According to an article published in The Washington Post, 1 in 4 homebuyers later experiences “buyer’s remorse” about their current home.
Want to avoid making a mistake on your next home purchase? Here are the common mistakes many people cite when buying a new home.
“The commute is too long.”
Whether you walk, bike, drive, or take public transit, make sure that you have an idea of how long the commute is—before you buy the house. Try it out 1-2 times during rush hour, and make sure it’s not too long.
“We paid too much for the house.”
In a seller’s market (or a hot neighborhood), it’s common to pay more than list price for a great home. But don’t pay so much that you regret it later, when you’re writing the monthly mortgage check.
“The home needs too many renovations.”
Before you buy a home that needs work, think about your patience level and experience with past renovations. Have you ever gutted a kitchen before? Repainted a bedroom? Finished a basement? Built a new deck? If you don’t have a lot of experience with renovations, then have a heart-to-heart conversation with your realtor about how much time and money will actually be required for your project.
“We don’t like the neighborhood.”
Many buyers fall in love with a home—but fail to properly investigate the neighborhood. Stop by on an evening or weekend. Is it noisy? Busy? Empty? Crowded with shoppers? Tourists? Commuters? Kids? Make sure you’re comfortable with the environment before you buy.
“Not enough parking space.”
Parking can sometimes be tight—whether it’s on a city block, a cul-de-sac, or even your own driveway and garage. Make sure you have plenty of space for all of your vehicles, especially if the city or Homeowner’s Association do not allow street parking (some do not).
“The home isn’t big enough for us.”
As our families, hobbies, and careers grow, many people wish they had bought a home with more space—a bigger garage, wider yard, or more bedrooms. If you think the home already looks pretty “snug” for your family, then it may not have enough room for you to grow over the next 5-10 years.
“It’s too much work to maintain.”
At the same time, you don’t want to buy a home that’s so large, you’re spending all your weekend time on maintenance (unless you enjoy doing it). As you tour the house, imagine how much effort will be involved to clean, vacuum, dust, repair, mow, trim, and repaint it on a yearly, seasonal, and weekly basis, and make sure you’re comfortable with that time commitment.
Buy the right home the first time. A ReeceNichols agent can help.