A home is one of the most expensive purchases you’re likely to make in your life. It’s not a purchase that you want to regret – and yet many of us find ourselves owning homes that we wish we’d never bought. In fact, one study found that 63% of homeowners in the US between the age of 28 and 38 regret buying their current home.
Buyer’s remorse can occur for various reasons. In most cases, it’s the result of rushing the home-buying process. Below are just a few tips that could help you to avoid buyer’s remorse if you’re planning to purchase a property in the near future.
Know your budget
A home that is too expensive could end up being a source of regret. It’s important that you don’t just budget for the upfront costs when buying a home, but also the monthly running costs. Monthly mortgage repayments, energy bills and repair costs are all things to consider before buying a home. Older properties can often come with expensive running costs due to being less efficient and having more wear and tear – a bigger monthly budget is needed when taking on these types of property.
Take your time to shop around
Many people regret not looking at enough properties before making a purchase. It’s important to take the time to shop around by checking out different real estate websites and agencies so that you get to see the full range or properties out there. It’s also important to spend time shopping around for mortgage deals. Using a mortgage broker can often be worthwhile for finding the best mortgage.
Make the most of the viewing
When viewing a property, use it as a chance to truly assess the property as a potential home. Many buyers regret not having properly inspected a property, often overlooking important small details such as a lack of electrical sockets or signs of damage. If you have any concerns while viewing a property, make sure to ask questions.
Always book a home inspection
A home inspection is an opportunity to fully assess the condition of a property. A professional surveyor will be able to identify any hidden problems with the property, which could prevent you potentially purchasing a money pit. Many buyers who skip the home inspection wish they had invested in it later. It could be particularly worthwhile with an older property that is likely to have more problems due to wear and tear (although a home inspection on a newer property can still be worthwhile).
Research the location
On top of making sure the building is right, it’s also important to fully assess the location. Many buyers regret not researching the neighborhood – things such as the crime rate, local school grades and public transport links could all be worth looking into before moving to a new area. It could even be worth taking a walk around and potentially talking to neighbors about what they think of the area. Be wary of red flags such as lots of vacant properties, unfriendly neighbors or heavy home security measures such as security cameras and spiked fences.