Buying a home is one of the largest and most important purchases you’re likely to make. With such an important purchase, you want to ensure that you’re completely satisfied with your new home. This may seem like it goes without saying, but a recent survey performed by mortgage website HSH.com found that 80% of the people polled had at least one major regret about their new home.
So how can you avoid homebuyer’s remorse? There are a few tips to keep in mind before saying “I do” to a new home.
Do Your Homework
With all of the resources available us these days, there’s no reason to not be fully-informed. You can find all sorts of useful stats about neighborhoods, school systems, and crime online, and websites like Yelp allow you to easily find surrounding restaurants and businesses, with helpful user reviews to give you an idea of the quality. Take advantage of these resources, and you’ll be able to avoid potential disappointment down the road.
Don’t Cave on Your Requirements
When you begin looking for a new home, you likely have a list of “must-haves” in mind. But once you’ve seen a few houses you like, it’s tempting to forgo that third bathroom or finished basement just to get the house you like. The problem with this, is that caving on your requirements can lead to major remorse.
Don’t fall in love with a house that doesn’t meet your requirements. Keep searching, and you’ll eventually find exactly what you’re looking for.
Don’t get Talked-Into a House
You may find that your partner or spouse is absolutely enamored with a home, and the feeling isn’t mutual. Don’t let anyone talk you into a home you don’t love. This will only lead to resentment and remorse. Instead, make your feelings known to your partner, and be honest about your misgivings.
Don’t get Swept Up in the Moment
One of the largest sources of homebuyer’s remorse comes from overpaying for the house. It can be easy to get swept up in the moment, especially if you’re competing against multiple buyers for the same house. A bidding war can easily escalate, causing you to pay more than you originally wanted.
In these cases, it’s important to ask yourself if you really want the home, or just want to beat the other buyers. Choosing to walk away from a bidding war can save you a considerable amount of money and remorse once the adrenaline wears off.