There are few, if any, purchases in your life that are going to have as big an impact on your life as the home that you buy. However, despite that, new buyers (especially first-timers) can make some pretty catastrophic mistakes that lead to them not liking the home that they’ve gone into debt to buy. To avoid that dreaded fate happening to you, knowing the leading causes of buyer’s remorse can help you get a good idea of what to avoid.
Not Knowing Your Wants Or Needs
If you don’t have a clear understanding of what, exactly, you want or need from a home, then it’s very easy to end up with a property that doesn’t fit them. Buyers often get swept up in the excitement or urgency of the market and settle for a home that doesn’t truly align with their lifestyle. Think of not just the features you want in a new home, but factors like location, commute times, whether or not you need a backyard or extra room. List them as “wants” and “needs” so you know which are truly vital and which you might be willing to sacrifice if necessary.
Not Peeking Under The Hood
If you buy a home only on what’s visible to you as a layman, it’s very easy to end up buying a property that’s a lot more trouble than you expect. Undetected issues like mold, faulty wiring, foundation cracks, or outdated plumbing may only surface after moving in, leading to expensive repairs and stress. Working with home inspectors can help you get a much better idea of the reality of the property. Uncovering hidden issues can help you negotiate, either getting the buyer to remove the costs of any necessary repairs, or to handle them themselves before any deal goes ahead.
Underestimating The Cost Of Ownership
While the listing price and your monthly mortgage payments may make up the bulk of your financial responsibility to the home, those aren’t the only other expenses. You should not forget to include in your budget expenses like property taxes, homeowner’s insurance, utilities, and ongoing maintenance. This miscalculation can lead to serious financial strain. You can quickly find your budget getting stretched thin if you buy a home without knowing how much it’s really going to cost you first.
Falling In Love
While buying a home is an emotional process, that doesn’t mean you should let your heart make your decision for you. Sometimes, buyers fall in love with a property’s charm, decor, or staging without considering its functionality or long-term suitability. In other cases, showing your enthusiasm for a home can be detrimental when it comes to negotiations. If a seller thinks that they have you on the hook, then they might not be willing to go under the asking price, for instance.
The above points are good examples of some of the mistakes you could make when buying a home, but not all of them. Working with a professional team of realtors, home inspectors, and the right attorney can ensure that you stay on the right path.