You loved every single part of your home and could find no flaw in it when you signed the contract to buy it. But now you find yourself staying up at night wondering if you made the right decision. There are lots of questions and what-if scenarios running through your head. Most of these questions might be simple to answer, but the deep-seated doubts make you unsure if you want to proceed with the purchase or not. Unless there’s a concrete reason for you to feel this way, what you are going through is a case of Buyer’s Remorse.

Buyer’s remorse usually kicks in when we talk to someone about the purchase. Although your friends and family mean well, their questions about your choice could lead you to doubts, particularly if they’ve been buying real estate for years and this is only your first purchase. But chances are, they don’t know the market as well as you do. It might have been a long time since they last bought anything, or they live in another part of the country. If that’s the case, they’re probably not in touch with today’s prices or the market of the area you want to live in.

Looking at other houses will also stir buyer’s remorse. Stop shopping unless you think that there’s a good chance the contract might fall apart.

If your agent doesn’t guide you through the closing process, that’s probably why you have so many unanswered questions and doubts. Your agent has to be there to assure you that what you’re feeling is normal and to provide answers or advice. Don’t be afraid to ask your agent if you have any questions during closing, no matter how silly the question may sound.

Finally, your own doubts could be the source of your buyer’s remorse. People tend to think about the uncertainties when they make important commitments and dwell on what-if’s. Look at the positives and trust your rational judgment instead of entertaining negative thoughts.

Remember though that your concerns are valid if you cannot get financing, the home inspector uncovers more defects than you can repair, the house does not appraise at a price equal to or more than the contract sales price, the seller does not respect the property boundary lines, or there are problems with the deed. In these instances, your contract should allow you to back out of the sale with no penalties.

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There’s a long list of pros and cons when deciding between buying a new home or buying an old one. People commonly think that the workmanship in the past is superior than construction that is done today, but good or bad craftsmanship can happen at any point in time and there are still builders today with skill and integrity.

The advantage to buying a new home is that they are usually up-to-date with current structural standards and have contemporary conveniences. Often, new homes are built in developing areas, which means that the real estate value of the property appreciates significantly. If you’re thinking in terms of investment and reselling, buying a new home might be a good idea.

Buying an old home also has its own advantages. It’s got stability, character, and that old-fashioned charm from its design features, but many old homes also have obsolete designs, deterioration, and general wear and tear. While some old homes in the market have been renovated to offshoot these disadvantages, not all of the changes are done by qualified persons. Lack of energy efficiency is another disadvantage most old homes have, and upgrading it costs quite a bit of money. When choosing between an old home, it’s always a good idea to bring your own house inspector so you’ll be aware of any structural defects that the seller might have missed out on.

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It may be strange to consider your home’s resale value when you’re thinking about buying it, not selling it.  However, it’s not likely that you’ll be living in the same house for the rest of your life, so it makes sense to factor in its resale value before buying the property.  Homes with good resale value usually have the following features. 

Good location. Homes that are near public transportation areas and have services like supermarkets and schools in the area definitely have high resale value.  It’s good to find out why this area is in demand and to observe if the properties are shifting to commercial establishments. 

Updated features. Homes with outdated features like one bathroom instead of two will take longer to sell than homes with updated features.  Alternately, you can also choose to renovate the house before you decide to resell it.

Natural lighting. Homes with lots of natural lighting make more tranquil and relaxing environments to live in, and also save on electricity costs. 

A view. If the house is located in a scenic area, a room with a view is definitely a plus.

Storage space. Homebuyers wants a lot of closets and additional storage spaces like bodegas.

Although your first objective is still to find a home that’s right for your needs, do consider its resale value before making your final decision, especially if you know you’ll only be staying there for a few years.  Choosing your home carefully now will give you a little more money the next time you need to move out.

If you’d like to get the best property for the smallest amount of money, you should place yourself in a position for strong negotiation. Price is not the only thing that you need to negotiate; there’s also other terms like the length of your mortgage that are critical to the seller.

Make sure you sell your old property before you buy a new house. If you’ve found the perfect house but ask the seller to wait until you’ve sold your old one, chances are you’ll lose the house. The seller will figure that this is a risky deal since there’s a high chance you won’t be able to sell your old property. So you’ll be performing a contingency sale, where you pay more money and have little or no say on the terms, effectively reducing the risk factor for the seller.

List down all the things you want and do not want in your new house and use this as a guide when he visits new properties. This will help put things into perspective when you compare houses that seem to offer the same benefits.

Remember that there’s also a difference between “style” and “substance”. Substance are things about the property that cannot be changed, such as the lot size, location, floor plan, and neighborhood. Style are surface details that you can easily change like the windows, wall colors, etc. Get a house with more substance and consider it for its merits, not how pretty it looks.

Finally, never allow anyone, not even your real estate agent, to push you into buying just any house. Make sure you’ve seen enough properties to be able to pick out the best one.

Townhouses often become the happy medium between a detached house and a condominium because they offer some features of both. A townhouse is a house that is attached to two or more other houses but stands on a piece of land that you yourself can own. There’s more than one kind of townhouse structure available; some are simple, as in the case of a duplex or a triplex, while larger townhouse communities offer amenities and common areas like a park or a swimming pool.

The advantage of getting a townhouse is that there’s a lot less for you to maintain in terms of its exteriors and repairs. Having your neighbor so close to you also increases the level of security.

On the other hand, you’ll have to pay Home Owner Association fees if you want to enjoy the amenities and facilities of the neighborhood. Compared to single family homes, townhouses also offer less privacy. If you want to change the exterior of your house, your options are very limited since the Home Owner Association will probably put restrictions onto modifications you can make.

A townhouse may be the perfect dwelling if you want to have your own space but not have to worry about maintenance. Townhouses are also ideal for new families with small children or the elderly. If you want community-style living but don’t want to stay in an apartment and have your neighbors below, above, and right next to you – consider investing your money in a townhouse.

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Buying your first home can be a tricky endeavor, especially since you’re not entirely sure what exactly you’re getting yourself into. Everyone seems to have different ideas about where the market is headed and what you should do to get the best deal. You might not be able to avoid some mistakes when buying your first home, but it’s possible for you to keep them to a minimum.

Don’t put all your trust on your real estate agent’s house inspector. Buying a home is a huge investment and an accurate home inspection can keep you from getting a bad house. It’s best to ask for referrals from other buyers and interviewing at least three before hiring your home inspector.

Set limits on how much you want to borrow and how you intend to pay for it. Limit your housing costs to about 25% of your gross income.

Investigate the neighborhood and observe the activity in the area during the day and late afternoon. You’ll discover good and bad things about it – that it’s a popular shortcut during rush hour, for instance. Talk to your neighbors and ask them what they like or what they don’t like about the neighborhood.

Do be cautious about signs that indicate the market in the area is weakening. Usually this is when the properties stay in the market longer or when there’s a large discrepancy between the cost of renting and the cost of owning. If you’re financially capable of purchasing a home, however, don’t let your fears or uncertainties get the better of you. Don’t put off your purchase for years because the prices in the future will be higher than the rates today.