Buying a home is an enormous decision. After years of saving every penny, searching through numerous options and conducting extensive checks, you finally decide to settle for what looks like your dream house, only to start regretting your decision almost immediately. This is an all too common episode in today’s world, with people often misrepresenting facts and hiding the real value of their homes. We understand that a home buying decision gone wrong can take a heavy toll on you. To save you from mental pain later, we have compiled a list of the top reasons why you as a home buyer might face remorse, and how to avoid it. So read on!
Biggest regrets home buyers have:
The first and most prominent issue in any buyer’s mind is the price he is paying: Is the price too high? How will the market behave in the next few years? Will I get a good resale value? What about renting? There is no doubt that you will get a satisfactory answer only after a detailed analysis of the market.
The neighbourhood your home is in affects the vibe of your home; after all, your neighbours are the people whom you will interact with the most. It is crucial that you get a sense of community from your surroundings. Often we don’t get the full picture until we have lived in the neighbourhood, and it might be too late to change the decision by the time we start living there.
You should make sure the area you will live in has good roads. Try driving to and from your place of work during the morning and evening hours, when you are likely to encounter the heaviest traffic. Also check for bus routes and any alternate transport arrangements.
- Property condition
Unless you have a lot of money at hand, chances are the down payment on your home will represent a significant portion of your savings. With the regular payments every month, it can be a big problem if the house requires considerable maintenance work as well. Fixer-upper homes might save you some money during the purchase, but over some time, the repair costs will eat into all the saved money.
Let’s face it – nobody wants to buy now and regret later. Here are a few tips you can keep in mind to ensure complete peace of mind after your dream purchase:
- When you are unsure of the right price, do not hesitate to take professional advice; it will not only give you an upper hand in the bargain but also save you from years of remorse later. Buy with resale ability and rent ability in mind.
- Visit the neighbourhood frequently and at different times of the day, interact with your would-be neighbours, check the criminal record in the area and scour the surroundings to get a good idea of the place you are going to call home.
- Take care of the small things, like whether the school bus comes in that area, whether shops are close by, etc.
- Even if money is not a problem, many people just don’t have the expertise to undertake repairs or even the patience to live in a home that is crumbling and continually being renovated. Therefore, always satisfy yourself about the condition of your home before buying.
- Just looking at the floor plan is not enough. Ensure that there is enough sunlight, see that your furniture fits in nicely, check every room and every fitting in the house. Go through all the disclosures given by the seller, and make sure there is no red flag.
- Beware of realtors using terms like “limited period offer” and “never before deal”; take your time and never rush through a home purchase.
Overthinking often makes problems seem bigger than they actually are. Go home buying with cool and relaxed mindset, and know that most problems can be solved sooner rather than later. Going through a few extra hours of due process today will save you countless days of home buyer’s remorse later.