Buying a home is one of life's biggest purchases. It's normal to feel over-whelmed by all the decisions. To avoid regrets, go slow, go with a pro (like us) and know the pitfalls (and how to avoid them).
The "Slow, Pro, Know" strategy can help you avoid any unpleasant surprises, and ensure you end up in a home you love, located in the right place and purchased at a price you can live with. It's all about choices. But behind those choices is an educated homebuyer. Keep reading to learn eight of the most common homebuyer regrets and the secrets to avoid them.
1. Home Sweet Home
Before you fall in love with a home, there's a lot more homework that you need to do to make the grade: Price? Location? Neighborhood? Taxes? A great property is more than a floor plan with a gourmet kitchen, spa-like baths and big bedrooms. Don't let your heart lead you to a decision you'll regret later.
2. Space
If your family is likely to grow in the not-too-distant future, think hard about what your space needs will be down the road. Garages, basements and attics are great for families; don't ignore their value. Extra bedrooms and baths aren't just "would-be-nice for guests," but can easily house your adult child who needs a place to live, elderly parents or your new work-at-home opportunity. Regrets are about space NOT purchased.
3. Price
What do you do if the home is beyond your price range or perhaps the sellers won't negotiate? Offer too much for a home, or win a bidding war, and your lender could stop the deal in its tracks when the appraisal comes back lower than the agreed-upon sale price. You could find yourself back at square one begging for a lower price or scrambling to find a bigger down payment. You'll regret wasting time trying to buy beyond your financing budget.
4. Financing
Get pre-approved for a mortgage and find out exactly how much home you can afford to avoid touring houses you can't get financing to cover. No regrets means knowing that with mortgage pre-approval, your purchase offer carries more weight with sellers who know your finances are in order. You also won't delay your—or your seller's—timeline for moving.
5. Fixer-Upper
It's not uncommon for homebuyers to buy with remodeling in mind. Only later—when constantly reminded of the undone projects—will they regret buying a fixer-upper. Avoid this pitfall by thinking clearly about your ability (and finances) to complete home improvements before you make that purchase offer.
6. Inspection
In older homes, some systems may need updating and replacing in the near future. If your credit or savings won't cover big-ticket expenses like a roof, windows, furnace, A/C, etc., reconsider that home choice. To avoid expensive regrets later, smart buyers employ a licensed home inspector and specialty inspectors to ensure there will be no immediate repair surprises. Tip: Shop for sellers offering a home warranty policy as back up.
7. Buying New
Brand new homes are often inviting because you may have upgrades and options to change the layout or final look of the home. However, be aware that builder-grade elements may need replacement sooner than anticipated, and trendy features might quickly go unused. Additionally, new homes don't usually sit in established neighborhoods, so the lack of community can be a downside. Consider your family's needs and finances before you set your heart on new construction to avoid having new-home regrets.
8. Going It Alone
Buying a home, especially as a first-timer, can be daunting. This is especially true if you do everything yourself. If you work with a real estate agent—like us—to buy a home you'll have someone on your side who knows the ropes. Best of all, sellers' brokerage fees often pay for the buyer's agent. You get a "Pass-Go-Free Card" and help avoiding what could end up being buyer's remorse
Comments(1)