Avoid buyer’s remorse by asking yourself these questions.

Many people are familiar with the feeling of buyer’s remorse—a sinking feeling after making a purchase that left you asking, “What have I done?”  While many purchases can be returned or exchanged, this isn’t the case with buying a home. To make sure you’re ready to buy home, ask yourself these three questions to avoid buyer’s remorse.

Am I rushing the process?

Buying a home in a hurry can result in overlooking things that you later realize you can’t stand. Like a longer commute, a location with busy traffic or a neighbor with a constantly barking dog.

Don’t let a hot real estate market make you feel as if you have to rush into a home purchase. While the situation can sometimes feel dire, there is more than one home that will check all your boxes. If you miss out on one, others will go on the market tomorrow. Take your time and find a home you will want to be in long-term.

Will the payment strain my budget?

A lender will often approve loans with payments that are around 28% of gross income. However, just because you qualify for a loan that will require nearly a third of your income, doesn’t mean you should borrow that much.

Examine your monthly bills, including utilities, insurance, student loans, medical bills, as well as your future goals such as education, vacation, new car and retirement. Will the loan you’re considering allow you to have the home and do the other things you need and want to do?

Also consider the sometimes unexpected expenses related to monthly upkeep and home repairs. If you’re considering a move to a larger home, look at how maintaining more space will impact your budget.

Do I have the time and desire to care for home?

While many people take pride in maintaining a home and yard, for others these responsibilities take time and money away from activities they’d enjoy more. Like spending time with friends and family, taking classes, going on trips or starting a business. If the responsibility of owning a home outweighs the rewards for you, then perhaps you should consider that buying a home might not be the best choice.

Giving the questions above careful consideration doesn’t guarantee you’ll avoid buyer’s remorse, but they will help you make a better informed decision.

If home ownership is right for you

 If you’re ready to buy a home, Consumers is here to help with your home mortgage. You can get started with our easy online application or by calling one of our mortgage lending experts at 800-991-2221. 

Consumers helps more than 2,000 members finance land, first and second homes, and home improvement projects each year. We’d love to help you with a mortgage or home equity line of credit; contact us online or call us at 800-991-2221.

Consumers helps more than 2,000 members finance land, first and second homes, and home improvement projects each year. We’d love to help you with a mortgage or home equity line of credit; contact us online or call us at 800-991-2221.