Buying a home is often the biggest purchase someone will make in their lifetime. However, the housing market can be an intimidating place to be—especially when inventory is low and there are bidding wars.
As your real estate agent, it’s our job to guide you through the market and help you make informed decisions. Just like with any purchase, there is a possibility of buyer’s remorse—but we’re here to help you steer clear of any regrets and make your real estate transaction as smooth as possible.
Take a look at these top home purchase regrets from 2021 to 2022 if you’re thinking about buying a home in the near future.
(Source: Anytime Estimate with a survey of over 1,000 people.)
1. Spending Too Much
The biggest regret that most people feel when buying a home is spending too much on their purchase. People often set a budget before starting their house-hunting journey, but it’s easy to be influenced by the heat of the market and bid higher than your established budget. To avoid this problem in the future, don’t think about the final price tag but instead what the monthly payments would look like. Is that something you can afford? If not, it’s best to walk away—there’s no sense in regretting your decision later. Also, if you find yourself torn in a bidding war, make sure to consult with your real estate agent and discuss your options.
2. Rushing Into a Purchase
When the market is hot and competition is fierce, the process of buying a home might feel like getting caught in a flash flood. 26% of people regret buying a home too quickly. While it’s easy to get swept up in the adrenaline of a fast-paced market, make sure you take the necessary time to think over your decision. This is a big purchase, and it’s okay to “sleep on it” before moving forward.
3. High Maintenance
While a pool or sprawling lawn may seem like a good idea at the time, you may regret those decisions when it comes to maintenance. Understand the responsibilities of home ownership and try not to bite off more than you can chew. Often, being a homeowner can be overwhelming when something unexpected breaks and you are not prepared to pay for the maintenance. Do your best to set up an emergency fund and know just how much you can handle when it comes to home maintenance.
4. Fixer Uppers
All this room needs is a new coat of paint—right? Unfortunately, that’s not the case for 24% of people. Purchasing a rough home with the purpose of fixing it up may sound fun to some, but it’s very easy to get overwhelmed with it comes to renovations. Often, homeowners discover even more problems with a home during this process and drive their budgets higher and higher in the blink of an eye. So when it comes to fixer uppers, do your research and make sure you know exactly what you’re getting into.
5. Buying Sight-Unseen
Many out-of-state buyers will consider making an offer on a home they’ve never seen in person, but 17% of people consider that a poor decision. Sure, it might save time upfront, but it could lose you lots of time and money in the long run if you are unhappy with your purchase. Often times, pictures and digital tours can be deceiving when it comes to space, layout, color, and even the feeling of the home. But if worse comes to worse and you are unable to walk a home before making an offer, make sure to send someone you trust to give an honest opinion on the property.
6. Poor Location
Sometimes when purchasing a house, a buyer can get distracted by the look and aesthetic of the home. Make sure to investigate the location and neighborhood before signing on the dotted line. The design of a home can easily be changed, but the location and neighborhood? Not so much. Make sure to keep these important factors in mind when purchasing a new home.
It’s easy to get swept-up in the excitement of buying a home. Make sure to work with a real estate expert to help you make informed decisions when it comes to the housing market. If you’re a buyer ready to start looking for your dream home, The Roxburgh Group would be happy to assist you!
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