Just because the housing market may be in the buyer’s favor, the last thing you want to do is rush into making a purchase. Rushed decisions can often result in buyer’s remorse if you’re not careful. That’s why you should do these things to ensure that your home purchase is the right one for you.
1. Home Inspection
Sunnyside Title Agency knows the importance of getting a professional home inspection done by a properly licensed individual. This is not the place to say, “I have a guy for that.” A real home inspector is going to do a thorough inspection and let you know of the findings. They can even sometimes give you an estimate on when they think you’ll be having to replace a this or a that. You’ve got to remember that a home is also plumbing, heating/cooling, electrical systems and so much more. Just because the outside is beautiful, the walls have a fresh coat of paint and the neighborhood is perfect, doesn’t mean that all of these other pieces to the home buying puzzle are in the right place. Don’t cut corners on the home inspection.
2. Ask Questions
There is no stupid question when you’re making as big of a purchase as a home. If you can, talk to people who live in the neighborhood. Give your realtor a thorough investigation about a property you’re truly considering. Ask about the schools, the traffic and noise levels in the area, crime, county or township codes. If you’re an avid boater, you don’t want to find out after the house is yours that you can’t park your boat in the driveway. When any question arises in your mind, ask it. The answer just might help you avoid regretting a purchase.
3. Know Your Real Budget
So you’ve been approved for a $300,000 home loan. That’s great! But be careful how you shop. It’s best if your real budget isn’t at the very top of your allotted budget. Going for a $250,000 house just might save you a lot of headache in the future. Many first time buyers don’t realize all of the expenses that come with home ownership like the utilities, maintenance and repairs. Working with a lower budget than you’re approved for allows you to have more financial room to address problems when they arise.
4. Trust Your Gut
There’s a lot to be said for trusting yourself. If there’s something telling you that something is wrong, listen. When you’ve had to give up too many things on your home buying must-have list, you’re probably going to wish you hadn’t. There’s nothing wrong with stepping back because something doesn’t feel right.
5. Add a Home Warranty
Home ownership entails a lot of work and much of it isn’t all that fun. When you need roof work, a new water heater or another major appliance, you’ll be so glad that you can split the cost instead of rearranging your whole life to make a much needed repair. This is not homeowner’s insurance which covers things like fire and burglaries. A home warranty is strictly for protecting your budget.
Now that you know what to do to reduce your chances of experiencing buyer’s remorse, you can house shop more confidently. Don’t be a naive home buyer. Keep your eyes wide open and try to think ahead. There are plenty of unavoidable things in real estate, but buyer’s remorse doesn’t have to be one of them.