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How to Avoid These Biggest Homebuyer Regrets

Buyer’s remorse is always painful, but it’s truly devastating when it’s for a large purchase that you can’t return — like a house. Unfortunately, some homebuyers end up regretting their purchases, especially if they rushed into making an offer in a hot housing market. Anytime Estimate surveyed over 1,000 people who reported having bought a home in 2021 or 2022 to find out their top regrets about their purchases. Here’s what they are, plus, how to avoid having these regrets yourself.

Spending Too Much

Nearly a third of homebuyers (30%) said they spent too much on their homes. This was the most common regret among those surveyed. To avoid this, go into the buying situation knowing your price limit, and walk away if you would have to bid more than that. Know your number upfront and stick to it – your number isn’t necessarily the final sticker price, but what the monthly payment and the down payment are going to be. Don’t get caught up in a frenzy. Winning a bid on a house that was bid up well over the list price frequently leads to immediate buyer’s remorse. If your highest and best was at or below your walk-away number, you’re less likely to have this dreaded feeling.

Buying Too Quickly

Over a quarter (26%) of recent homebuyers said they regret buying their home too quickly. It’s important to take your time when making such a big decision and to be sure you’re comfortable with the property before moving forward. Buying too quickly can lead to buyer’s remorse and could result in you paying more than you should have.

Buying a Home That Requires Too Much Maintenance

A sprawling lawn or a backyard pool can seem appealing when you buy but may end up ultimately being a pain. A quarter of recent homebuyers regret buying a home that requires too much maintenance. Owning a home comes with a lot of responsibility. You have to maintain the property, pay for repairs, keep up with the landscaping and more. A lot of first-time homeowners are not prepared for this and end up feeling overwhelmed by the many costs that come with homeownership. Instead of enjoying their new home, they’re constantly worrying about the money they have to spend on upkeep. To avoid this regret, financially prepare to cover maintenance costs before making a home purchase. Start saving up before you buy a home and have an emergency fund that you can tap into for unexpected repairs, and be realistic about the amount of time and money you’re willing to spend on maintenance. If you’re not handy or you don’t have the time to do things yourself, budget for professional help as well.

Buying a Fixer-Upper

With soaring home prices, a fixer-upper may have more appeal thanks to its affordable price point — but buying a home that requires a lot of work to get move-in ready can lead to regret.  24% of recent homebuyers said they regret buying a fixer-upper. While these homes can be a great value, they often come with a hefty price tag in terms of time and money. Take your time, do your homework, and be sure to fully inspect any property before making an offer.

Feeling Pressured To Make an Offer

Over the past couple of years, homes have been selling within just days of being listed, so it’s no wonder prospective buyers have felt the pressure to make offers quickly. However, 21% of recent homebuyers said they regret giving into this pressure. In this market, buyers feel that they need to rush to submit an offer due to a lack of inventory, increasing rates and competition. Some have regretted not taking the time to find the home they absolutely love. Trust your gut and never feel pressure to make an offer on a home that doesn’t feel like the right fit for you. Once you walk into the right house, you will automatically know that it’s the one.

Buying Sight-Unseen

Some buyers have bought homes sight-unseen if they were buying out-of-state or simply as a time-saving measure. While digital tours can be convenient, they might not tell the whole story — and 17% of homebuyers said they regret buying their home without seeing it in person. There can be huge discrepancies between what you see in a photo and what a home looks like in person. At best, people who buy after having seen only photos might be disappointed in the size, layout, color or feel of a home. At worst, there could be huge issues with the home that weren’t obvious through photos. To avoid this regret, have someone you trust tour the home in person if you are unable to go yourself.

Not Liking the Location

A location may seem great on paper, but you might realize it doesn’t meet your needs and wants once you’re actually living there. 15% of recent homebuyers said they regret their purchase because they don’t like their home’s location. This often happens when buyers get distracted by the look of the home. Aesthetics occasionally divert buyers’ attention and make them ignore more crucial concerns, such as an uncomfortable-sized kitchen or the location of the home. Focus on the characteristics of the house that can not be changed, such as the views, size and location. You can always change the aesthetics of their homes with the help of a skilled contractor.

Not Liking the Neighbors

You often don’t meet the neighbors until you actually move in, which means you may get stuck next to someone who is noisy or rude. 15% of recent homebuyers said they regret their purchase because they don’t like their neighbors. There are endless scenarios wherein you might regret a home purchase after learning more about the neighbors. To avoid this scenario, visit the home at various times on numerous days. Be sure you grasp not only what your house would have to offer, but also how the surrounding neighbors might affect your experience.

Not Liking Their Home

13% of recent homebuyers said they regret purchasing a home that they don’t like. If you’re currently looking to buy a home and are worried about whether your purchase will make you happy in the long run, figure out exactly what you need in a house before you start looking at properties.

Text by Gabrielle Olya | Photo by Maria Ziegler Unsplash | Read More Here

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