Common Homebuyer Regrets
A home-buying experience can feel rushed and frantic. Add in rising mortgage rates, low inventory, and bidding wars, and the home-buying process is downright chaotic! For some, buyer’s remorse can creep in once they rush to buy and then begin to notice little things about their new home that they didn’t see before. According to a Zillow survey, 75% of recent homebuyers have at least one regret about their new home. Here are the most common home-buying regrets.
Missing the Bigger Picture
We are still in a seller’s market, meaning there are still more buyers than inventory. This shortage has caused buyers to feel pressured to grab the first home they can find rather than weighing their options more carefully. Fewer homes to choose from, coupled with competition from other hungry buyers, causes pressure. That pressure can cause buyers to miss the big picture. Not fully understanding a new home’s impact on daily life is the most common regret new homebuyers report. Buyers need to anticipate what life will be like in their new home one to five years down the road rather than what their lives are like at the time of purchase. Make sure the home fits the lifestyle you foresee, not the one you’re currently living.
The Importance of Location
Location is one of the most important factors when purchasing a new home. Buyers need to weigh the pros and cons of the neighborhood and community. The area needs to complement how you live, work, and play. Spending twenty minutes inside a property in the middle of the afternoon is only a fraction of the picture. Is there a time of high traffic that contradicts your work schedule? Are you near a school that will have speed limit restrictions and bumper-to-bumper car-line each day? The function and flow of the area are things to consider before signing on the dotted line.
Waiving a Home Inspection
A home inspection is an integral part of the home buying process. It lets you know what’s behind the freshly painted walls. In this competitive housing market, buyers look for ways to make their offers the most attractive, and several have waived the home inspection contingency. DO NOT do this! There could be hidden problems that lead to hidden expenses, and the only way to know that is with an inspection!
Aesthetics over Functionality
Aesthetics can sometimes distract buyers. The interior of a home on the market is cleaner than usual if not staged to look better. Buyers need to focus on the whole house and think about whether it will suit their lifestyle for years to come, not just today. If a newly renovated kitchen is still too small to meet your needs, you will regret it down the line, regardless of the new backsplash. Focus on things you cannot change, like size, location, views, and the actual bones of the home rather than a new farmhouse sink.
Maintenance Costs
Many buyers regret that they didn’t consider annual costs such as HOA fees, property taxes, and insurance fees before purchasing their home. These fees typically increase yearly, and if you’re barely scraping by in the first year, imagine five years down the line. Unexpected maintenance expenses such as plumbing, HVAC, a leaky roof, etc., are all things the home inspection report should outline, and they should be factored in as maintenance costs for the future if they don’t need to be repaired right away.
Buyers who know about these often overlooked factors understand what to look for and feel more secure about their purchase. Setting your priorities before buying will help you feel more confident about your home purchase down the line.
