You may experience regret, wondering if you rushed into a decision or if something better might present itself.
How do you overcome buyer's remorse following a home purchase?
Buyer’s remorse can be debilitating. You invested considerable time, effort, negotiating, and financial resources to acquire something you now doubt was a good idea.
To overcome buyer’s remorse, a good place to begin is by reviewing the facts and reasons for purchasing the home in the first place.
Prior to beginning your search for a home, you probably made a list of your wants, needs, and desired house features. Return to that list and determine whether your home complies with the majority of the items on it.
If nothing on the list corresponds to your situation, you may have cause for concern. However, the majority of the time, you’ll see that you chose the home because it meets your criteria.
3 reasons home buying affects your mental health
It is critical to identify your primary source of discomfort during any life transition. Once you’ve identified the source, Dr McDowel says, you’ll be able to manage your anxiety.
He continues by citing three reasons why home ownership is mentally and emotionally taxing:
The requirement for security. Your home is more than a roof over your head; it safeguards you and your family. The act of looking for a new place to live tests our most fundamental human sense of security.
Zero-nil Uncertainty tolerance. None of us can see into the future, and individual tolerance for uncertainty varies, which can contribute to excessive worrying.
The opposition to change. The majority of our thoughts, feelings, and behaviours are automatic, and the majority of us thrive on the predictable and familiar. While moving is a positive and exciting experience, it is also an inescapable source of stress.
I used aroma therapy to come out of those strange feelings and Anxiety. Aroma Therapy I used to Come out of my Anxiety and depression after Buying our house as are fallows.
Note: if the condition persists for longtime and it’s unbearable you should consult your Local GP or a Psychiatrist
5 Reasons Why Buyers Experience Homebuyer’s Remorse
1.You’re About to Experience a Sudden Loss of Savings
Your bank account took a hit as a result of the down payment, inspection fees, closing costs, and mortgage payments. Witnessing tens of thousands of dollars disappear from your account may induce panic. You no longer have the same level of liquidity or a large buffer.
Bear in mind that even though your liquid savings have decreased, you have not lost any money. Rather than that, you invested in an asset. Hopefully, your home’s equity will increase, allowing you to pocket more money in the future.
2. Long Commute & Not much shopping Options around
When you began your home search, you may have ventured further out from bustling metropolises and into the suburbs in search of more space or more affordable housing.
After a while, you may begin to miss your quick commute or subway stop, particularly if your commute is an hour each way. And when adverse weather is factored in, you may find yourself taking additional sick days to avoid a miserable commute.
Consider joining a carpool to assist in this situation. Alternatively, negotiate with your employer to work from home a few days a week.
3.You Paid Too Much
You didn’t want to lose the home to another buyer at the time, but it came at a cost. Literally. If you overpaid or paid more than you intended, you may experience regret.
Even if you overpaid, there is still a chance to recoup your investment. The market is unpredictable, and if you live in a desirable location, you will almost certainly be able to sell your home for more than you paid for it.
4.Your Mortgage Payment Is Excessively High
If you underestimated your financial situation or the mortgage payment is higher than anticipated, buyer’s remorse may set in.
The stress of struggling to make each month’s mortgage payment can cause anyone to second guess their decision.
One of the first steps is to assess your financial situation. Consider having an accountant review your entire financial situation to determine where your money is going and whether you can budget more effectively.
5.You’re Not a Fan of the Neighbourhood
Perhaps you were unaware that your neighbour’s dog enjoys barking all night, or that your other neighbour never misses an opportunity to mow their lawn at six a.m.
To alleviate noise and privacy concerns, strategically placed landscaping and fences may be beneficial.
Another option is to sell your home after two years to avoid capital gains taxes. If, however, your neighbourhood becomes intolerable, you can relocate and rent out your home as an investment property.
While your current home may not meet your exact needs, you can renovate to incorporate the features you desire.
Again, keep in mind that renovations can be quite expensive. However, even minor remodels or a fresh coat of paint can significantly improve a home’s appeal.
Working with an experienced real estate agent is the best way to avoid buyer’s remorse.
A great agent will advocate for your needs, desires, and desired home features. They will collaborate with you and listing agents to find a home that is as close to your ideal as possible.