But you can ease buyer’s remorse greatly by simply doing a little more homework before you buy. The following five big picture areas are oftentimes overlooked or not seriously considered by homebuyers.
Owning your own home means that you won’t have a landlord to handle your repairs. While you cannot foresee what may go wonky, you can ask about the history of the repairs—and how often they were made--with the current owners of the property.
If you like the house enough that you’ve made an offer, add the contingency of a home inspection. This vital step to homeownership can save you major grief down the road.
A qualified home inspector can give you specific, valuable information about the health of your prospective home. From the report, you can roughly determine what to expect, or choose to negotiate with the seller on these maintenance costs.
For those costs you can’t foresee, an emergency repair, for example, it’s good to set aside some money in a savings account for the unexpected.
You might love the house, but will it increase your work commute time? It’s best not to get too attached to a property until you’ve looked at how the property fits your life.
If you want more space and more affordable housing, it may mean broadening your search to the suburbs. If that’s the case, you’ll want to consider what the trade-offs are upfront.
Be realistic. Will you miss your 10-minute commute after a few months? Be honest in your evaluation!
More Expenses Than Just Your Mortgage
You’ve got a mortgage, yes. Did you add in costs for homeowner’s insurance and property taxes? These are non-negotiable expenses that must be considered when buying a home.
Get an idea of both expenses before your buy so you aren’t blindsided after the sale! Without these two figures, it’s easy to feel a strong case of buyer’s remorse. Do your homework before hand.
Possible Future Development
While it may be difficult to find concrete information about potential future developments in the area where you’re looking to buy, it’s still worth asking your realtor if she knows of any projected expansions.
For example, if there is a lot of open space in the neighborhood, is that area slated for development? Ask questions!
Just as you must consider possible future developments in the area, you want to consider the resale value of the neighborhood. Look at past home sales over the years. How much did housing appreciate?
Buy in an area that offers a good return on your investment, especially if you plan to sell in three to five years.
Work with A Real Estate Agent
Don’t make the biggest purchase of your life without a professional real estate agent by your side.
An experienced agent knows the market. She can get to know you, understand your needs, help you find what you’re looking for, and work within your budget.
Just as importantly, realtors understand the legalities of buying a home and can help you navigate the process all the way to the closing table.
In conclusion, avoiding buyer’s remorse takes preparation. Learn as much as you can before you buy will help you become an informed buyer. And that means less buyer’s remorse!
Choosing to work with a real estate professional will also make the legal process of buying a home less burdensome and more enjoyable.
When you’re ready to close on your new home, turn to the pros at Lilly Title & Settlement. We work with real estate professionals every day to make the process as easy and quick as possible. Learn more about us here.