The Psychology of Buyer’s Remorse and How to Beat It

A survey by Trulia finds that 44% of homeowners feel buyer’s remorse after purchasing their home. 

One of every three home buyers say they wish they had bought a bigger house while 15% wish they had more information before making the decision. 

Why do people feel that way after a big purchase? Is there a way you can avoid buyer’s remorse the next time you make an important decision? 

What is Buyer’s Remorse?

Buyer’s remorse is that sense of regret you get after making a big decision. You don’t even have to buy something but it’s most common after expensive purchases like a house or car.

Buyer’s remorse is hard-wired into our brains so you might never be able to fully avoid it. These five steps will help you avoid buyer’s remorse or limit it after a purchase. 

How to Overcome Buyer’s Remorse

1) Use cash instead of credit. This keeps you on a budget and helps avoid running up the credit card bill. Don’t think that spending all the cash in your wallet won’t cause a little buyer’s remorse but it will help avoid the really big purchases.

2) Use cooling-off rule to get more information and compare options. If you didn’t put much thought into comparison shopping before, that cooling-off day is a great second chance to compare your other options.

3) Follow a budget when you go shopping. Even if you’re using credit cards to do your shopping, you can still stick to a budget to control your spending.

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