New Homeowner Regret: Tips to Prevent Future Problems
Buyer’s regret is real and painful. The bigger the purchase, the higher the stakes. Buying the wrong home can be catastrophic. Ideally, we wouldn’t make these kinds of mistakes...
Thankfully, there was a recent Zillow survey of 2,000 recent first time home buyers we can learn from them and avoid catastrophe with a little forethought. Here are some key steps to a happier new chapter.
Don’t Feel Bad, You’re Not Alone
If you’ve already purchased, remember that one in every five new home owners have regrets about their decision. Take comfort in knowing you’re not alone. If you haven’t made the purchase yet, here’s your opportunity to avoid common regrets.
Make a List & Get Organized
Organization is the key to success. This is especially true when considering the desired elements of your new home. Include anything and everything you want in your dream home from deal breakers to additional necessities. Don’t forget to list out all the documents that you’ll need for your loans too. Once you’ve got it all onto paper, arrange the list in order of importance. This will help you make clear decisions when you’re feeling overwhelmed.
Be Sure to Ask A LOT of Questions
Thoroughly educate yourself on interest rates before signing to make the best decision possible. Researching the home buying and loan process will save you from becoming part of the 34% who have regrets about their interest rates. Also, don’t be afraid to negotiate with your lender for a better deal. Being bold won’t hurt, and it might save you money.
Be Thorough. Very, very thorough.
Take a step back to consider all the elements of your potential home, gauging the internal and external factors. From restroom issues, roofing problems and energy efficiency to parking and new neighbors, it’s important to inspect every angle.
Maintenance costs add up quickly and 38% of home owners report feeling overwhelmed with upkeep prices. Bathroom problems can be especially detrimental to your new living experience, it’s worthwhile to inspect your bathroom for potential problems down the road.
Keep in mind the seasonal differences in your potential new home too. You may be buying in spring, but you’re going to be living there year round so don’t forget to check for issues that would come up in winter. You can do a basic check for storm damage to the roof, and make sure the HVAC and ventilation will serve well in both hot and cold weather!
Also, it’s easy to overlook the energy efficiency, which could quickly drag on your bank accounts and at-home comfort. Partner up with a trustworthy home inspector and check to see if the home has installed steel doors or have upgraded their windows to improve the heat retention of the home which can make a big difference in energy efficiency in the home.
Additionally, many external factors could quickly turn an exciting purchase into a daily nightmare. When inspecting the house, be sure to take a step back. When people buy a new home unfortunately 25% of homeowners are unhappy with the neighborhood, 24% wish their yard was bigger and easier to maintain, and 17% develop parking headaches. Remember that parking changes throughout the day and be sure to inspect the availability during the busiest times!
You Don’t Have To Settle For Less
With all the excitement of buying a new home it’s easy to overspend. Carefully evaluate the value of each property as 40% of purchasers feel they paid too much or wish they had made a bigger down payment. If you feel uneasy about the price now, opt out.
Speaking of bigger, consider the growth of your family and lifestyle when making your decision. Out of all the regrets, a whopping 62% wish they had bought a larger home!
Keep Your Calm
Take a deep breath. You’re more likely to make bad decisions in a stressed state of mind. Conversely, a cool head will allow you to be more open minded and to consider fresh perspectives. Above all, relax and revel in the excitement of finding your new home.