Realty Regret: How to Avoid Homebuyer’s Remorse

In June 2017, Trulia surveyed over 2,200 participants focusing on their experience with home ownership. The results revealed an unfortunate reality about what happens to new homeowners after they move into what was once their dreamhouse: home-buyer’s remorse. Approximately 1 in 5 Americans (21%) believed that the purchase of their home held them back financially.

Additionally, roughly 74% of participants answered that they either wished they’d have rented (41%) or had bought a larger house (33%). With improper planning, there are many aspects of your house you might grow to resent after you commit to the purchase. To assist you in avoiding the sadness and frustration of home-buyer’s remorse, here are some considerations to ponder before you put the money down.

1. Determine Your Budget Early in the Home-Buying Process

Blowing your budget on a home is, fortunately, one of the easiest mistakes to avoid, even for brand-new home-buyers. Remember that you’ll be budgeting for three primary divisions of the home-buying process: the down payment, closing costs, and maintaining the home itself (mortgage, maintenance and repairs, etc.).

Before you commit to a home purchase, you must make room in your budget for all these expenses as early as possible. This way, you will not be blindsided by any surprise costs and avoid one of the most common causes of home-buyer’s remorse.

2. Don’t Narrow Your Options to New Houses Only

When most people imagine buying a brand-new home, they think of either purchasing a home that is built to their customizations and unique desires or a freshly manufactured home that has never been lived in. Although this idea certainly does hold quite a bit of appeal, it might not be the best option for you. Brand-new houses are typically more expensive than older homes, and new manufactured homes can’t be tailored exactly to your wants and needs.

Choosing a resale can be the best option for both your budget and core home-buying criteria. All aspects of the home are finished and functioning, so you will be able to weigh the pros and cons of each feature. If something about the home design does not work for you, you can walk away without a worry. You won’t have to spend several thousand dollars on renovations. Instead, you will instead be able to compare available resales according to location, style, and other critical factors.

3. Work with a Mortgage Professional

Hiring a mortgage professional is perhaps one of the best decisions you can make in your strategy to avoid home-buyer’s remorse. A qualified mortgage expert will walk you through the financial aspects and logistics of buying a new house so that you will not fall victim to predatory lending practices or confusion.

Regardless of whether this is your first time searching for a new home or the fifth, the expertise of a mortgage professional is invaluable. Since 2012, more than half of all surveyed homeowners admitted to having regrets about their purchasing choices. Don’t become a part of that statistic. Seek the help of an experienced mortgage professional today to get precisely the home you deserve, at a price that works best for you.