How to Manage Buyer’s Remorse

It’s natural to second-guess your choice after making a significant purchase like your first home. Here are some strategies to help you cope.

Buyer’s Remorse
Is price haunting you? If you see more affordable houses coming on the market, you may think you overpaid. You may start to reconsider your budget and wonder if you’ll end up house poor.

You may also notice things that you don’t like about the house—things that need repairs or are inconvenient and annoy you. You may wonder if the house will be able to suit the needs of your growing family or if you bought a place that’s too big and will cost too much to maintain.

Sometimes it’s the neighborhood that triggers buyer’s remorse. You may feel like you don’t fit in, or a neighbor may play loud music late at night. You may realize that your commute is longer than expected or may miss something that you loved about your old neighborhood.

Coping With Buyer’s Remorse
Recognize that many other new homeowners feel the same way. Much of your anxiety stems from the fact that you are making a major life change. It’s completely natural to question your decision.

Try to be objective and figure out if these concerns are really problematic and if they will continue to be problems in the future. If they’re legitimate issues, you can focus on finding solutions.

The house may have problems that require urgent repairs, or you may find that things that bother you now won’t matter in a month, after you get used to them. The house may not have all the features you wanted, but it may have the ones that you considered most important.

Your neighbors may be annoying, but you may be able to ignore them or work things out with a polite conversation. Your commute may be stressful now, but you may be able to take a different route, adjust your schedule or work from home.

Addressing Financial Problems
If you’re feeling overwhelmed by the costs of homeownership, budgeting can alleviate some of your anxiety. You may be able to cut back in some areas, such as cable, dining out and other nonessentials, to make more room for home-related expenses. Building up a savings account to prepare for home repairs can also put your mind at ease. If necessary, you may be able to find a part-time job or a side gig to supplement your income.

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