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  Thinking ahead about

Thinking Ahead About "Buyer’s
Remorse"

If you are thinking of buying your first home, you should take out a pen
and paper right now and draw a line down the center of the paper.
Calmly and logically, think of all possible advantages to buying a home
and write them down on one side of the page. Afterwards, you should
list all the disadvantages on the other side of the line.

Then save the list in a place you will be certain to remember.

Sound silly?

Of course it sounds silly. Who needs to write down their reasons for
buying a home? After all, home ownership is the central theme to living
the "American Dream."

Naturally, while in hot pursuit of this dream you are going to be excited
about the future -- researching neighborhoods, searching MLS sites on
the internet, viewing homebuyer’s magazines full of appealing homes
that are just "minutes from the beach" with "fantastic views" and "cozy
family rooms."

Next comes the really good stuff – looking at houses. Full of
imagination and optimism for the future, you wander about each home
envisioning a happy and contented life for you and your family. The first
house may be "too big," and another may be "too small," but you are
certain to find one that seems "just right." So you make an offer and
wait anxiously and excitedly for the counter-offer. Finally, you and the
seller agree on terms and you have bought yourself a brand new home!

Congratulations! Break out the champagne and celebrate!

However…

Later that night or perhaps the next day, you start to worry about
whether you made the right decision. Doubtful thoughts will intrude.
Can you afford it? Is it the right time? Should you have waited? What if
you lose your job? What if this happens? What if that happens?
Anxiety and stress set in. Sleep may be hours in coming.

This is a normal response to buying a home and is called "Buyer’s
Remorse." You have just made the single biggest purchase you have
ever made in your life and it can be downright scary. Logic deserts
you. Worry takes over.

Remember your list?

Back when you were thinking semi-logically, you were fairly rational
about home ownership. You catalogued the good and the bad, weighed
them against each other, and decided that buying a home was the
smart thing to do. Reviewing the list will help resolve your buyer’s
remorse.

You will not be totally stress-free, but it will help.

Of course, in spite of this advice you will probably not take the time to
make that list now – before you buy a home. Hardly anyone ever
does.

So when buyer’s remorse sets in and you remember reading this
column, here is what you do...

...get a piece of paper and draw a line down the center. Then…

You know the rest.

copyright 2000 by Terry Light and RealEstate ABC, revised 2002

 

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