So you just bought a new home – congratulations! What? You don’t feel as excited as you were the second you signed the Agreement? Don’t worry, this feeling is common. It’s like when you buy a sweater then instantly regret it when you try it on at home in front of the mirror – except it’s a home and it’s hundreds of thousands of dollars and decades of debt.
Don’t get us wrong, buying a new home is an exciting time and we clearly promote it constantly, but we understand that there are people out there that get that feeling in the pit of their stomach after a big purchase, which is why we made this list to help them deal with home buyer’s remorse.
1) Take time to cool down
You’re headed home from the sales centre and something doesn’t feel right. Don’t worry, there’s a rescission period (10 days). This is often called the cooling down period. You likely just made the largest purchase of your life, so it makes sense that you have a week and a half to think about it. The ninth day could roll around and if you want out of the deal, all you have to do is say so, then it’s like nothing happened.
2) Make a pros and cons list
It sounds obvious, but people never do this! Use your 10 days wisely. If your pros list outweighs your cons, then you got yourself a new home. If you realize you are unhappy with the cons on the list, maybe you should back away from the deal. Just remember that one of the lists may be longer than the other, but certain things carry more weight. For example, if you foresee yourself having trouble with the carrying costs, but you really like the closet space, one of those things is irrelevant.
3) Talk it out
Many buyers like to wait until the rescission period is over before sharing the news because that means the deal is done for real. If you have someone you trust like a parent, loved one, or friend, then talk it out with them and see what they think of the situation. Your remorse could be completely unwarranted through the eyes of someone else.
4) There’s always someone worse off
If you’re struggling with the situation, remember that you were fortunate enough to buy a home in the first place. The Building Industry and Land Development Association (BILD) recently released its new home stats for January 2017, announcing that the average price of a new low-rise home in the Greater Toronto Area (GTA) surpassed $1 million. There are thousands of people in the GTA that can’t even think about buying a home, so the fact that you’re experiencing buyer’s remorse means you’re already ahead.
That said, your home plays a strong role in determining your lifestyle, so the decision shouldn’t be taken lightly. We just think you should appreciate that you’re in this situation at the moment.
5) You can always sell
So you went through with it, but you know for sure that it was a mistake. You can always sell. Keep in mind that selling can affect your closing costs. For example, the HST rebate only applies to primary residences.
Clearly, there’s no reason to have home buyer’s remorse, but we understand that it happens. We hope this list helps you feel better!