Yet, when the booking has been done, it’s common for most people to feel buyer’s remorse.
This is actually a well-known phenomenon, resulting from human nature to over-think decisions once they’ve been made.
Buyer’s Remorse is Real
For instance, a buyer might feel that maybe they rushed through the buying process. Sometimes, talking to friends and family who are experienced in these matters can also create doubts.
A buyer might begin to feel that maybe they paid more for the property. Maybe they could have got it for less if they’d bargained a little more or better.
Overall, the idea and process of buying a home can be overwhelming on many levels. It is undoubted, the biggest decision you will be making for a long time. It also involves big money and the idea of meeting loan requirements and making EMI payments can be daunting as well. All these thoughts become more prominent once you’ve booked your home.
All these factors add up to creating buyer’s remorse which can lead to a huge sense of dissatisfaction. Don’t let it reduce your happiness.
If you’ve recently bought a home, and you’re feeling the first twinges of buyer’s remorse, here’s how you can deal with it.
1. Make a list
Was it the affordability? The location? Was it an offer that would have gone away soon?
Whatever the reason, this was why you felt that pull towards the home.
These same features are still valid. Unless of course, you’ve made some big compromises with what you want and what you bought.
Sit back and think of what you wanted in your dream home. Compare it with the list in your hand. If they match more or less, then buyer’s remorse will dissipate once you settle in the home.
2. Stop looking at more homes
Undoubtedly, there will be another home out there which might have better features. But there is also a good possibility that there will be yet another which is even more exciting. The best option would be to stop looking at more homes.
Most often, people are overwhelmed by the very idea of buying a home. Ideally, they should educate themselves about the different processes involved before they start considering their options.
They can do this by talking to a reputed realtor or doing their due diligence. By doing this, they will have a clearer picture of the process of buying a home.
This will help them make a wise and informed decision eventually. When buyers are aware of how things work, there’s no place for remorse because they know they have made the right decision.
4. Don’t overshoot your budget
Suppose you want to buy a phone. You look up your favorite model online and then just as you’re about to buy, you see a phone with better features for a higher price. What do you do?
You might decide to skip your budget and buy the more expensive phone. Mostly because your pocket can handle it.
But in the case of real estate, if you extend your budget, you’re looking at a lifetime of EMIs that you have to shell out. EMIs that are much higher than you had anticipated or planned for.
Overshooting your budget is the easiest way for buyer’s remorse to kick in. Don’t give in to temptation. Stick to your original budget.
5. Get your life back
Everywhere they turn, there is something related to real estate.It could be in their email or in the conversations they have with people.
Once they do buy the home, it becomes almost anti-climactic.You can stop this from happening to you by going back to your routine from before.
Pick up your hobbies where you left them.Go on morning walks. Have conversations with your family. Get your life back. Once you do this, there’s no time for buyer’s remorse to creep in.
Buyer’s remorse has led to several people trying to undo the work of a lifetime so they can assuage their doubts. But in the end, it’s their loss if they are not satisfied. Don’t let buyer’s remorse wreck your happiness. Work your way through it and enjoy your hard earned haven.
Nimmy Joseph is a marketing specialist and has a deep knowledge on the online consumer behavior. Over the course of her career she has interacted with many home buyers, noted their grievance and gained actionable insights. Her strong communication skills helps her to connect with the consumers faster & create a comfort zone for them.
Nimmy holds a MBA in marketing and Post graduate diploma in corporate communication and Advertising and is currently working with Vakil Housing in their Marketing Department.