That sinking feeling in your gut is one that no home buyer wants to feel: remorse. You thought you loved your house, but upon moving in or year’s later, you truly regret the decision. What can you do about it?
What do you regret?
If you bought your home with your heart and not your head, it can be easy to regret your decision. There are a number of reasons that people get buyer’s remorse, but there are also remedies for each one.
Payments are too high
It is very easy for a buyer to have remorse about their home because after they start making payments, they realize money is tight. In this market where the homes cost more than most young people can afford, many will do whatever they can to realize their dreams of home ownership. Unfortunately, this can spell disaster when payments start to become late or there is no room for extras.
The remedy: Selling your home could mean that you’ll lose money (real estate and other costs), which could put you behind even more. If you are able to make your payments, find a way to bring in extra money for a while, as well as save money. If you’ve been in your home long enough, you may also qualify for home equity loans, which could help you pay off other debts that might also be bringing you down so you can focus on your mortgage payments.
Not enough space
Many young couples buy a home, not thinking about how their family could expand in the future. Once they have babies, they realize the space is too tight (or not set up) for children.
The remedy: If you have the budget, look into doing renovations that will allot you more space. This could mean repurposing rooms, knocking down walls or finishing a basement. If you don’t have the budget, you may have to sell your home to look for a larger one, knowing that either your payments will go up or that you’ll have to find one in a cheaper neighbourhood.
Too much to do
You may have bought that fixer-upper thinking you’ll be like the Property Brothers and ram through all the fun projects and renovations ahead. But, once you got into the home, the tasks were too daunting, you didn’t have the time or you didn’t have the budget.
The remedy: Make a plan. Sit down with your partner and decide what you absolutely can’t live with in the home, whether it is the 1960s kitchen or the shoddy roof. Be practical and think about what will serve you best in the future (a roof that doesn’t leak) over thinking aesthetically. Figure out how you’ll get the budget and don’t be afraid to contract out the jobs that are too big for you to do. You may learn to love your house again.
Rather than look at buyer’s remorse as a death sentence for your home, try to remember what made you want to buy it in the first place. Focus on the good things and know that no home is ever perfect.