How to Avoid Home Buyer's Remorse

So you have already signed the contract to buy your new home, but you are dicey as to whether you have made the right decision. How many times has this happened to you? A home is surely your most important possession and it is necessary that there should be no problems with the house. Some feel that they should have bought a larger house, while renters feel that they should have bought a home instead of renting one. Hence, in order to avoid buyer’s remorse, one should consider the following before actually purchasing the house.

1. Location of the house
One can change the interiors of the house, but one cannot change its location. Hence, it is very important to purchase a house in an area which is close to what you do every day. It is necessary that you consider the proximity to the mall, school, church or any other place.

2. Research about the place

Conducting an in-depth research of your own will help you to avoid buyer’s remorse later. Websites like Trulia and Zillow provide statistics on the crime rate, proximity to restaurants, quality of the nearby schools and other aspects. All these factors will help you identify if the place that you have chosen is perfect for you or not.

3. Make a note of all the hidden costs

Besides the actual cost of the house, there may be other maintenance costs as well. You may have bought a house with a large yard for your kids, but the cost of maintaining the yard is huge. Also ask what it will take to heat and cool the space before buying it. It is advisable to ask your realtor/seller for a year’s worth of utility bills.

4. Is it within your budget?

A study pointed out that one of the biggest reasons for buyer’s remorse is spending more than the intended budget. You may see a house you love and may have set your eyes to purchase it. You rationalize this in your head, but remember, the biggest regret comes when your first mortgage payment arrives. Never make this mistake. Buy only what you can afford. You may go a little over your budget, but a huge gap is a big NO-NO. It’s easy to make a quick decision, but not so easy to take it back. Hence, weigh your options before going ahead.

5. Create a must-have list

Before going for house sales, it is advisable to make a list of the things that you want and that you need. Some may prefer proximity to a particular place, while some many want a huge lawn. Tiny kitchens might be a deal breaker if you are an avid cook but maybe you can live without a den. After you start hunting, the list may alter according to the places seen, but believe us, it’s a good starting point. It is also important to separate your must-have’s and nice-to-haves so that you can compromise only on certain things. Also, don’t worry too much about the resale value of the home. Remember, you cannot return a home like how you can return items at a grocery store. Buying a home is a huge investment. Make the decision rightly!

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