Buyer's Remorse

Last week I mentioned the importance of pre-approval. This step in the home buying process is important because it puts you in a position to receive sound financial advice from a professional before making an impulsive decision. Buyer's remorse happens when a person buys a house and then has regrets about it. The number one reason is due to financial strain. Numerous questions run through buyer's minds when experiencing buyer's remorse, such as "Did I pay too much for my home?" and many others. I've seen new home buyers all excited to have found " THE HOUSE ", make an offer on impulse and then feel depressed about it later. This is because they acted on impulse and when reality sets in they realise they might have spent a little more than what is "comfortable" for them. In order to avoid buyer's remorse I always recommend people first get pre-approved, secondly set out in writing a comfortable budget, third leave room for savings and most importantly deal with a sales representative who wont push or encourage you to make an impulsive decision just to close a deal.

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Nathan Sckopke