Although homes don’t fall into the typical impulse buy category, there are many aspects of the process that require quick thinking and efficient action. It is often during these situations that home buyers end up making a rash decision that they might possibly regret in the end.
According to a Redfin national survey conducted by Harris Poll in 2014, 25 percent of home buyers experience buyer’s remorse regarding their current home. Purchasing a home is a big decision and a process that requires the moving of many pawns to pull off. In order to make sure you’re not one of those 25 percenters, here are a few factors to keep in mind as you contemplate your potential condo purchase.
Sometimes you walk into a condo and realize it has everything you’ve ever wanted inside a home and you’ve got to have it. But before you commit to your dream home on the inside, make sure to consider everything on the outside as well. Make multiple trips to the neighborhood in which the condo resides and test its energy and noise level against what you can happily live with. If the condo is in a larger building, take notice of the noise level in the halls as well. As great as a condo and all its amenities may be, if you can’t sleep at night because of a noisy neighbor or buzzing street activity, you’ll be absolutely miserable.
In addition to noise, research amenities around the neighborhood. Look for a grocery store, pharmacy and multiple dining destinations within a convenient distance. The more you become ingrained in the local establishments, the more you’ll love where you live.
Another factor closely related to location is how you are able to get around town from your dream condo’s location. If you typically drive to work, consider factors such as parking and the commute time to work. Some of Washington, DC’s newer condo developments no longer require parking for every unit, so you’ll now have to be aware of certain rules and regulations for local garages or street parking. Test the commute by driving out to the condo a few nights after work. If the commute is noticeably longer, you might end up second guessing your decision later on.
What it’s worth
With a lot more buyers out there than inventory of homes, it’s fairly common for multiple bidders to drive up the price of a home quite quickly. Paying too much for a home is often the second guess that stings home owners the most following a home purchase. To avoid going above and beyond what you are willing to pay for a home make sure you talk to your real estate agent about the market dynamics in your neighborhood. Set two prices for yourself as you go into the negotiation process, how much you think the home is worth and how high you’re willing to go. Having these values in mind will help you to keep perspective throughout the bidding process.