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Buyer’s Remorse. Watch Out, It’s a Real Thing.

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Posted by: Claire Belby on Wednesday, October 14, 2015 at 12:30:00 pm

Buyer’s Remorse. Watch Out, It’s a Real Thing.

I sometimes have menu envy when my husband orders something “better” than me when we are out to dinner. That can be bad enough, but the feeling certainly fades quickly. Eating half his meal usually solves that problem. Imagine buyer’s remorse associated with a big ticket item like an appliance or a car. Then with the biggest ticket item – your home! Buying a home is emotional and complex, but in the end it is a financial and lifestyle choice that you must live with for a long time. Perhaps examining the most common sources of homebuyer’s remorse can help you avoid a pitfall.

REALTOR.com surveyed REALTORS® to find out which items caused their clients the most remorse. Here’s what they found as reprinted from REALTOR® Magazine.

  1. Buying too big of a home. Buyers may think at the time having a big home is what they want, but after moving in, they may later regret the expense and upkeep of maintaining a big home. Cooling and heating bills can be much higher and just cleaning the place can become a much bigger chore. Also if the room size is big, buyers may find their furniture a mismatch and too small. Buyers should bring a tape measure to verify their furniture would work in the space and also to consider the utility bills.

  2. Awkward layouts. The kitchen island is often a desirable amenity among home buyers – it can add prep space, after all. But the housing experts cited say “kitchen islands can be a mistake if you don’t take your ‘work triangle’ into account.” Buyers are encouraged to walk around the kitchen and consider their usual prepping and cooking patterns.

  3. Not considering what’s missing. Architects and remodelers sometimes will remove something from a room to give it a more modern, cleaner feel. For example, eliminating the bathtub in favor of just a shower.

  4. Pools. For some home buyers, the pool can become a selling-point that later turns into a source of regret. Pools can be costly and some buyers may fail to consider the all of the additional costs. For example, there’s regularly monthly maintenance and cleaning as well as pools in seasonal areas often are opened and closed by a professional.

  5. Falling for fads. “Today’s popular ice-white appliances, steel countertops, and Edison bulb light fixtures are yesterday’s saloon doors, linoleum, and brass hardware,” realtor.com® notes. “If you buy a house just for its trendy look, you may end up regretting it when the styles change, especially if you have to sell the outdated design.” Experts recommend buyers look for timeless features – classic, well-designed homes.

Home buying requires brutal honesty. Go in to your purchase with eyes wide open and rely on your REALTOR® to answer any questions or concerns you have. Your REALTOR® can help put into perspective any doubts you have so that today’s decision keeps on being the right one for you.

Source: REALTOR® Magazine and Realtor.com.     

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