It's been said that one in five first time homeowners experience some sort of regret after the deal has closed.
We thought it would be a good idea to provide some tips on eliminating some of the most common forms of buyer remorse after the purchase is completed:
Do your sums - There are a number of potential areas of regret related to the purchase price of the home, including wishing you'd negotiated better, feeling you paid too much or that you should have made a larger down payment. Here's where teaming up with a great agent and loan officer can reap big dividends. Good agents will have forensic local pricing knowledge and be able to advise you on what to offer for any given property. Loan officers, and other financial advisers, can help you to look at your finances and decide on what is the right down payment in your circumstances.
Don't buy too small if you can avoid doing so - In some senses, there is often little you can do to make a first home completely future proof. Yes, you know you'll need four bedrooms and a three car garage for a growing family eventually, but what if that's above your purchasing capabilities right now? Nonetheless, forward planning always helps and it is a great idea to think ahead as far as is realistically possible, so that you can create a home specification that encapsulates as many forecasted requirements as you can.
Do your homework on running costs - Having never previously owned a home of your own, it's totally understandable that you may have underestimated the running costs. Here's where talking to family and friends about what they budget for really can be so invaluable. Ask these questions ahead of your search, so you know what cost factors to look for when viewing a home. An accurate idea of running costs will also be of great assistance in knowing what homes you can comfortably afford to buy.
Do check out the neighborhood - If you are already very familiar with the neighborhood of your proposed new home, then there's probably not much of a chance of being disappointed with it when you move in. Always remember that neighborhoods can take on a different mood and appearance at different times of the day or week. Have you visited the area on a Friday night, for example? If you are unfamiliar with the area, why not make a few random visits at different times to make sure all is what it appears to be.
Don't underestimate the garage/parking space you'll need - Vehicle parking and garage space can be very frustrating if it's not properly considered in your home choice. You may have arrived for the viewing in a small family car, but have you done the measurements to ensure your truck or RV can be accommodated, plus ATV's etc.
Do you need more yard space? - Another common regret is not choosing a home with a nicely sized yard. Whether you have kids that need play space, or you want to entertain, it's much easier without a very restricted amount of free space. Another question worth asking is how much time you'll be able to devote to maintaining the yard? A low maintenance yard may therefore be just what you're looking for.
We hope you find the above tips useful. As ever, call us for a more in-depth discussion of your own home buying needs.