7 Common Homebuyer Regrets (And How to Avoid Them)

Most people don’t regret purchasing a new home, but some often wish they had done a few things differently. Read on for our 7 homebuyer tips to consider so you can avoid buyer’s remorse.

1. Spending More Than Necessary

Sticking to your budget and what you can afford is top on our list. Let’s face it, purchasing a home is probably the single largest purchase you will make, so making smart decisions about your finances is key.

To get the most value from your purchase, it is worth your time to compare your financing options with a trusted lender and understand your finances.

No one wants to overpay for their new home purchase (and, luckily, with the right guidance, doing so is avoidable). But even if you've secured a winning purchase price, there are still plenty of ways to accidentally overspend.

One of the most common ways to overpay? Choose the wrong mortgage. In fact, in today's higher-rate environment, this can be one of the riskiest mistakes a new buyer can make.

As long as you stick to what you can afford, buying a home will boost your financial health. And, the longer you live in it, the more your home is likely to appreciate in value and boost your long-term savings.

But to get the most value from your purchase, it's worth your time to compare financing options. We also recommend getting a mortgage pre-approval before you start your home search so you know what's within reach. We can refer you to one of our trusted lending partners for help. For additional information, read our blog Why Pre-Approval is so Important in the Homebuying Process

2. Rushing Into a Home Purchase

In a competitive housing market, it's often necessary to act fast to secure a home. But don't let the need for speed tempt you into making an offer before you've thought through or fully vetted a new property. Rushing into a home purchase isn’t just risky, it could be the reason for buyer’s remorse later on.

It can be tempting to overlook key details or bid more than you can afford when getting swept up in emotions. That's one reason it helps to have a skilled professional by your side to calmly guide you through the process and ensure you act with reason and smart financial decisions rather than emotion.

To avoid making last-minute decisions that could backfire, know what you want, what you need, and what you can afford before you start your home search. We can help you set priorities, so you’ll be able to move forward with confidence when the time is right.

3. Miscalculating the Costs of Homeownership

 Though real estate is a great long-term investment, it can be pricey in the short-term, often surprising homeowners who aren't prepared for it.

Failing to think through the costs of homeownership is one of the most common sources of homebuyer regret as many buyers underestimate the cost, forgetting about such things as property taxes, insurance, and repairs.  

However, some homes cost more to live in and maintain than others. For example, very old homes with unique maintenance requirements could be extra pricey to keep up with. Similarly, homes with high HOA fees can quickly eat into your monthly budget.

A home should help you build your wealth, not drain it. So, it's important to factor in all the potential costs of living in a home—not just obvious ones like your mortgage payment and taxes. To ensure you don't get overextended, add up your estimated maintenance and repair costs, as well as any miscellaneous expenses that are unique to a particular home.

We can help you with these estimates and, if needed, present you with some less-costly alternatives.

4. Underestimating the Time Required To Maintain or Renovate a Home 

Many homeowners love to spend their free time working in their yards or undertaking home improvement projects, but if that's not you, then you may not like living in a home with a big yard or with high-maintenance features, like a pool. And if you’re not willing to be the one doing the work, you need to account for the extra expense of someone else doing it for you.

Similarly, buyers who purchase fixer-uppers are often surprised by how much time it takes to rehab their new homes. Although buying a fixer-upper is a great way to save on the purchase price, you could come to resent it if it eats up all your free time and costs more than you thought.

Renovation and maintenance projects are often time-consuming, stressful, and expensive so buyers should be beware of committing to a property that requires too much of your attention if you don't have the time or patience for it. With that said, home improvement projects can also bring a lot of joy and satisfaction to owners who like rolling up their sleeves.

We can talk about the realities of homeownership with you and help you choose a property that will fit your budget, personality, and schedule.

5. Ignoring or Skipping a Home Inspection

It’s easy to get swept up in the excitement of buying a home. Sometimes, buyers will agree to skip a home inspection to sweeten their offer in a competitive market. They may also be tempted to pinch pennies since they’re already facing a large outlay. However, if you skip out on a home inspection, you could come to regret it.

When you hire a home inspector, you get a professional, in-depth examination of the property’s structures and systems before you buy it. It’s a worthwhile investment that can save you money in the long run. If possible, make sure you’re on-site during the inspection so you can observe and ask questions, and make sure to have the seller address any and all issues that may affect your 4-point inspection for your homeowner’s insurance. And don’t forget to re-evaluate any repairs that the seller agrees to make to ensure they’ve been properly completed prior to closing.

We’d be happy to share a list of experienced and trustworthy home inspectors in our area. And when the inspection report is complete, we can help you decide if the purchase is worthwhile and negotiate any relevant seller concessions and repairs.

6. Choosing a Home That Doesn't Fit

Many homeowner complaints come down to simple lifestyle issues: Although a mismatch may seem small at first, the problems can magnify if you make so many compromises that they interfere with your quality of life.

Sometimes homebuyers can fall in love with a beautiful home and forget about practicalities. For example, a stunning kitchen can’t replace a needed bedroom or bathroom and a sparkling pool may sit empty if the home requires a lengthy commute to your office.

Make sure you set some guardrails during your home purchase, so you don’t over-compromise or accidentally prioritize your wants over your needs. When you’re dealing with limited inventory or a fixed budget, it may be necessary to sacrifice some items on your home wish list, but if you fail to secure your must-haves, you could come to regret your home choice.

We can help you avoid an ill-fitting home purchase by working with you to set (and stick to) priorities and parameters before you begin your search.

7. Purchasing Without Professional Help

Another path to homebuyer regret? Foregoing the expert guidance and market insight that you can only get from a licensed real estate agent. We can help you avoid expensive mistakes that could lead to buyer’s remorse, all while making your home purchase as seamless and stress-free as possible.

Buying a home without professional representation can be extremely risky. Real estate is hyperlocal and extremely fluid—especially these days when the market is in constant flux. It pays to have a knowledgeable expert by your side who can guide you through an often-complicated process.

When you work with a real estate agent, you benefit from a wealth of expertise and on-the-ground insight that you can't get anywhere else. We’ll help you steer clear of the missteps that so many homebuyers make, so you can focus on enjoying your new home instead of questioning your choices down the road.

BOTTOMLINE

No one wants to look back on their home purchase and realize they made a big mistake. We can help you avoid the pitfalls so you can buy with confidence. To learn more about how we work to ensure our clients’ satisfaction, reach out today to schedule a free consultation.

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