| Thinking
Ahead About "Buyer's Remorse"
If
you are thinking of buying your first home,
you should take out a pen and paper right now
and draw a line down the center of the paper.
Calmly and logically, think of all possible
advantages to buying a home and write them down
on one side of the page. Afterwards, you should
list all the disadvantages on the other side
of the line.
Then
save the list in a place you will be certain
to remember.
Sound
silly?
Of
course it sounds silly. Who needs to write down
their reasons for buying a home? After all,
home ownership is the central theme to living
the "American Dream."
Naturally,
while in hot pursuit of this dream you are going
to be excited about the future -- researching
neighborhoods, searching MLS sites on the internet,
viewing homebuyer's magazines full of appealing
homes that are just "minutes from the beach"
with "fantastic views" and "cozy
family rooms."
Next
comes the really good stuff - looking at houses.
Full of imagination and optimism for the future,
you wander about each home envisioning a happy
and contented life for you and your family.
The first house may be "too big,"
and another may be "too small," but
you are certain to find one that seems "just
right." So you make an offer and wait anxiously
and excitedly for the counter-offer. Finally,
you and the seller agree on terms and you have
bought yourself a brand new home!
Congratulations!
Break out the champagne and celebrate!
However...
Later
that night or perhaps the next day, you start
to worry about whether you made the right decision.
Doubtful thoughts will intrude. Can you afford
it? Is it the right time? Should you have waited?
What if you lose your job? What if this happens?
What if that happens? Anxiety and stress set
in. Sleep may be hours in coming.
This
is a normal response to buying a home and is
called "Buyer's Remorse." You have
just made the single biggest purchase you have
ever made in your life and it can be downright
scary. Logic deserts you. Worry takes over.
Remember
your list?
Back
when you were thinking semi-logically, you were
fairly rational about home ownership. You catalogued
the good and the bad, weighed them against each
other, and decided that buying a home was the
smart thing to do. Reviewing the list will help
resolve your buyer's remorse.
You
will not be totally stress-free, but it will
help.
Of
course, in spite of this advice you will probably
not take the time to make that list now
- before you buy a home.
Hardly anyone ever does.
So
when buyer's remorse sets in and you remember
reading this column, here is what you do...
...get
a piece of paper and draw a line down the center.
Then...
You
know the rest.
copyright
2006 by Terry Light and RealEstate ABC, revised
2002
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