What is buyer’s remorse?
Buyer’s remorse is a feeling of deep regret after buying something. It is usually experienced after a large, expensive purchase, such as a car or a property.
What is the psychology behind buyer’s remorse?
Most people have experienced buyer’s remorse at one point or another. Imagine you have just made a large or expensive purchase. The next thing you know, you’re experiencing a stomach knot of doubt and guilt! Did you make a mistake? Is there a better option that you could have chosen instead? Should you have bought it at all?
What causes the feeling of buyer’s remorse?
When you consider making a big purchase, most people will focus on the desire that’s motivating them. Any fears or doubts are likely to be drowned out by the strength of that desire.
After you complete your purchase, the feeling of desire subsides. At this point, any niggling doubt, fear or guilt have the opportunity to rise to the surface.
Is home buyer’s remorse common?
A property is, for most people, the most expensive thing they will ever purchase. As a result, buyer’s remorse – or at the very least, buyer’s anxiety – is incredibly common. In fact, it is estimated that as many as one in four home buyers experience home buyer’s remorse.
How to deal with buyer’s remorse
Are you worried about experiencing buyer’s remorse after buying a house? If so, there are several things you can do:
• Don’t feel rushed or pressurised into choosing a property
The property market has slowed a little at the moment, which means there is less pressure on would-be buyers. In times of a more competitive market, it can be easy to feel rushed or under pressure. You may feel you need to make a snap decision, or risk missing out to another buyer. In such conditions, many people feel under pressure to make an offer on the first viewing of a property. This is a recipe for buyer’s remorse.
If you are 99 percent sure before you visit a property that it is the one for you, submitting an offer on your first viewing may be a calculated risk that pays off. However, for many people, that level of pressure may well lead to them making a decision they will later regret. Buying a property is never a decision to rush.
• Use your head, as well as your heart
You may fall in love with a property, but that doesn’t necessarily mean it is the right one for you. Buying a property is a huge investment and you shouldn’t make a decision without careful analysis of the facts. We realise that doesn’t sound very exciting, but it will ensure that the investment you make is a wise one.
• Don’t blow the budget
Over-stretching financially is one of the biggest causes of home buyer’s remorse. Before you start viewing properties, have a clear idea of how much you can afford, and don’t push past that. You can also use online property portals to research property values. Make sure you look at recent sold prices, not just asking prices. In the current market, the two figures are often vastly different.
• Once you have decided on a property, stop looking!
Online property portals allow us to see every property on the market in a certain area. All it requires is a few taps on our smartphone or tablet.
That temptation can be too much for many home buyers. Even people who have no intention of moving, or who know they are several years away from being able to afford their first property, regularly check online property portals.
If you’ve been searching for a property for a significant amount of time, it is not unusual to miss the search and chase element of the process. But, if you want your property purchase to be successful, it is important that you stop looking once you’ve found what you are looking for. The idea that something better might come along can cause a huge amount of confusion and uncertainty. If you are happy with the property you have made an offer on, feel confident in your decision and delete the property portal apps.
• Talk through your concerns with someone you trust
Externally processing your concerns, with someone objective, will often help to alleviate any worries.
If, after talking through your feelings, you still feel the property purchase is a mistake, you have several options:
- If you haven’t yet exchanged contracts – you can pull out of the sale without any legal or financial obligations
- After you have exchanged contracts, but have not completed the sale – it is possible to pull out of the sale, but will likely lose your deposit
- Once you have completed the sale – your only option is to re-sell the property. You will, in this instance, need to pay all of the usual costs of moving house
Unless you have yet to exchange contracts, ‘undoing’ a house purchase is a costly affair. For this reason, it is important that you think carefully before submitting an offer on a property in order to avoid house buyers remorse.
If you are experiencing buyer’s remorse, and are looking for a fast house sale, Quick Move Now could provide a quick, simple and hassle-free sale. Call the team on: 0800 068 3366 for your free, no-obligation cash offer.