The Biggest Home Buying Regrets
Buying a home is an exciting investment into your future. Once you’ve found the perfect property, and have gone through the approval process, you may start to feel overwhelmed. Once the paperwork has been signed and the dust has settled, buyer’s remorse may creep in, giving you second thoughts. This is perfectly natural.
After moving in and spending some time in the home, many homebuyers start to have regrets after being in home a short time. Some of the biggest reasons are:
Paying Too Much
This is understandable, especially if you find a comparable home in the area that sold for less. You may feel that you paid too much for your home and could have gotten a better buy elsewhere. Issues going on with the home that will require additional costs to fix could also become problematic and cause undue and unwarranted financial strain.
If you bought a home with the intent of remodeling, you may not realize how much work needs to be done until after you’ve moved in. The work to be done may be significant and expensive than you originally thought or budgeted for, causing you to reflect on how much you may have saved by purchasing a home that was move-in ready.
When moving into a home, taking the time to visit the neighborhood at different times of the day or night is crucial. Knowing how much activity goes on when children are in and out of school, surrounding area traffic during early morning commutes and whether or not noise will be a factor during quiet hours makes a significant impact on home buying decisions.
Once your purchase your home, there will always be someone who has an opinion. They may ask questions like, “Can you really afford this home?” or comment on the size or neighborhood. These questions and comments can raise doubt, which could lead to you questioning your purchase.
Unexpected Upkeep Expenses
Moving into a home where you pay a mortgage, are responsible for the yard work, and all repairs is significantly different from living in an apartment or with your parents. The costs associated with keeping a home running are much more. Unlike living in an apartment where the hot water heater will be replaced when broken, or your plumbing will be fixed, you will incur all those costs. Your utilities may also be higher, contributing to expenses you had not factored into the overall equation.
The Real Estate Agent Was Not Helpful
Homebuyers expect their real estate agent to give them all the details prior to making the decision to move forward. If you had an agent that seemed to be more concerned with making the sale rather than giving you concrete facts and assisting in your transition, you may feel that you were pressured into a situation that you can’t handle.
With the homebuying process initially based on emotion, it is easy to overlook certain things that may become a factor after you’ve made the purchase. One way to avoid experiencing bouts of homebuyer’s remorse is to have a list of your wants and needs, what you will and will not settle for, and a clear estimate of expenses that will become part of your budget. Buying a home is not an overnight process. It’s best to take your time to make sure you have made the right decision.