Real Estate: How to avoid buyer’s remorse
Buying a home is euphoric and can be very scary. On one hand, you are moving into a property you own, it is new and exciting and if you are a first time home buyer this is a first and usually a significant accomplishment. On the other, you are committing to the repayment of a lot of money in a market that today has a high level of uncertainty.
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 roller coaster 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. Most successful business people fall on their faces five or ten times before hitting it big.
The other key area of concern or remorse is the roller coaster of potential issues that lead up to the closing date. This includes home inspections, property appraisals, land surveys, obtaining insurance, the closing process and dealing with the mortgage company. Although there is an enormous amount of “stuff” that goes on behind the scenes for a home to go through the selling and buying cycle, you should not worry yourself. If you have a fantastic Real Estate professional you should leave the heavy lifting to him or her. They are the professionals that deal with the day to day procedures for this type of transaction and usually have a good rapport with the other professionals involved with the process.
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 maintain the property 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!
Jason M. Jakus is a licensed realtor for Leisure American Realty, a full service Real Estate and Property Management company serving the beaches and surrounding areas of Lee County. Their office is located at 2450 Estero Blvd., Fort Myers Beach FL 33931. For more information on this or any other real estate or property management subject contact Jason at 239-463-3178 or email RealtyInfo@LeisureAmerican.com.