8 Tips on how to AVOID HOME BUYERS REMORSE

Hey, everybody, it’s Janine Sasso, your local Chicagoland realtor. And in today’s episode, we will be covering how to avoid buyer’s remorse when it comes to the home purchase process. And one of the things we’re going to talk about is do your research. Stay tuned. Now, here it is. You just signed your purchase contract. You’re super excited, signed on the dotted line. You go home and all of a sudden you do have doubts creeping in your head. Was this the right decision? Did you just buy the home? That’s right for you. Can you afford the home? Will there be something better? Is the big enough is on the right neighborhood. Did you pay too much for the house and so on and so forth? There’s a lot of stuff that can cloud your mind when it comes to the purchase process. So here are my eight tips to make sure that you are not falling prey to buyer’s remorse. Now, my best tip I can give you is to make a list. Make sure you outline your wants and your needs. So when it comes to the perfect home, you don’t get swept up in the pretty finishes and the beautiful staging, which is, truth be told, not coming with a home. Does your furniture fit in there? You need to look past the beautiful stuff and see what the home is for itself.

The second best tip I can give you so you don’t have home buyer’s remorse is to make sure you do your research with your lender. Have a lender that you trust because you want to be able to ask questions such as Why is this loan right for me? You have a recommendation of why I chose this loan over the other. Why should I put more? Why should I put less? What’s the best strategy for me if I only want to be in the House for five years? What’s the best strategy for me? If I want to be in the home forever, which most likely, you know, this is the goal for most of us these days. But those questions are important, and you need to make sure that you have answers and also a plan for the future. The third tip I can give you is to make sure that you are factoring in other expenses that will happen. At the same time, you’re looking at not just the purchase price of the home, but you’re also looking at moving cost, potentially new furniture, which you shouldn’t buy until after the home is closed. You’re looking at utility bills, repairs that will need to happen fairly soon after you move in that are already on your to do list. There’s other things to consider beyond the purchase price. Make sure you factor that in.

My first step is if you are considering a townhome or a condo, you want to make sure you are reviewing the budget and financials. The last thing you want is buying into a community and then in a year realize they don’t have enough funds and they’re going to have to increase your association fee and therefore your payment. So make sure you do your research. My fifth step I can give you is check out the areas master plan. Most villages have a master plan of what they have intended to do with certain amount of lands and have a master plan available now. What happens if you bought a beautiful place with a phenomenal view because there is nothing but fields around you? Just to find out in two years this will be a commercial building and they’re going to put up a commercial site. Make sure you do your research ahead of time. Tip six is all about the floodplain. You do want to make sure that your home is not located in a floodplain, which would require you to carry flood insurance. You can go to FEMA, FEMA dot gov and they do have the addresses available for you. So you can just type it in and it can tell you if you’re in a floodplain or not. So you can make sure you are doing your research and therefore make the right choice for what works for you. Tip number seven on how to avoid buyer’s remorse is to stop trolling the Internet for the next best house. I oftentimes compare it to dating with my clients. I let them know Once you’ve found the one, it’s time to focus on the one. Because if your mind is wandering and you keep on looking and looking and looking, your mind is not set on that one.

Most often you will find yourself with buyer’s remorse because if this is the feeling you have, maybe the one that you just went on to graduate was not the one. Compared to dating. If you find the right one, you try and stick with it and you do not go around and look somewhere else. And finally, my last tip, number eight is, do not take every opinion that will be offered to you. Hard. You will have friends and family offer you every story in the book. You will have them offer you every piece of advice they have. However, remember that their story is unique to their situation at that time. Your story is your story. You have your own financial history. You have your own financial picture. You have your own wish list. Make sure that you keep that always in front of you and make sure you have a trusted professional that can guide you on everything you need to know when it comes to the homebuying process. Yet again, another episode comes to an end. I hope you find this one helpful. If you have any other recommendations of episodes you want me to cover, feel free to shoot me an email and I will see you next time.

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