After making a major purchase, it’s natural to second-guess your choice. Buyer’s remorse is particularly common after purchasing a house. Here are some strategies to help you cope.
Reasons for Buyer’s Remorse
If you see other houses that cost less than yours, you may think you overpaid. You may believe that the price of the house was reasonable but worry that it will be too much for you to manage financially.
You may notice things that you don’t like about the house. Those may be problems that need repairs, or they may simply be little things that are inconvenient or that 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 until the wee hours of the morning or do something else that gets on your nerves. You may realize that your commute is longer than you expected or may miss something that you loved about your old neighborhood.
How to Cope With Buyer’s Remorse
First of all, recognize that many other new homeowners have felt the same way you’re feeling. Much of your anxiety is probably due to the fact that you’re making a major life change. It’s completely natural to question your decision after the fact.
Try to be objective and figure out if the things that are troubling you are really problems and if they will continue to be problems in the future. If they’re legitimate issues, you can focus on finding solutions.
For example, you may think you overpaid. The price of your house may have been reasonable, or the mortgage payment and other costs of homeownership may be tougher to handle than you expected. 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.
Create a Plan to Address 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.