Avoiding Home Buying Remorse
Buying a home presents many challenges, not least finding a property that exactly fits your needs.
Clearly, the better you plan the purchase, in terms of precisely identifying your requirements, the less chance of regrets when you ultimately move in.
Today we thought we'd help you make those plans by highlighting three of the most common areas of remorse experienced by buyers:
Poor budgeting - It's essential that you look at all the likely costs of moving into a certain property. While pre-approval for your mortgage indicates general affordability, it's important to assess all associated expenses, relating them to your financial capabilities. Are you moving into a home with huge rooms that will need a lot of heating and cooling, depending on the time of year? Does the home have a massive yard that will need a lot of maintenance? Is the home likely to require major upgrades or repairs in the foreseeable future and have you factored these into your purchasing equation? The more forensic your research and consequent budgeting, the less likely you'll get a nasty surprise down the line.
Not knowing the neighborhood - If you're not very familiar with the neighborhood you want to move into, make sure you are by the time you are ready to make an offer on a home. While an area may look ideal on paper and from first impressions, there's no substitute for taking a close look for yourself and even going as far as talking with the locals about the pros and cons of living there. Random visits to the area to see what it's like at various times of the week are another good idea.
Underestimating size - One of the quickest ways of experiencing home buyer remorse is to move in and realize you didn't adequately plan for the amount of space you'd need to move all your stuff in. Make sure rooms are capable of accepting your items and not curtailing your lifestyle in any way. It's always better to have too much room than too little in this respect. If you have an RV or truck, make sure you have adequate parking areas. If you have kids, make sure the yard is large enough for them to play in. If you're likely to have relatives and/or friends staying regularly, do you have enough rooms to accommodate this?
We hope that the above points help you to focus on making the best possible move. As always, please feel free to contact us on 619-886-0175 to discuss any aspect of real estate.