FIRSTTIME BUYER REGRETS WHAT YOU NEED TO KNOW
Home buyer remorse is a real thing and home buyer mistakes do happen. Buying your first home is a life-changing decision and it helps to be as prepared as possible during the process. We’ve compiled a quick list of home buyer advice to give you some guidance. See what first-time home buyers wished they knew about their buying a home and how you can avoid making the same mistakes.
Regret: The Size of the House
Many first-time buyers realize too late that the home they purchased is not the right size for them. Whether it’s too big with too much space or too small with one fewer bedroom than they may have needed, size is important in a home. You can avoid this mistake simply by doing your research and being prepared when looking for a home. Know exactly how big you want your home to be. Are you living by yourself in your new home, but love to entertain? A large kitchen and a guest room might be something to consider. If you are buying a home for a family, make sure there are plenty of bedrooms and open spaces. Explore all of your options before settling on a new home.
Regret: The Cost of the House
Many first-time buyers regret paying too much for their house. On the flip side, some also wish they had saved more money to make a larger down payment. To avoid this regret, make sure your finances are in order before you start shopping for a home. Make sure you know exactly what you can afford, both as a down payment and as your monthly mortgage. If you find that, while searching for homes, your budget isn’t getting you what you want, it may be wise to save up some more money.
Regret: The Location
Many new homeowners report being unhappy with the location of their home. During your home search, it helps to remember that you’re not just buying a house. You are buying the community around it too. Take some time to explore the town and its neighborhoods. See what types of restaurants and local businesses are available in and around your neighborhood before you decide to move there.
When you’re looking for your first home, it’s also beneficial to map out your commute before you commit to a purchase. It helps to know what kind of commute you will encounter when buying your new home and how long it will take you to get to and from work. Check out this tool to test out your commute.
Knowing as much as possible is the best way to be prepared when you purchase your first home. Arm yourself with knowledge, be prepared and above all, make sure you are ready to purchase a home.
What do you wish you knew when buying your first home? Share it in the comments.
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