When it comes to exciting things in life, there are very few that are similar to getting handed the keys for your new home. The moment those keys are in your hand shows the hard work and commitment to saving money and finally finding that perfect property.
Unfortunately, that warm feeling of those keys in your hand can quickly fall into feelings of regret. According to a national survey conducted by Harris Poll in 2014, about one out of every four home owners has buyer’s remorse about their home purchase.
Since buying a home is a big purchase, it is not a big surprise that there is some regret. If you are thinking about buying a home there is no reason you should fall into the 25% who regret their decision. Most often buyer’s remorse comes from one of the following problems, so when you are touring a property keep these things in mind.
1. Neighborhood
When looking at homes, many buyers find themselves falling in love with the home and fail to research the neighborhood that it is located in. If you are thinking about buying a new home make sure that you take the time to do some research about the neighborhood and consider visiting the home during the day and at night. Try walking through the neighborhood and talking to the neighbors if possible.
Make sure that you do a search of the local sex offender registry and also read local crime reports. You can also search local tax records to learn more about the neighbors.
2. Parking and Transportation
How you get to and from your new home can greatly affect your quality of life. You may think that a longer commute is worth it when you find a great house, but this may or may not prove to be true. Try the commute out during the morning and evening rush hour in order to determine how your new routine is actually going to be.
In addition, it is important to think about parking for now and in the future. While the condo with street parking may seem ideal if you do not own a car, what happens if your lifestyle changes? Is parking going to be an issue if you have guests visiting? Think about all of these issues that could arise ahead of time so you do not regret your decision later.
3. Renovation Dreams
There are many buyers who look at a home and form great plans for renovations, building an extension, knocking down a wall, etc. While there is nothing wrong with these dreams of improving the home, you might be on the path to regret if you do not have a clear idea of what these projects are going to cost.
According to Gary Ashton of The Ashton Real Estate Group of RE/MAX Elite, I find that many buyers get swept up in the repairs and renovations that they can do themselves. I try to help them fully understand what each project might entail, but each person has a different set of skills and what they can live through during the renovation process.
4. Price
The price of the home is one of the most painful regrets. If you buy during the peak of the market and later are underwater on your mortgage it can be especially painful. When you begin your search for a home, make sure to discuss the local dynamics for the market in the area. This can change dramatically depending on the neighborhood. Try to purchase in an area that has had a steady growth rate and you will potentially avoid a price regret.
5. Lender
When it comes to your mortgage, many buyers often find that they regret the lender that they have chosen. In many cases choosing a local lender is the best option. The reason for this is because some of the larger financial institutes are known for having bureaucratic processes that can delay the entire settlement.
These are just a few of the main regrets that homeowners may experience. If you are thinking about purchasing a home, make sure that you take the time to do some research about the market, the neighborhood, and the lender that you are planning to use in order to avoid these potential regrets.
