Buying a home is a great thing, such an amazing purchase! For most of us, buying a home will be one of the largest investments we make. You want your home purchase to enhance your life and make it better, so make sure that the decision you make to buy a home is a smart and carefully thought out decision.
If you are a first time home buyer, you want to make sure that your “wish list” of what you want in your first home is realistic and that it will fall into what you can actually buy today. The bets piece of advice I can offer is to look at your first home as a starter home to get you into the game, or save up money and wait until you are in a better financial position to purchase “more” house. You also want to take into consideration what you can actually afford. It is possible that one may qualify for more than what will be affordable. Look at the big picture of what your monthly expenses will be and how much reserve money you have when looking at the purchase price.
Whether this is your first home, or your fifth home, it is a very natural feeling to question whether or not you are making the right choice. Is this the right house? There really is no clear cut answer to this question. What I can tell you is that in a recent study of home buyers across the United States, when asked what their biggest regret was in buying the home, the most common answer was that the home was too small. A large percentage wished they had purchased a larger home. This is a common feeling due to the fact that when buying your first home, a few years later you realize that your family dynamics have now changed and you have outgrown your home and will now need more space. Unfortunately, this usually happens once you have your house the way you want it and you actually love your home.
Most people buy a home for their future, as an investment for their future. Definitely think of this when you go to make that purchase. Think about what your long term goals are going to be with this house. Is this going to be a long term investment that you want to grow with, or is this more of a first step into home ownership. Your answer to that question matters when deciding which home to buy.
Another regret of home owners was not doing enough remodeling before moving in. If you are planning on buying a house that needs work such as new paint, flooring, carpeting or updating, sit down and make a timeline of what you are going to do now and what you are going to do later. Make sure this timeline is realistic and that you can stick to it. Otherwise, you will be sitting here a year later wishing you had done certain things before you moved in, having regrets. A lot of people say they want to do all these things to the house, and then life happens and people never get around to it. So just be realistic about what remodeling you will actually do.
Not having enough information about the property, before buying, is another one of the main reasons amongst home owners feeling regret. You can never have too much information when it comes to buying a home and you want to make sure that you are working with a Realtor who feels that same way. You Realtor should provide you with all the information you will need to accurately make a decision on which home to buy. This is a very large investment and requires careful planning and thought! You do not want to buy if you have any doubts, any doubts at all. If you have any doubts about a property it simply means this is not the home for you and we will keep looking. I want you to feel overwhelmed with joy and excitement with the home you decide to buy.
It can be advised to consult with a financial planner when deciding how much money to put down on a house. Some people find themselves needing a larger home but not having enough money out of the current home to buy. These people find themselves wishing they had put more money down. This is all relative, depending on when you bought your home you may be in an equity position and not even know it.
I believe if you want to buy a home, but are unsure of your financial stability right now, then buy smaller and more affordable. You do not want to find yourself regretting your purchase because you did not wait until you were more financially secure. You can buy smaller now, then upgrade when you are in a position to do so. In most of the United States, it is still less expensive to own than it is to rent.
All in all, if people have any regrets on buying a home, the top five reasons of buyer’s remorse are the ones listed above. Do not let this be you! If you have any doubts at all in making your purchase, sit down with your Realtor and talk to him/her about what your concerns are. As your Realtor, I am here to help you with this transaction and it is my job to help council you along the way so you feel 100% confident in your decision.