5 Common Causes of Buyer’s Remorse After Buying a House

Purchasing a home is a significant milestone, but it’s not uncommon for buyers to experience buyer’s remorse after the deal is done. Let’s explore some common causes of buyer’s remorse and, more importantly, what you can learn from them.

Too Much Maintenance

The responsibility of home maintenance can catch many new homeowners off guard. This includes unexpected repairs shortly after moving in, time-consuming regular maintenance tasks like lawn maintenance, deep cleaning, and dusting, & higher than anticipated costs for upkeep and repairs. 

Homeowners report spending an average of 19 hours per month on home maintenance, which adds up to nearly 230 hours each year. This significant time investment can lead to feelings of regret, especially for those unprepared for the commitment.

The Lesson: Be honest about your physical and financial limits. Are you truly ready for the commitment of a large yard or an older home? Factor in the cost of maintenance and repairs when budgeting for your home.

The House is Too Small

Imagine realizing your dream kitchen isn’t big enough to host the family gatherings you envisioned. Or that you don’t have enough space for your hobbies. 

The Lesson: Don’t get so caught up in buying any home that you lose sight of what makes a home livable for you. Make a “must-have” list and stick to it!

Location, Location…Regret?

The old adage “location, location, location” holds true, and many buyers experience remorse related to their home’s setting. Common location-related regrets include realizing the neighbourhood doesn’t meet expectations, longer commute times than anticipated, lack of desired amenities in the area, and safety concerns that weren’t apparent initially

The Lesson: Visit the property at different times of the day and week to get a true feel for the neighbourhood. Test your commute during rush hour. Use tools on my website like travel time calculator and walk/transit scores to assess the location’s livability.

Rushing Due Diligence

In today’s competitive real estate market, many buyers feel pressured to make quick decisions. This rush can lead to overlooking important factors or settling for a property that doesn’t fully meet their needs. Some buyers report purchasing too quickly due to market pressures, not exploring all available options, or letting emotions drive the decision rather than practical considerations. 

About 22% of home buyers admit they bought their home too quickly, often leading to regret later on. Buying a newly built home? Research the builder! Buying an existing home? Research agents and lenders! Skipping this step can lead to serious regrets

The Lesson: Take your time to gather information and build your knowledge. It’s worth the effort to make informed decisions.

Financial Stress

One of the primary reasons for buyer’s remorse is the financial burden that comes with homeownership. Many buyers, especially first-timers, underestimate the true cost of owning a home. This includes unexpected high monthly mortgage payments, interest rates that seem too high in hindsight, hidden costs such as closing fees and higher utility bills, and maintenance and repair expenses

On average, homeowners spend an additional $15,405 each year on these extra costs. This financial strain can lead to feelings of regret, especially if buyers feel they’ve stretched their budget too thin.

The Lesson: Create a detailed budget that accounts for all the costs of homeownership, not just the mortgage payment. Get pre-approved for a mortgage to understand your borrowing power and interest rate options. Don’t stretch yourself too thin – prioritize financial stability.

Minimizing Regret: Tips from the Pros

Stay Focused: Don’t get distracted by superficial features like a pretty kitchen. Interior design can be changed but the location of a home is fixed. 

Take a Break: Feeling overwhelmed? Step back and take a breather. I will never pressure my clients to sell or buy before they are confident and ready. 

Prioritize and Compromise: Understand that in most markets, you’ll need to make compromises. Determine your “must-haves” versus “nice-to-haves” before you start shopping.

Work with a Great Agent: A skilled REALTOR® (like myself!) can help you stay focused, provide valuable insights, and guide you through the process, minimizing the chances of buyer’s remorse.

Final Thoughts on Avoiding Buyer’s Remorse

Buying a home is one of life’s biggest adventures, filled with excitement and anticipation. Yet, as a Zillow survey reveals, many buyers experience some degree of remorse afterward. Don’t let that be you!

The key to a happy homeownership journey lies in thoughtful planning and informed decisions. Remember these crucial steps:

• Prioritize ruthlessly: Distinguish your “must-haves” from your “nice-to-haves.” Don’t get swayed by superficial features – focus on layout and location first.
• Research relentlessly: New construction? Investigate the builder’s reputation. Existing home? Vet agents and lenders thoroughly.
• Visualize your life: How do you really live? Choose a home that supports your lifestyle, from entertaining to hobbies to daily routines.
• Explore extensively: Visit potential homes at different times to experience the neighbourhood’s true character.
• Budget realistically: Account for all costs, including maintenance, repairs, and potential renovations.
• Don’t rush into it: Buyers who take their time are happier with their decision.

Don’t let the excitement of the home search cloud your judgment. Remember to prioritize your needs and partner with a trusted real estate professional (that’s me!) who can guide you through the process with expertise and care.

By following these steps, you can greatly reduce your chances of experiencing buyer’s remorse and ensure that your home purchase is a source of lasting joy and satisfaction. Ready to embark on a stress-free, regret-free home-buying experience? Contact me today, and let’s find the perfect place for you to call home!

Looking to buy, sell, or invest? As your REALTOR®, I’ll guide you every step of the way. Contact me today and let’s turn your real estate dreams into reality!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca