Most homebuyers don’t regret becoming homeowners. In fact, owning a home is one of the biggest contributors to lifestyle satisfaction. But this doesn’t mean that these homebuyers don’t have regrets about their buying choices. Most new homeowners will happily share some of the mistakes they made and how they could have avoided them.
Fortunately, you don’t need to learn from your own mistakes. Here are the 7 most common homebuyer regrets.
1. Spending Too Much – There’s nothing wrong with stretching a little but overpaying for what you really need is the largest regret most new homebuyers have.
2. Not Shopping for a Mortgage – With interest rates on the rise, it’s important to take the time to look at all mortgage options before choosing.
3. Rushing into the Home Purchase – In a competitive market, it may feel like you need to move quickly, but some homeowners later regret the house, the neighborhood, or the city later.
4. Miscalculating the Cost of Homeownership – There are a lot of extra costs to homeownership: maintenance, repairs, upgrades, taxes, insurance, etc.
5. Underestimating the Time or Cost of Renovations – Oh those HGTV shows that make renovations and upgrades look easy. Often, new homeowners find they are incapable of doing the work and wind up with half-finished or poorly completed work.
6. Choosing a Home that Doesn’t Fit – It’s easy to fall in love with a great view or chef’s kitchen, but if you need 4 bedrooms, then buy a home with 4 bedrooms.
7. Not Using an Agent – It’s more common than you think for a homebuyer to walk through an open house and use the seller’s agent to “save money.” They may get a small credit due to lower commission, but they lose having their own advocate in the process.
Bottom Line
No one wants to look back at their home purchase and have regrets. Consider these common mistakes before you head out, so you can buy the right home at the right price for your needs.