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Avoiding Buyer's Remorse

By Edmund Gallese

Buyer's remorse is a common issue for homebuyers in some markets. This is understandable. More likely than not your house will be the single most expensive thing that you purchase. Chances are that you will be spending a good chunk, if not all of you savings on it. Also, the financial burden of home ownership stays with you, as mortgage agreements tie you into a long-term payment plan. Moreover, the decision to purchase a home is not easily reversible. The process of selling a home is time consuming and stressful. With these considerations in mind it is easy to understand buyer's remorse. After all, how does one know if he or she purchased the right home? That said, buying a home is a great investment. You should be able to love the house that you buy, without regret. Here are a few suggestions to avoid buyer's remorse.

-- Make sure that you are preapproved for mortgage before you start looking. One of the easiest ways getting buyers remorse is to fall in love with a house that you cannot buy. After that, everywhere else you look cannot hold up.

-- Do your research. Know what neighborhoods you would like to live in and what types of homes you can afford in those neighborhoods. Doing this research will not only make you a more informed buyer but also ward off later notions that you could have found a better home in the same area.

-- Chances are you made a "wish list" of things you were looking for during your search. Review how many of the items on your list are present in the home you're considering. Have many of the other houses you've seen also had these things?

-- You obviously saw something in this property that attracted you to it. Ask yourself if anything has changed about the property from when you decided to make an offer to now.

-- Communicate frequently with your agent through the closing process. Closing can be confusing if you do not know what is going on. Confusion can easily give way to doubt and regret.

-- Once you decide on a property do not go and look at more houses. All that will bring is a stream of confidence-crushing thoughts that "the grass is greener."

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