Buying a house is the biggest purchase you will make in life. No two homes or homeowners are alike. Therefore there are a variety of homes to meet a variety of needs. Before making the biggest investment of your life you should make some concrete decisions to avoid homebuyer’s remorse.
Be clear about what you want- Make sure you know what your absolute must haves are in a home. While house hunting stick to your guns and don’t settle for less especially on items that aren’t easily changed. For instance, if you really want 3 bedrooms and you settle for 2, you will always have remorse over your purchase. Adding a bedroom to your house is an expensive and complicated renovation. Purchase a house with your must haves to avoid homebuyer’s remorse for years to come.
Know what you are willing to compromise on- Chances are you won’t be able to get everything you want and stay within budget. There are features of a home that would be nice to have, but aren’t necessarily deal breakers. Decide on the items you are willing to compromise on, like a fireplace or a fenced in backyard. These items probably won’t be something that bothers you for years to come, and over time you may be able to change these details about the home anyhow.
Don’t settle on something for your partner- Turning a blind eye on a deal breaker for your spouse/partner can result in a lot of tension in the home. Not only will you end up with homebuyer’s remorse, but you will also resent your partner. Both homeowners should be clear on what their must haves are in a home and they should respect the other’s needs in a home. This assures a happy home for all.
Do not overpay for the house- Paying too much for a house is the quickest way to ensure that you will have homebuyer’s remorse. You will resent your purchase every month when your mortgage payment comes out of you checking account. Don’t let the adrenaline of negotiating a sales contract and buying a home persuade you to pay more than what the house is worth.
Do not be afraid to walk away- Keep a level head throughout the home buying process and leave your sales contract if something significant should arise. If the sellers to not uphold their side of the contract or if something major is revealed on the inspection, walk away. You can get your earnest money back. You do not want to buy a house that has serious issues, regret your purchase for years to come and have difficulties selling the house.
Do your research- Before searching for a home, be sure that you know what you are looking for in a property. There are many websites such as Trulia and Zillow that will provide you all the information you need on various neighborhoods. Take an extensive look into the public transportation, school districts, tax rates and criminal activity of an area. You should be confident in the area you decide to purchase in before you make the commitment of living there for several years.
Find the right mortgage product- While you may love the home you purchased you can begin to resent it if you are stuck with a mortgage that doesn’t meet your needs. Your mortgage is largest bill you’ll pay each month, and certainly the largest loan and term to commit to. Before you purchase your home be sure that all of your mortgage details suit your needs.
Be realistic- Just understand that unless you have an unlimited budget, you most likely will not find everything that you want in a home. There will be at least minor details that you would like to change. If you keep the tips above in mind you can manage to make changes to have the property better suit your needs and avoid homebuyer’s remorse.