Real estate buyer’s remorse is more common than you might think. Making a large investment can cause anyone to second guess themselves, especially if you are a fairly new investor. “The best way to handle real estate buyer’s remorse is to deal with it preemptively. Know that it will occur, not that it might occur, after the transaction is complete,” said Richard Buck, a retired Coldwell Banker real estate agent.
If you’ve invested in a piece of real estate that you are having second thoughts about, here are some important things to consider.
- Know it will happen – Making a large investment will cause almost anyone to second guess themselves. The feeling is common among real estate buyers and new home owners.
- Be prepared – Prepare yourself for feelings of doubt by making a list of the reasons why you bought the property.
- It’s a normal feeling – You may be tempted to entertain thoughts about your ability as an investor because of your remorse. “Know that what you are feeling is normal and it will pass,” Buck said.
- It happens to everyone – Seasoned investors as well as new investors will experience buyer’s remorse. Know you aren’t alone
- If you are a new investor, you may be feeling overwhelmed. – Your remorse may be a feeling of being overwhelmed rather than actual remorse over the investment itself.
- Acknowledge the problems that the property has – If it needs a paint job, get one. If the hinges are squeaky, replace them. Fix the things that you know need to be fixed.
- Review your research – There are reasons you bought this property. What led you to pick this property? Why did you think it was a good investment? Remembering your initial reasons for selecting a piece of real estate can help you rid yourself of real estate buyer’s remorse.
- Have confidence in your abilities – Even if your confidence is shaken at the moment, remember that you are a talented and knowledgeable professional. Consider your track record for successful investments. Know that this investment will soon be on that same list of successes.
- Talk to other investors – Other investors can help you deal with your buyer’s remorse in a constructive manner. They have been where you are and can help reassure you that your investment was a wise decision.
- Keep your eyes on your goals – Remember that you purchased this piece of real estate for a reason. Remember your reasons and follow though with your plan. Your feeling of remorse will pass once you fully get used to the idea.
“Investing in real estate is a wise decision in any market,” Buck adds. Follow through with your initial plans and you will soon find that your real estate buyer’s remorse will fade.