Sometimes, the emotional stress you feel after making a large purchase is enough to make you wish you had never signed on the dotted line. After buying a home, you may feel regret, also known as homebuyer remorse and believe it or not, you're not alone. A home is probably one of the most important purchases you'll ever make. It's understandable that you have more anxiety.
Buying a home is a life-changing decision and can't be undone that easily. You may feel twinges of regret, questioning whether you rushed to make a decision or if something better could come up. Buying a home is a stressful experience even in normal times. A home is the largest single purchase most people make.
Even after you've bought a home, the anxiety and fear you felt during the homebuying process can persist. The average homebuyer finds going to a job interview, hosting Thanksgiving dinner, and applying for college to be less stressful life events than buying a home. Feeling that you are at the mercy of the mortgage lender, your broker, the marketplace, or “the seller of your home” is another serious source of anxiety about buying a home. A recent Bankrate survey revealed that the majority of millennials (64%) regretted it after buying a home, compared to only 33% of baby boomers.
These anxiety-provoking “predators” range from the dangers of poor decisions, the hidden problems of home conditions, and the other buyers who are bidding on their dream home. However, if you receive a rejection or pre-approval for less than what the home you want to buy is worth, you may feel devastated. Knowing and understanding the emotions you may feel when you buy a home can help you manage and address them, and it can also help you make smart home buying decisions. One of the most common reasons someone may feel intimidated when it comes to buying a home is to have too much debt.
Nearly two-thirds of young homebuyers regret buying their home and have committed to at least one feature or feature. But during the homebuying process, it's not strange to feel that your dream home, your valuable financial resources, your vision of your family's future, or your interests are being threatened. Remember that from the moment you get the inspiration to buy a home to the time you close the escrow, you are ultimately in charge.