No one wants to contract a case of buyer's remorse. You might not be familiar
with the term but you might be with the emotion. You know, it¡¯s that nagging
feeling you get after you make any major purchase that you've either paid too
much or received too little for your investment. In most cases, there is no
recourse for the buyer to receive compensation once the contract has been
signed.

If a homeowner wants to avoid buyer¡¯s remorse, why are there so many people
out there who suffer from it? The answer usually stems from the fact that most
of these home buyers engaged in a major transaction without enough knowledge
and information about what the whole process.

If you have heard it once, you¡¯ve heard it said a hundred times, the best way
to make sure that you choose the right home is to properly prepare yourself by
getting as much information about home buying as you can. Naturally, your
objective is not to overanalyze home buying until you are paralyzed by the
complexity of the transaction but to be well informed about all the decisions
you are likely to encounter.

You already know that the purchase of a home is a tremendous investment, both
monetarily and emotionally, so do a little research and it will pay off in big
dividends and help you avoid the all consuming buyer¡¯s remorse.
The following are some things you can do that will help your transaction
progress smoothly and improve the odds that you will be an informed and
satisfied homeowner:

? Get help. Your home is likely to represent one of the largest
investments in your life. In order to make sure that the transaction goes
smoothly it is of vital importance that you choose the right agent to represent
your interests. The right agent for you will be someone whose experience,
knowledge and personality you can trust which will allow you to feel
comfortable with the whole transaction. Usually a good indicator of a
successful agent is one who has at least five years of successful experience
and is in the real estate business fulltime Try to find an agent that is
familiar and knowledgeable about the neighborhood and community that you plan
to move into. Don¡¯t make the mistake many home buyers do by automatically
selecting a family member or friend who is in the business, unless you know
without a doubt that they are a consummate professional.

? Get pre-approved. Do you already know how much home you can afford?
There is nothing more frustrating than spending the time looking for a home,
finding the perfect home, and then discovering that it is out of your price
range. Be sure to do your financial homework first. Assess your financial
situation and then speak with a lender to learn about the different financing
options available to you. When you find the right lender get the paperwork
processed so that you will be ready to buy when you find the right home.

? Avoid other major purchases. In order to determine the amount of home
you can afford a lender uses your debt-to-income ratio. This ratio is the
percentage of your pre-tax income that you spend on debt. Your debt ratio will
include: monthly housing costs, car payments, credit cards, student loans, and
any other installment debt. If you take on more debt just before buying a home,
it will have a definite impact on the amount of the home loan that the lender
will finance. Delay all major purchases until your home purchase is finalized.

? Ask Questions. No one knows the home better than the seller of the
property; however it is not always in the seller's best interest to disclose
all the information. If you can find out the seller's motivation for selling
you might be able to negotiate a better deal on the house. Try to find out the
last time service was performed on the roof, furnace, plumbing and water
heating. Asking the right questions now can end up saving you a lot of money in
the long run.

? Get a home inspection. The last thing you want to discover after you
have bought a home is that you have purchased a "money pit". By "money pit", I
am referring to a home that is full of major defects not readily seen that are
going to end up draining you of all available financial resources. Save
yourself a lot of time in future litigation and renovation by bringing in a
licensed, professional home inspector to inspect the home before you buy. If
any major problems are found, it will steer you away from a bad decision and/or
it will help you negotiate a better price at the negotiating table.

Hopefully, the above items will get you started along your journey of obtaining
the information you need to know to get you into your desired home and avoid
developing "buyer's remorse".

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