“Learning from history helps us avoid repeating its mistakes” – T.A. Uner
A house is probably one of the biggest purchases one makes in their lifetime. It is also a purchase that cannot be easily undone. Most people feel ecstatic once they find their dream home, but sometimes after closing, they feel remorse. They worry about the financial burden and question if they rushed because something better might come along. Buyer’s remorse is very common. But it’s possible to avoid it. Here’s how:
Have a wish list. When searching for a home, you likely have specific features in mind, such as a walk-in closet, double garage, big yard, or proximity to transportation. When selecting your home, make sure you check your list and stick with your non-negotiable features. Don’t settle for properties that don’t meet your criteria.
Build a realistic budget. When building your budget, make sure you take into consideration all home-related expenses, including mortgage, closing costs, property taxes, utilities, and maintenance fees if applicable. Decide on your budget and stick to it.
Don’t waive too many conditions. It can be tempting to waive some conditions, especially in a seller’s market, but think twice before doing so. Home inspection conditions can save you from some big headaches down the road.
Find a REALTOR® that you are comfortable with. Work with an agent that is not pushy and listens to you. Buying a house is an emotional purchase, so you want to make sure you have someone to support you in the best possible way.
Familiarize yourself with the local market. Analyze not only asking prices but also final sale prices. Check the amount of time homes spend on the market. Visit open houses and ask your REALTOR® lots of questions. This will help you make an informed decision while searching for your dream home.
Ask as many questions as possible. Don’t ever feel bad about having too many questions. You have every right to make an informed decision. Tons of questions are fine!
From the time you start to look for a house, arrange the mortgage, and sign your closing papers, you might start to feel overwhelmed. Take a breather. Don’t let negativity get you down. Get prepared, take your time, and things will work out.
