A home is a major purchase, and the decision as to which one you buy can greatly affect your life in a number of ways. Having regrets about a home purchase is not unusual, which is why you should avoid these top 5 things that most new homeowners suffer remorse over.
1. Not having a home inspection
The shock of repair bills is magnified whenever buyers have failed to perform a home inspection prior to purchasing it. Many times, people can save themselves unnecessary worry by having a home inspection done, as they can usually eliminate any major surprises. Even so, a good number of people forego having an inspection due to the cost of it or because they feel it is not necessary. Buyer’s regret can easily set in whenever it becomes apparent that their dream home is in need of some serious renovations.
2. Not budgeting enough for maintenance and repairs
This is a common mistake made by first time home buyers, as they tend to underestimate the amount of money normal repairs and maintenance will require. In fact, maintenance and repair costs are sometimes overlooked altogether, simply because people are not used to planning ahead for them. A good rule of thumb is: each month, set aside an amount equal to one twelfth of one percent of the home’s purchase price to cover repairs and maintenance. For example, on a home priced $250,000, this amounts to just over $208 per month in expenses that most people are unprepared for.
3. Not knowing enough about the mortgage process
Even homebuyers who thought they were well educated on the mortgage application process have reported that they wished they had been better informed. According to the National Association of REALTOR®, 22 percent wished they had known more about the closing process; 19 percent needed more information on negotiating and making an offer; and 15 percent could have used more knowledge concerning financing. In addition, forty percent of buyers claim that the mortgage approval process took much longer than they had anticipated, and wish they had been better prepared for the amount of time that was actually required.
4. Not researching a neighborhood/homeowner’s association
When it comes to choosing a home, buyers report they regret not doing more research about a particular area. These individuals can find themselves unhappy with the amount of noise, traffic or other disturbances, simply because they did not take the time to find out more information. Some buyers could find themselves stifled by homeowner’s association bylaws that are too stringent, or associations that do not provide the benefits they claim to. The lesson here would be for people to talk to their REALTOR® and research a given area carefully, and not choose a neighborhood because they are in love with a particular residence.
5. Unhappy with Commute Time
Adding an extra ten or fifteen minutes to a daily commute may not seem like a big deal, that is, until it is actually time to do it. What’s more, people may underestimate how bad traffic conditions can be during certain times of the day, which means their commute actually winds up being much longer than they had anticipated. To avoid this problem, buyers should travel to a home they are considering directly after work in order to get a better idea of how long the drive will take and what traffic conditions are really like.
If you are in the market for a new home, keep these things in mind to avoid having buyer’s remorse yourself. It’s important to carefully consider all of these factors in order to make the right choice and remain happy with it for years to come.
Posts By Date