Buying a home is a big purchase. The last thing any new homeowner wants is to regret their new home. Armed with these top 5 things homebuyers regret about their home purchase, you can avoid your own case of buyer's remorse.
Regret #1: Skipping the home inspection.
In highly competitive markets, there can be intense pressure to lock in the home you want as quickly as possible to avoid losing out to another buyer. In all that rush, buyers are opting to waive or skip their home inspection. This is possibly the fastest route to the land of buyer's remorse there is. Not only does a home inspector teach you about important features of your new home, they look for major problems that could be expensive repairs later such as electrical problems, mold growth, or even whether you should have an official termite inspection done.
Regret #2: Not budgeting (enough) for home repairs and maintenance.
Not budgeting at all or not budgeting enough each year for home repairs and maintenance is an all too common regret, particularly for first-time home buyers who are used to a landlord taking care of such issues from their renter days. Experts advise setting aside about 1-2% of the value of the home for repairs and maintenance costs each year. Even if you don't use all of the money in a given year, it will be there when a big expense comes along, such as replacing your HVAC system or your roof.
Regret #3: Not checking the crime statistics of the neighborhood.
Not every neighborhood with crime issues looks like the stereotype people imagine. After you've already moved in is a terrible time to discover the neighborhood your dream home is located in has issues with crime. You can check crime statistics of a neighborhood online by entering the address of the home you're interested in, in the search field at https://www.mylocalcrime.com
Regret #4: Compromising on square footage.
Compromising on the size of a home and going with something smaller than you initially wanted can backfire quickly. Whether you compromise on square footage to afford a particular neighborhood or some other reason, it's a major homebuyer regret. This case of buyer's remorse is often compounded if the buyers decide to have children (or additional children) as space becomes scarce fast.
Regret #5: Going over the ideal budget.
If you've done your homework, you know what you can afford. Most buyers will qualify for a bit more than they intend to spend. A mortgage payment that is too high is another top regret cited by homeowners with buyer's remorse. Resist the urge to stretch your budget beyond what you know you can comfortably afford. A high mortgage payment can dominate your finances and make other necessities a struggle.
Buying a home should be an exciting experience and a memorable one. However, it's best if the experience is memorable for good reasons and not due to a case of buyer's remorse. Your Century 21 Broadhurst agent will help evaluate your needs to prevent bad homebuying decisions.