How to Avoid Homebuyer’s Remorse
Buying a home is one of the most important purchases you’ll ever make. From choosing the right lender to picking the best neighborhood for you, there are a million little choices that you’ll have to make as a homebuyer. So, is it even possible to avoid homebuyer’s remorse after finally deciding on a home? Maybe! (Maybe not.)
Luckily, there are steps you can take before you even start shopping to help prevent regrets later in the process.
Create a “Wants-and-Needs” List
Are you open-minded or more hard-headed? When it comes to what you want and need in a new home, there can be a happy medium. It’s important to remain open to alternative options when looking for your future home, but you shouldn’t sacrifice features you know you need.
For example, if you’d like a pool, but can’t find a home with one in your price range, consider looking for a home with a neighborhood pool. On the other hand, if you know you need at least three bedrooms, don’t compromise on less space. Creating a list ahead of time will keep your goals and intentions clear as you begin your search.
Meet with a Mortgage Advisor
There’s no point in limiting yourself to looking at a home that you think you can afford. Meeting with a Mortgage Advisor, even before you find a Realtor, will allow you to get your finances in order and potentially save you time once you start searching.
Find a Trusted Realtor
No matter what time of the year you’re planning on house shopping, you should find a Realtor who can give you the attention you need and validate your requests. Ask around, read online reviews, or ask your Mortgage Advisor to recommend an agent that will take the time you need to find your dream home.
Ask for Input
Most likely, someone you work with, a friend of a friend, or even a family member has sold and bought a home recently. Keep a list of questions in mind and ask for recommendations or advice to follow as you begin the homebuying process. Online blogs and home buying apps will often have helpful input from other homebuyers, as well.
If you’ve ever moved to a new state, or just the city next door, you know the struggles of finding the perfect house in the best neighborhood. There’s no perfect formula for choosing a house, but there are questions you should ask yourself (and your Realtor) before jumping the gun on a neighborhood you know nothing about, such as:
- What will my commute be like?
- Will there be development in my area soon?
- Are the school districts rated well?
- What do taxes look like?
- Are there things to do on the weekends or in my downtime?
With a simple search, you can usually find extensive data on the state, town, and neighborhood you’re considering. Ask people you know, people at your current or new job, and especially your Realtor.
Know Your Market
Cities that are in high demand will often have a competitive housing market. If living near one of these cities is a non-negotiable on your list, you may have to be more open-minded when looking for a house.
Choose the Best Home Loan for Your Long-Term Goals
What if you find the perfect house but your home loan doesn’t work for you later on down the road? You can avoid this issue from the start by knowing what your options are and finding a lender you trust, as we mentioned above.
Be Aware of the Costs of Homebuying
Some homebuyers, especially those shopping for the first time, may be unaware of the costs of buying. Additional expenses will come with a new home besides just the down payment and the mortgage. Some of these costs include but aren’t limited to:
- Mortgage Insurance
- Closing Costs
- Homeowners Insurance
Being aware of just how big the homebuying bill can be will help prevent remorse later in the transaction.
You won’t make the right decision every time, but a trusted Mortgage Advisor can guide you in the right direction. Contact us today to learn more.