Avoid Homebuyer's Remorse
Because big purchases are tied to big expectations, you want to be sure you aren’t setting yourself up for disappointment when buying a home. A majority of homebuyers end up regretting at least one thing after moving into their new home. Most of the time, those regrets could have been avoided. For example, the most common complaints include the home not being big enough, the home not having enough closet space or enough bathrooms, being in a bad school district or having unpleasant neighbors. To help you avoid homebuyer’s remorse, here are a few tips to keep in mind when looking for a new home.
1. Take the time to research. Get online and research the neighborhood you are considering moving in to. Check out the schools, the crime rates, the neighborhood’s walkability scores, its proximity to grocery stores, gas stations, restaurants, etc. Drive through the neighborhood on different days and at different times to get an idea what the neighbors are like. Spending a little time and doing a little research up front can save you from major regrets later.
2. Don’t settle. If you feel you need a certain number of bedrooms, bathrooms, closets, etc. don’t settle for fewer. Don’t allow yourself to fall in love with a home that doesn’t meet your core requirements. Be patient and keep shopping until you find a house that offers what you need.
3. Know what is a deal-breaker and what can be compromised. Core requirements are not the same as wish-list items. Know the difference. You might need 3 bedrooms while hoping to also have an office space. You wouldn’t want to settle for less than the 3 bedrooms, but the office is something you might be willing to give up. So make sure you have a list of needs and wants and keep them clear.
4. Don’t overlook major flaws. Sometimes buyers fall in love with a property, then the inspector finds a major issue or the house doesn’t appraise as highly as expected. Don’t blindly forge ahead, ignoring these issues. Have the seller adjust the asking price, make the repairs or walk away. You will likely regret it if you don’t.
5. Don’t overpay. One of the biggest causes of homebuyer’s remorse is overpaying for a property. Don’t get caught up in a bidding war and blow your budget. Know what you can reasonably afford and stay within your budget.
Sometimes there are surprises, unpleasant surprise that cannot be foreseen that fill homebuyer’s with regret. However, if you follow these tips, hopefully you can avoid experiencing that dreaded buyer’s remorse.