How to Overcome Home Buyer’s Remorse
For many Canadians, signing on the dotted line to purchase a great quality home brings feelings of pride, excitement, and accomplishment.
Having said that, a home purchase can also bring doubt and second-guessing. According to a study by Huffington Post Canada, 52% of millennial home buyers experience buyer’s remorse.
Buyer’s remorse usually starts with second guessing as new homeowners ask themselves questions, like:
- Did we do the right thing?
- Are we ready to own a home?
- How are we going to pay for it?
- Will we really like living here?
When those negative thoughts start to enter your head, it’s important to move past them so you can truly enjoy your brand new home. Here’s how:
The revelation: This house isn’t all it’s cracked up to be
Unless you purchase a brand new home from a builder like George Sinclair Construction, you’re going to discover some quirks.
According to a survey by Trulia, these are the top regrets buyers have about the house or neighbourhood:
- The house is too big or too small
- The décor is really out-of-date
- There are certain unappealing aspects of the neighbourhood
- The home is not very energy efficient.
Fall in love with your home again
Once the new home love affair wanes, certain frustrations of home ownership can come to the forefront.
When that happens, take a step back and remind yourself why you bought your home in the first place. There’s a good chance those reasons are still valid.
Other things you can do include:
- Spending time in your favourite areas of the house
- Taking a long walk around the neighbourhood and discovering all it has to offer
- Meeting your neighbours and asking them why they like living in the area.
One thing you should NOT do is look at new home listings. You’ll just waste time playing the “what-if” game. Focus on your beautiful new home and create a plan to make it perfect.
The revelation: You don’t feel ready to own a home
There’s no getting around it: owning a home is a big responsibility (especially if it’s your first time).
It may seem that you’re always:
- Making mortgage payments
- Performing home maintenance
- Paying property or other taxes
- Paying home-related bills
- Buying must-have items for your home.
The responsibility can feel overwhelming. You might wonder when you can stop paying and working on your home and when you can start living and enjoying it.
First, take stock of what you need to do around your home on a daily, weekly, monthly and seasonal basis. Make a list and determine who in your home will take on the responsibility.
When the day-to-day requirements of home ownership begin to annoy you, reach out to friends and family for help.
They can provide you with the guidance you need to tackle the responsibilities of maintaining your home. Plus, if there are any home tasks you need to tackle, they may be able to help you.
Don’t feel like you have to do everything by yourself. Ask for help and work as a team to stay on top of your home maintenance responsibilities.
The revelation: How can we afford it?
You look at your mortgage statement and gasp. How can you still owe that much?
Then, you look at your bank account and gasp. It’s a lot smaller than it used to be.
Inevitably, you’ll ask yourself if you have the financial wherewithal to stay on budget, make your monthly mortgage payments and grow your savings.
Firstly, it’s important to note that putting a down payment on a house requires you to dig into your savings. So, instead of thinking “I used to have $30,000 in the bank,” remind yourself that you still have $30,000, but it’s just in a different, not-as-liquid form.
Also remind yourself that instead of cash, you now have equity. You’ve invested in your home and your future.
Then, take a look at where you’re spending money and how you can reduce your day-to-day spending habits:
- In particular, you’ll want to focus on low-priority costs. For example, if you and your partner enjoy a weekly dinner and movie date, you may want to go out once a month instead.
- Try to lower other monthly living expenses. If you commute for work, see if you can work at home one day a week or carpool. The gas savings will quickly add up.
- Investigate tax deductions for new home buyers and apply for anything you might qualify for once tax time rolls around.
Considering buying a home? Avoid home buyer’s remorse altogether and visit our latest new home community Trailside. You won’t regret it!
Located in beautiful Niagara Falls, Trailside is our latest collection of classic bungalow townhomes.
With prices starting in the mid-400s, Trailside features two beautiful model home designs:
- The Briarwood.
- The Glenwood.
Trailside also puts you close to everything that’s important: convenient amenities, easy transportation, great shopping, terrific schools, and more.
For more information, register to receive exclusive Trailside updates sent straight to your email inbox.
You can also contact us anytime with your questions or comments.