Buying your first home is like no other purchase. It's a purchase that will stay with you for many years (unless you're a home renovator and plan on making a flip). And if you've looked at mortgages, you'll see that even the mortgage company assumes you'll be paying them for twenty years or more.
This is because purchasing a home is an investment. You're putting your money into something that you hope will make some money down the road, but at the same time, you want it to be home.
It's not uncommon that homebuyers might experience some type of regret after buying their home. You don't have to go through that. In fact, we've gathered some handy advice that will help you not make the mistake of purchasing the wrong home for your needs.
1. How To Avoid First Home Buyer's Remorse: Budget Wisely
Did you sit down and budget how much you could afford to spend on a mortgage each month? Have you considered the cost of mortgage insurance and local property taxes on top of your mortgage?
What about upkeep costs? Will the house be energy efficient? How much will the energy bill come to in the winter?
Finalizing and analyzing a budget specific to your needs and particular circumstance will allow you to find out how much each aspect of the house will cost you.
Once you've figured out how much you are going spend on a house, take into consideration how much you typically spend on your own lifestyle. And don't underestimate. If you value your current lifestyle, the house you're about to buy shouldn't impact it on a large scale.
Be careful and honest with yourself. Once you have a budget, don't back down. Stick to it. Or you may regret ever having put down on the house in the first place.
2. How To Avoid First Home Buyer's Remorse: Get Low
With the help of your Usaj Realty broker, you can make an educated decision on whether or not to offer above the listing price. At Usaj Realty, our brokers are expert negotiators and they will help you get the best price possible and help you to avoid over-paying or bidding more than the sellers will take. Over-paying for a home is a sure way to feel buyers remorse.
3. How To Avoid First Home Buyer's Remorse: Keep Your Eyes Down
Don't go looking at those million dollar houses when your bank only approved you for a $300,000 loan. Not only will you get stars in your eyes and possibly do something rash, you'll be highly disappointed in the homes you can actually afford.
Your Usaj Realty broker will help you stay within your price range.
4. How To Avoid First Home Buyer's Remorse: Inspector Gadget
How do you know you are not getting a rotten deal? Avoiding a home inspection before buying is like not taking a used car out for a spin before bringing it home. It may look all nice and shiny on the outside, but it could actually have many undercover issues.
A professional inspection report will help you know what you're getting into beforehand, you won't find yourself highly disappointed afterward. Your Usaj Realty broker will assist you in choosing a qualified inspector and getting the appointment set up. It would be wise to budget ahead for the possibility of more than one inspection in the event that you walk away from a home after the inspection report and have to pay for second or third inspection on different properties.
And if you do find you still want the house after the inspection, you'll have a clear idea on problem spots on the home and where you'll need to invest in the house for years to come. This will help you budget and it will help you know if the house is still within your budget.
5. How To Avoid First Home Buyer's Remorse: This isn't the Home You're Looking For. Move Along!
Ask yourself: What did you set out to buy? Have you gotten sidetracked by pretty adornments or some house feature you might not have considered?
Maybe the house has heated tile in the bathroom and you think you've fallen in love for that feature.
Don't fall for it! Know what you want before you go looking. Make a list and stick to it. This first home buying experience is an emotional trip. You will be pulled this way and that.
Stay the course. You won't regret a thing if you keep a level head as you go about this process.
Essentially, the best advice we could give: be as rational as you can by planning ahead and sticking to your original vision and budget. Don't set yourself up for failure!
Make a plan and stick to it. And if you have any other questions, contact us and tell us what's on your mind. Happy house hunting!