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 2000 by Terry
Light and RealEstate ABC |
