Buying a home can be stressful enough as it is, but dealing with the feeling that you might be making a mistake with your purchase is a different matter altogether. It could be something that you might want to express with your Longmont real estate agent before sealing the deal, because this feeling, known as buyer’s remorse, can greatly affect the experience of being a proud homeowner.
You’re not alone, though: a new survey showed that about 44 percent of homeowners have regrets in their purchase, and two-thirds of them are millennials. Buyer’s remorse is a valid concern, but there are ways to prevent this in the first place.
Here are some things to keep in mind to prevent experiencing the all-too-common buyer’s remorse.
Things to look for in your new home
Part of what leads to the feeling of buyer’s remorse is missing out on these important things that will affect your experience in the long run. Before signing on the dotted line, keep an eye out for the following:
Size
Some homeowners admitted to buying a home that’s too small for their needs. If you’re looking to raise a family, or if you need all the living space you can get to work comfortably from home, the size of the home is definitely one of the things you need to check.
Location
You might love the look and features of a home, but you might regret making the purchase once you find out that the neighborhood is less than ideal. Not only that, but the location of the home might not be as attractive to buyers when it is time to upsize or downsize.
Roof and wirings
It’s important to inspect each detail of your new home with a sharp eye because some flaws are not always obvious at first glance. Unsurprisingly, homeowners express regret over their purchase once problems with their roof or wiring come up within their first year of moving in. Prevent this from happening in the first place by conducting a thorough inspection of the home you’re planning to buy. It would be much better if you can bring a professional home inspector along with you.
The financial aspect
Other than these factors, one major aspect that creates the sense of buyer’s remorse is the fear that they spent too much or the downpayment they made was too high. Not to mention, some homebuyers are also guilty of not factoring in the home warranty, the resale value, and even the closing costs. They end up overextending their budget, often leading to a sense of regret over the purchase.
Keep this from happening in the first place with these steps.
Stick to your budget
Remember that owning a house also means paying off monthly dues, including taxes and association fees. Make sure that you’re not making monthly payments that are way beyond your budget.
Don’t empty your savings
Before you shell out your entire savings for your first home, remember that you might also need to do a couple of renovations and repairs before moving. These don’t come cheap as well, so think twice before sealing the deal.
Work with a real estate agent
Having the means to browse and shop homes online doesn’t mean you should purchase one virtually. Nothing beats the expertise and experience of a Longmont real estate agent, like the experience we offer here at the Noel & Martinez Team. If you’re ever in the market for properties in Colorado, you can count on us for help.
