Blog > Don't Regret Your Dream Home: 7 Things to Consider Before You Buy
Buying a home is one of the largest decisions you will make, and it’s one that you don’t want to regret later on. This is why it is so important for you to do your research to avoid buyer’s remorse. Below are seven of the most common homebuyer regrets and tips on how to avoid them.
Regret #1 Spending More Than Necessary
No one likes to feel like they have overpaid for a home, and this is the biggest homebuyer regret. There are several reasons this can happen, such as not getting pre-approved for a mortgage, not shopping around for the best interest rate, or falling in love with a home that is out of your price range.
To help you avoid this biggest regret, it’s important to do your research. Create a budget before you even start shopping for a home. Getting pre-approved by a mortgage company is a great way to see what you can actually afford. Then shop around for the best mortgage rate and financing options. This might take a little extra effort, but it will save you money in the long run. Plus, we can refer you to a trusted lending partner to help you get started.
Regret #2: Rushing Into a Home Purchase
Rushing into a home purchase is another common regret. If you’re in a competitive market and worried about missing out on a great property, this can occur. It’s crucial to take your time and thoroughly vet any property before making an offer.
To avoid this regret, sometimes it's best to just walk away when something just doesn't feel right. Take your time and do your research. In the heat of the moment, working with a local, experienced professional can help guide you to what’s best and help you understand all the terms of the contract, so you can be confident in your decision.
Regret #3: Miscalculating the Costs of Homeownership
Owning a home is rewarding, but it can also be very costly. Make sure to factor in all the costs before you make a home purchase. Don't forget to include maintenance, repairs, property taxes, and insurance expenses in your budget. You should also include any HOA fees if there are any. These expenses can add up and take you by surprise if you're not prepared.
By creating a budget and tracking your expenses, you can avoid this regret. By factoring in all costs, you'll be better equipped to handle the financial aspects of homeownership with ease. We can help you figure out all the costs of any property you might be interested in.
Regret #4: Underestimating the Time Required To Maintain or Renovate a Home
Homeownership does require a lot of time and effort to maintain. If you are not prepared for the work involved or don’t have the time to do it, you may regret your purchase.
To avoid this regret, be realistic about how much time you have to commit to repairs and maintenance. You should consider your lifestyle when looking at properties. If your lifestyle doesn't fit, don't buy it! If you will not be happy spending your weekends on home improvement or renovation projects, you won't want that fixer-upper. It’s much better to know that now than later. We can direct you to our trusted partners for any quotes you need for repairs or maintenance.
Regret #5: Ignoring or Skipping a Home Inspection
The home inspection is an essential step of the home-buying process. It can help you find any potential problems with the property, help you decide if you are still interested in purchasing it, or help you negotiate a better price.
To avoid this regret, do not ignore or skip the home inspection. Hire a qualified home inspector to thoroughly inspect the property. Try to be there so you can ask any questions or concerns you have about the property. Plus, you will have our help with anything that is found that needs to be addressed, and we will help you negotiate repairs or the price with the sellers before closing.
Regret #6: Choosing a Home That Doesn't Fit
You must choose a home that fits your needs and lifestyle. If you don’t, you will end up regretting your home purchase.
While you may not find a home that checks all of your boxes, you must separate your must-haves from your wants. Make sure the home meets your needs first. Consider your family’s size, your lifestyle, and your future plans. Also consider factors such as proximity to work, schools, and amenities that can play a crucial role. Once you have a good understanding of your needs, you can start looking for a home that fits.
Regret #7: Purchasing Without Professional Help
Buying a home is not an easy process, and you should not do it without professional guidance. A real estate agent can help you find the right property for you, negotiate it for the best price, and be your partner all the way through closing the deal.
To avoid this regret, hire a local, qualified real estate agent who knows the area and can guide you through the complicated home-buying process.
Buying your dream home is a very exciting journey, but it doesn't come without its challenges. By being aware of these common regrets and seeking professional guidance, you can make a well-informed decision and create a happy home you'll love for years to come.
To learn more about how we work to ensure our client’s satisfaction, reach out today to schedule a no-obligation consultation. Contact us today!
The information provided in this blog post is for informational purposes only and is not intended as financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
Sources:
- Anytime Estimate -
https://anytimeestimate.com/research/american-home-buyers-2022/
- Zillow Home Loans - https://zillow.mediaroom.com/2022-11-18-Prospective-home-buyers-spend-about-as-much-time-researching-new-TVs-as-they-do-mortgage-lenders
- National Association of Realtors - https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#homebuyers