Buying a home in Marin County, especially if this is your first time, can be pretty overwhelming and stressful. What people question the most is if they’ve found the right home for themselves. In fact, it’s reported that over 52% of homebuyers experience second-guessing after their purchase. But don’t start panicking just yet – there are ways to avoid home buyer’s remorse. As purchasing a home is one of the most significant investments you’ll make in your entire life, we’ve prepared advice to help you be sure you’ve made the right choice.
Main reasons for feeling homebuyer’s remorse
As said, many buyers experience feeling buyer’s remorse. It’s one of the biggest concerns, especially for first-time buyers. Even though reasons for having second thoughts vary, there are a few common reasons why people experience it.
- Financial concerns – Finances are the most common reasons people feel buyer’s remorse. For example, if the market starts favoring buyers right after their purchase, they might feel the timing was bad.
- Home size – Another thing people start questioning after their purchase is the home size. Usually, they feel that the home is too small and that they could have gotten a bigger one for the same amount if they’d chosen a different neighborhood.
- Wrong neighborhood – Even if it’s a desirable location now, no one can guarantee it will always stay that way. Therefore, people fear that the market will decline and that their homes will lose value.
Homebuyer's remorse is more than you think, and the key to avoiding it is a thorough preparation for your purchase.
Avoid buyer’s remorse by being confident in your purchase
The best way to prevent buyer’s remorse is to thoroughly prepare for your purchase. Don’t rush to make a decision before you are absolutely sure that the home is right for you. Therefore, make sure to know exactly what you want, how much you can spend on it, and trust your instincts in the process.
Know what you want
Before you start searching for your ideal home, make sure to know exactly what features you want your new home to have. Keep in mind that you probably won’t be able to get every single thing you want in one house.
Therefore, prioritize things you genuinely need and be prepared to make compromises during the process. Knowing that there is no ideal and perfect home will save you from feeling disappointed after your purchase.
Be mindful of your finances
Another thing to do before looking for a home is to determine a realistic budget. By knowing how much you can spend, you’ll be able to determine the maximum amount you can pay for a home.
If you are not good with numbers, consider consulting with a financial expert who will help you set a realistic budget for your purchase.
If you skip this step and start looking before setting your budget, you might look for homes that are way above your price range and find one you really like. Once reality hits and you find out you can’t afford it, you’ll feel disappointed.
Choose the best loan option
Also, before making your decision, make sure to speak with several lenders and compare different offers. If you rush and choose the first one you find, you might regret your decision and pay more than you need to.
Don’t forget additional costs
When it comes to creating your budget, you need to make sure to take all potential expenses into account. It’s not so rare that buyers get surprised by closing costs, which can be anywhere between 3% and 6% of the home price. Therefore, have them in mind when creating your budget.
Moving expenses are yet another cost to have in mind when you’re creating your budget. The good news is that even if you have to move on short notice, you’ll be able to find help in no time. By doing quick research online or asking a friend for a recommendation, you’ll be able to quickly find reliable movers that are also budget-friendly.
Hire a good real estate agent
An experienced and reliable real estate agent is crucial for a successful purchase. By choosing a perfect real estate agent, you’ll massively improve your chances of finding a home that fulfills most of your demands.
Caption: Make sure to interview several people before choosing your real estate agent. You need to be certain you've found the right person for the job.
Alt: A real estate agent talking to two clients and showing them charts.
Make sure to do your homework before hiring a real estate agent, as you’ll need to find someone who has extensive experience with all parts of the buying process. That way, you’ll have someone to give you valuable advice if you feel stuck at any point.
Avoid buyer’s remorse by staying open-minded
Make sure to stay flexible and open-minded. As said, it’s challenging to find a property that meets all of your needs and wants. You will most likely need to make compromises in some areas. Also, arm yourself with patience as buying a home isn’t something you should do in a rush.
Lastly, once you find a home that you really like and that fulfills most of your wishes, stop looking for other homes. There will always be another option, but the best thing to do is follow your instincts and choose the home you’ve found.
We hope our advice helped you prepare to purchase your new Corte Madera home and, eventually, avoid home buyer’s remorse. Even if you start having second thoughts after you made your purchase, take a deep breath and remember why you bought that home in the first place. Moving to a new place is a significant change that takes time to get used to. Therefore, focus on the positive sides, and you’ll make this transition easier for yourself.
Alamere Real Estate, one of Marin County’s top Real Estate companies, has decades of experience helping home buyers and sellers with reliable advice throughout Marin from Sausalito to Novato, CA. Founders Karin Narodny and Alex Narodny are here for reliable advice.