Buyer’s regret is real and painful. The bigger the purchase, the higher the stakes. Buying the wrong home can be catastrophic. Ideally we wouldn’t make these kinds of mistakes.
Thankfully, we can learn from those who have gone before and avoid catastrophe with a little forethought. Here are some key steps to a happier new chapter when you're buying your first home.
Organization is the key to success. This is especially true when considering the desired elements of your new home. Include anything and everything you want in your dream home from deal breakers to additional necessities. Once you’ve got it all onto paper, arrange the list in order of importance. This will help you make clear decisions when you’re feeling overwhelmed.
Thoroughly educate yourself on interest rates before signing to make the best decision possible. Researching ahead will save you from becoming part of the 34% who have regrets about their interest rates. Also, don’t be afraid to negotiate with your lender for a better deal. Being bold won’t hurt, and it might save you money.
If you’ve already purchased, remember that one in every five new home owners have regrets about their decision. Take comfort in knowing you’re not alone. If you haven’t made the purchase yet, here’s your opportunity to avoid common regrets.
Take a step back to consider all the elements of your potential home, gauging the interior and exterior factors. From restroom issues and energy efficiency to parking and new neighbors, it’s important to inspect every angle and use a trustworthy home inspector.
Maintenance costs add up quickly and 38% of home owners report feeling overwhelmed with upkeep prices. Bathroom problems can be especially detrimental to your new living experience. Also, it’s easy to overlook the energy efficiency, which could quickly drag on your bank accounts and at-home comfort. Quality doors and windows will make the difference.
Additionally, many external factors could quickly turn an exciting purchase into a daily nightmare. When inspecting the house, be sure to take a step back. With the change of scenery 25% of home owners are unhappy with the neighborhood, 24% wish their yard was bigger and easier to maintain, and 17% develop parking headaches. Remember that parking changes throughout the day and be sure to inspect the availability during the busiest times.
With all the excitement of buying a new home it’s easy to overspend. Carefully evaluate the value of each property as 40% of purchasers feel they paid too much or wish they had made a bigger down payment. If you feel uneasy about the price now, opt out.
Speaking of bigger, consider the growth of your family and lifestyle when making your decision. Out of all the regrets, a whopping 62% wish they had bought larger.
Take a deep breath. You’re more likely to make bad decisions in a stressed state of mind. Conversely, a cool head will allow you to be more open minded and to consider fresh perspectives. Above a