Recent news media reports state that as many as 93% of new homeowners have some regret about an aspect of their home purchase.
That alarming number might make you wonder if you’ll be one of them. However, there are several steps you can take to feel secure in your home purchase, both in the short and long term.
Know Your Needs vs. Wants.
Before you fall in love with a particular home or home feature, it’s important to evaluate whether it’s really the best one for you. As you begin your home search, make a list of your “must-haves” and your “nice to haves” in your next home. Then, as you look at each potential home, you can evaluate it against your list of needs and wants. By doing this, you’re less likely to be distracted by a home with a great kitchen that is far from work and doesn’t have the right number of bedrooms or bathrooms.
Take Your Time.
With the frantic pace of the housing market and with properties selling within days of being listed, you may feel pressure to put in an offer on an available home right away. In fact, some buyers made offers on homes they never set foot in!
Listing photos might not show the busy highway beyond the fence or the rowdy neighbors next door. Really get a feel for both the house and the neighborhood before you make an offer. And do your due diligence on the condition of the property as well. Waiving inspections can leave you with unexpected and very costly repairs.
Don’t Bust Your Budget.
Maxing out your mortgage approval amount and draining your savings may sound at times like the only way to get that home of your dreams. Doing that can also turn homeownership into a nightmare.
Your mortgage payment is not the only cost of owning a home. Regular repairs and maintenance are a normal part of homeownership, and you will need some money set aside to deal with them. You don’t want to go into debt each time you call a plumber or the HVAC repair company.
This is even more critical if you bought a fixer upper. Renovations of older properties will almost always uncover unexpected issues or items that need to be brought up to code – all of which will come with extra costs.
Ask Questions.
Is there a part of the sales process you don’t understand? A home feature or condition that has you concerned? Don’t be afraid to ask! You have a number of professionals at your disposal during a home purchase, from your REALTOR® to your mortgage lender, your home inspector to your settlement company.
Because you have chosen experienced providers in each of those areas, they’ve heard it all. There’s no question too big or too small, too simple or too complex, that they won’t take the time to answer.
Trust Your Gut.
Jitters are normal, anxiety is not. If you followed all the above steps and something still doesn’t feel right, it might be best to hold off. Talk to your REALTOR® about what you are feeling and why.
Homeownership will be there when the time and the property are right for you.
