Deciding to purchase your first home is a huge step, as it’s often a long term financial commitment. Studies have found, as much as 70 percent of homeowners have at least 1 regret regarding their property.
Understanding common homebuyer regrets can help guide you during the homebuying process towards a home you can be truly happy with for years to come.
Forgetting to Research the Neighborhood
It’s easy to become so focused on a home itself that you neglect to account for its surroundings. The neighborhood your home is located in can have a large effect on your daily life, so consider accounting for aspects of the neighborhood you and your household can enjoy.
If you have young kids, you may want to be located near parks and good school districts. Is the location of the home near grocery stores, your job, medical facilities? Acknowledging your lifestyle can help you pick a home in a neighborhood you’ll love.
Getting Pressured Into Making a Decision
Sometimes, a seller may portray their home as being highly sought after to encourage higher and more frequent offers. Similarly, you may find your household has time constraints and want to make a quick home purchase.
With all the pressure, it may be easy to settle for a home to meet a deadline or feeling like a property of interest will be unreachable if you don’t act fast. However, taking your time can help you and your real estate agent examine all details to figure out if this is a good long-term investment.
Forgetting You Might Someday Have to Sell the Home
Sometimes, properties can be difficult to sell due to factors such as their location and surroundings. For instance, a remote home or one that is located too close to loud areas may not matter to you, but they may deter potential homebuyers.
This lesson also holds true for what you do with your home once it’s purchased. Making flashy renovations or design choices may not appeal to the average homebuyer and can make your home more difficult to sell.
Using the aforementioned tips, you and your real estate agent can do the research and take the time to figure out if the home you’re interested in is the most fitting choice.