Buying a home is a major life change and a serious business transaction. It can be a little daunting for some people once the initial excitement wears off and reality sets in. What happens when the dust settles and you find yourself panicking? You can’t exactly return or exchange a house like a pair of ill-fitting shoes; but you might find some comfort in the fact that you’re not alone. Home buyer’s remorse is more common than you might think it is.
According to a survey done by Trulia, the most common reasons people experience home buyer’s remorse are:
- The home is the wrong size: 42% said they regretted not choosing a bigger home (33%) or smaller home (9%).
- The home is too updated or not updated enough: 26% said they wished they’d completed more or fewer home improvements.
- The buyer didn’t know enough about the home or neighborhood: 15% said they wished they’d known more about their home or neighborhood.
Luckily, there are some ways you can calm your anxieties!
Look on the Bright Side
First, don’t obsess over the things that you suddenly don’t like about your new home. Instead, make a list of what’s bothering you and then create a plan to fix it. Concentrate on the positives and what you do like until you can get around to fixing what you don’t like.
Refinance When Possible
If it’s your mortgage that’s bothering you, there’s a fix for that too. There’s nothing to say that you’re saddled with the same old mortgage you landed in the beginning of the deal, and no one is going to force you to stick with the same mortgage company either. Refinance your home with a new mortgage that better fits your financial needs and goals.
Take Stock of Your Budget
Are you fretting about the financial “burden” of owning a home? It’s natural to feel overwhelmed when you add new expenses to your budget and have to do some rearranging of finances. To help yourself feel calmer about your financial well-being, sit down with a pen and paper or a spreadsheet and a calculator. Take a sip of coffee and a deep breath and start fresh by creating a brand new budget. You might find that even a couple of small changes in spending habits will ease your anxiety.
Start to Rebuild Your Savings
If you emptied your savings account to make a down payment and pay for other closing costs, it’s natural to feel a little bit lost. All this time you’ve been saving up to buy a house, you’ve probably felt pretty safe with that nest egg sitting there accruing interest. Ease your worries by reminding yourself that you didn’t lose those liquid assets; you just turned them into less liquid equity. If it helps you feel better, start a plan for building your savings account back up, penny by penny.
Sometimes just knowing that someone else is feeling the exact same way can help you through buyer’s remorse. Don’t focus on the bad, especially if it’s something that can be fixed. In most cases, it just takes a slight lifestyle or attitude adjustment to make those remorseful feelings go away.