7 common homebuyer regrets and how to avoid them
Most homebuyers don’t regret becoming homeowners. In fact, owning a home is one of the biggest contributors to lifestyle satisfaction. But this
doesn’t mean that these homebuyers don’t have regrets about their buying choices. Most new homeowners will happily share some of the mistakes they made and how they could have avoided them. Fortunately, you don’t need to learn from your own mistakes.
Here are the 7 most common homebuyer regrets.
Regret #1: Spending too much
There’s nothing wrong with stretching a little but overpaying for what you really need is the largest regret most new homebuyers have.
This regret can come in two ways first is that the payment may be uncomfortable making the quality life less enjoyable.
The other way this regret shows up is in the equity you have in your home. If you have overpaid it’s likely that your new investment will yield less equity than other options would have.
Regret #2: Rushing into the home purchase
In a competitive market, it may feel like you need to move quickly, but some new homeowners later regret the house, the neighborhood or event the city.
It’s often my advice to take a week or two and have fresh eyes before plowing headfirst into the first home you get your offer accepted on. The frenzy and perceived scarcity can make you feel like your only opportunity is now.. but it’s not.
Regret #3: Miscalculating the cost of homeownership
There are costs that go along with owning a home. A portion of every pay-check should be set aside for things like plumbing, appliances if the home is older.
This is a common shock, a new homeowner coming from a apartment community never thought about the cost to replace the ceiling fan or the maintenance of a yard. These costs add up and catch many buyers off guard.
Regret #4: Not shopping for a mortgage
Interest rates change from year to year and even month to month. Shopping home loan rates and lender programs can save you thousands over the life of a loan.
Don’t forgo your research, finding the right loan type is a mistake you will have to live with.
Regret #5: Choosing a home that doesn't fit
It’s easy to fall in love with a great view or a chef’s kitchen. Home stagers job is making you only seeing stars.
Use a checklist to make sure you stay focused on what you need vs. what you want. Purchasing a home on one acre when you don’t like yard-work. Keeping focused on the checklist keeps you looking for the 3 bedroom 2.5 bath instead of the 1 bedroom trendy condo at the beach.
Regret#6: Underestimating the cost and time of a renovation
Oh those HGTV shows that make renovations and upgrades look like a easy weekend project.
It’s common for new homeowners to find they are not equipped to do the work themselves. They wind up with half-finished or poorly completed work. Similar to the HGTV show “I wrecked my house”
If you find a fixer-upper you love take the time to request additional time in your contract to get professionals in to give you accurate quotes on costs and time.
Avoid these common regrets—grab my free Homebuyer Checklist and feel confident from day one.
Regret #7: Not using an Realtor
It’s more common than you think for a homebuyer to walk through an open house and use the sellers agent to “save money”. You may get a small credit from the seller or the agent but you loose having an advocate looking out for you and you alone.
You will save time, money and probably a few headaches if you have an agent that is going to bat for you.
Now a days there is so much information at the tip of your fingers, it might seem like you have all the information you need to make a smart decision. It’s easy to fall right into any of these 7 common homeowner regrets – here is the good news, you don’t have to. Having an advocate there with you looking out for these pitfalls and warning you before hand is the really smart move.
