When you’re gearing up to make the largest purchase of your entire life, you have a lot to think about. There’s also a lot of emotion involved in the entire process. You don’t want those emotions to get in the way, causing you unnecessary regret in your purchase. A home is not like a sweater that you can head to the store and return. What do current homeowners wish that they did differently in their home purchase? Below, you’ll find some of the most common regrets of homeowners. If you know what to look out for, you can avoid the same kind of buyer’s remorse in your own home purchase.
Not Doing Research First
In hot markets, it can be hard to find the time to do the research and secure the home you want. Before you even begin searching one thing you should have a handle on is location. You probably have a general idea of where you’d like to live. You can research these neighborhoods ahead of time in order to understand the makeup of the area. You should take a look at everything form schools to safety to the amenities close to the location of choice. Do this for a few different areas so that you’re completely prepared before you even head out on the house hunt. Even if you end up in an area you never pictured, if you have a general idea of the spots you’re looking at, it will be much easier to tell what a neighborhood will be like to live in ahead of time. The best advice is not to pin yourself down to searching in one area.
Not Knowing Anything About The House
If you failed to pay attention during the home inspection, didn’t ask a lot of questions, or were just blind to some of the issues that were apparent in the home you bought, you could be in for quite a surprise. Understanding the problems a home has is one thing but knowing how much those repairs are going to cost is another. If you are trying to beat the competition by skipping the home inspection or waiving contingencies, you may end up being pretty unhappy in your new home with an empty wallet. Some repairs cost more than you know and it’s important to be aware of what needs to be done in the home before you sign on the dotted line.
Missing Out On A Big Downpayment
Sometimes that little extra bit of savings can really help. Even though many first time homeowners are simply eager to get into a home, waiting a bit and saving more for a downpayment can significantly lower the longterm costs of homeownership. This includes things like fees, interest rates, and PMI (private mortgage insurance). Also, having a larger downpayment can help you to get a house that you really want when the market is highly competitive. You’ll appear more reliable to sellers. Remember that the higher your downpayment, the lower your monthly payment will be.