Avoid Homebuyer’s Remorse

How to Avoid Homebuyer’s Remorse

Big Purchases often come with big expectations….So it’s no wonder that in a survey of 2,000 homebuyers, 80% said they regretted at least 1 thing about their home.

Number 1 on the list:  The home just isn’t big enough.

Other top complaints: lack of closet space, not enough bathrooms, bad neighbors and substandard schools.  (Reported on mortgage info site HSH.com)

A lot of those issues could have been avoided. 

To keep you from buying a home you’ll regret here are some tips:

Don’t give in on your core requirements….If you know what having 3 bathrooms is important, but the house has only 2, keep shopping.

Don’t let yourself fall in love with a home that doesn’t match your needs….Regret may not set in immediately, but when it does, the fix, like adding a bathroom, might cost you plenty.

Don’t cave in to a partner or spouse….If you believe you will be unhappy in the new house, don’t let your wife or husband talk you into buying it.  It will only cause resentment.

Know your give-in points….Everyone has a wish-list, but there are some items that can be compromised.  Tiny kitchens might be a deal breaker if you’re an avid cook, but maybe you can live without a den.

Don’t get caught up in the heat of the moment….Overpaying is one of the biggest sources of remorse, especially if buyers get involved in a bidding war.  Bidding against other buyers can be exciting, but sometimes it becomes more about winning than how much the house is worth to you….Ask yourself, ‘Do I really want the house or do I want to beat somebody else out?’

Don’t lose your edge…Once you decide to purchase, sometime you overlook major issues.  If the inspector finds dry rot in the joists or the appraisal comes in too low, stand your ground: either pull out of the deal or get the seller to lower the price to reflect the cost of repairs.

Do your Research…These days there’s a ton of information available on the web that can help you in your search.

Information From Article on CNNMoney.com by Les Christie

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