Buying a home should be a positive, exciting experience, never followed by feelings of negativity or doubt. Unfortunately, this is something many homebuyers struggle with following their first purchase. Once they settle into their new home, doubts may begin to surface, wondering if this was the right choice. Or worse, they may lose their original admiration for the home entirely, and lose excitement for the new move altogether. Don’t let this happen to you! Luckily, there are a few ways you can avoid having homebuyer’s remorse.
Plan Your Finances Accordingly
One of the biggest contributors to homebuyer’s remorse is finances. In a survey by Trulia, more than 51% of homebuyers expressed that they specifically regretted a purchase they made related to the home or the process of choosing the home altogether. Fortunately, this is one of the easiest things to avoid. When you journey into the homebuying process, you must meticulously plan your finances far ahead of time to avoid getting into an unhealthy, unsustainable financial situation.
Paying close attention to not only the price of the home but any property taxes, repair and renovation costs, etc. will ensure that you are not blindsided by any potential fees that may come your way. You won’t be stuck wondering if you got a good deal on the home since you would have made sure of this before closing the deal.
Consider Buying a Resale Rather than a New Home
Although it can be quite exciting to purchase from a builder, the biggest drawback of doing so is that you do not get to see the final product until it’s far too late. Once the home is built, you can’t go back and change anything (without having to shovel out thousands of dollars). A resale, on the other hand, is a finished product.
You get to walk through the home and determine what you do and don’t like, without having to wonder how it will look in the long run.
You’ll have the advantage of seeing the colors, layout, dimensions, and everything in between without having to wonder how it’ll all play out together. This can be a real time-saver and save you from the feeling of regret when the dream home that looked great on paper turns out to be quite terrible-looking in reality.
Get the Help of an Experienced Mortgage Professional
Whether you’re a first-time homebuyer or this is the second or third time around, you can always benefit from the help of a mortgage professional. With a mortgage broker, you’ll have the appropriate guidance on landing the best loan for your needs. They’ll stick with you from start to finish to find you the best interest rates that suit your financial circumstances.
They’ll gather the necessary documents, such as your income and credit history, and use that information to find everything you need to get into the home of your choice, even in relatively short timeframes. With such guidance, you’ll never have to worry about regretting the purchase of a new home.