Three Common Regrets Homeowners Have
If you are considering buying a home, one of the biggest things you want to avoid is living with buyer's remorse afterward. According to CNBC, roughly 44% of Americans regret the purchase of their home. Here are three of the most common regrets homeowners have:
- Buying in the Wrong Area: When you look into buying a home, not only do you want to buy a home you love from the inside, but also the outside that stretches beyond your front yard. You need to consider things, such as your commute to work. Are you really going to be okay commuting over an hour? You also need to consider the school district. Yes, even if you don't plan on having kids. First off, what if you do decide to have children? Second off, even if you don't have children, the school district heavily influences the market price of your home. If you live in an area that has a poor school district, the chances of you going under on your home are much higher.
- Buying More or Less Than What's Needed: Yes, you may adore that small house that only has two bedrooms, but is it practical long-term? It might be if you are older and have grown kids, but it might not be if you are younger and plan on having kids or are possibly considering having some office space or you are moving far from family and would like to be able to entertain for an extended period of time. However, you also don't want to overbuy. Buying a home with more than four rooms simply might not be practical if you don't plan on having any kids or you just don't need that space. You might never use that formal dining room on top of the formal living room space. Besides, buying more than what you need could lead to you overspending on a home and not being able to afford it long-term.
- Not Considering Long-Term Costs: Speaking of affording the home long-term, this is something you must consider. If you are going to barely be able to afford the mortgage payments every month, is this going to be ideal long-term? Chances are, it won't since the payment could become higher, especially if you might have to skip a month or two. Keep in mind that long-term costs are going to be smaller with a higher down payment, so if you are able to wait in order to save more for that down payment, it's definitely ideal, especially if you cannot currently afford the type of home you are wanting to buy.
With these three things in mind, you are more likely to end up with a home that doesn't lead to any buyer's remorse. Be sure that you work with a realtor during this time. They can act as a third-party to help you make the most practical decision, which is difficult during this emotional and stressful time. You don't want to become clouded by the idea of a home that simply might not work out long-term.
11 January 2018