The fallout of an extremely hot real estate market is that a lot of desperate people opted to waive important contingencies like appraisals and inspections. The result was that many were left with a house that they weren’t entirely happy with. Buyer’s remorse is completely normal though. After all, this is likely one of the biggest purchases of your life, especially if you’re a first time homebuyer. If you’re having regrets about your new home, don’t fret! We’ll give you some tips on how to fall in love with your house (or worst case, if and how you can sell it)!
Why do I regret buying my home?
If you’re feeling regret, take a step back, a deep breath, and remember that these feelings are totally normal. In fact, nearly two-thirds of Millennials expressed homebuyer regrets. And in the same survey from Bankrate, 12 percent of Millennials said that they felt their mortgage rate was too high during a time of historic low rates. It just goes to show that the new normal can really change your perspective – now, rates are almost in the 6’s!
Based on numerous surveys of new homeowners, it seems as though the source of the regret isn’t actually stemming from the property itself, but from the revelations that only truly hit after having purchased a home. For example, unexpected monthly taxes, fees, and maintenance costs can hit you like a freight train, even if you think you budgeted for them. And of course, it’s always easier to want what you don’t have. Say you sacrificed something on your list of wants and now you’re in a home that doesn’t check every single one of your boxes. That can feel disappointing for sure. You may be left wondering, what if I’d just held out a little longer? Could I have found a home more perfect than this one?
While it’s true that you could have taken the chance and waited for something better to pop up, it’s not productive to dwell on the what-ifs. Most homebuyers have to make sacrifices somewhere. The longer you draw out the process the more things could change, and not always in your favor. So here’s how to make the best of your new home!
Can I sell my new home?
If you feel like you hate your new home, your first instinct may be to put it back up on the market. However, this rarely makes sense, and most of the time you will end up losing money by doing this. In a typical market, your home takes at least a few years to appreciate in value. So if you sell it right away, at best you’ll be able to sell it for what you paid. However, even then, you will still lose money due to what you put in for fees, closing costs, and what you’ll have to pay in selling costs.
So, yes, you could sell the home and buy a new one. But think of all the things that drew you to the house in the first place: those still exist! And while it may not be everything you hoped and dreamed, think of it as merely a stepping stone to your next place. There are plenty of things you can do to a house to make it a home. Keep reading for tips!
Do small things to make your house feel like home
While budgets can be tight upon purchasing a new home, try if you can to make small updates that make the house feel more cozy. Here are some ideas:
- Unpack! Oftentimes when we move someplace new, the stack of boxes full of stuff strewn about the house can be extremely overwhelming. It can be tempting to slowly pick away at unpacking, leaving full moving boxes lying around for weeks or even months. But if you commit to dedicating the first week to getting everything out of boxes and getting organized, this can do wonders in helping you feel more settled in.
- Treat yourself to new decor and household items. You don’t have to drop crazy amounts of cash on high end decor and furniture to make a house feel like a home. Even just purchasing a few simple things like a new toaster or a beautiful piece of decor that you love can bring about a sense of excitement for this new journey.
- Chip away at smaller or surface level repairs and updates. It’s amazing what a deep clean, fresh coat of paint, or a small repair can do for the overall look and feel of a house. Fix those pesky little imperfections that bother you, and it can help take the edge off of the regret.
- Incorporate key items and memories from your last home. One of the emotions that comes along with moving into a new home is mourning your old home and the time you spent there. A new place can feel sterile and foreign, almost like it’s not quite yours. To remedy this, locate certain items that you associate with positive memories and with the idea of home and display them where you and your family can see. This will remind you that it’s not the place that makes the home, it’s the people who you’ve created those memories with. With that in mind, anywhere can start to feel like home!
Most importantly: Give it time
The regret and heavy emotions of buyer’s remorse will be strong in the beginning, but will most likely fade in time. Like we mentioned, regret over a home purchase has less to do with the quality of the actual home and more to do with the emotions that come along with any big change. Once you settle in, you may find that you love your new home after all.