According to a survey conducted by Redfin in March, 25% of homeowners said they would not buy their current home again if they had to do it over. Today’s homebuyers are facing pressure due to price jumps, inventory constraints, and bidding wars, all of which can have an effect on a homebuyers decision making process. A similar survey recently conducted by Chase, revealed that nearly 40% of respondents said that they would have bought a different size or different priced home.
If you are in the market for a new home you can avoid home buyer’s remorse by taking your time and keeping a level head. Take the tips below into consideration when going through the home buying process.
- View the home multiple times and at different times of the day, making sure to walk through every room, open every closet, fully inspect the ins and outs of the home to get the feel of how your life will fit in it. If possible, take a look at the homes floor plan for a different perspective on how the home is laid out and how it will work for your needs.
- If a tight market has you straying from your original plan, it’s important not to settle. You may have to make some compromises but keep in mind what your future may look like before you make any decisions.
- Stay within your budget. There are many costs of homeownership that first time buyers may not be prepared for or think could happen to them. Don’t weigh yourself down with a financial burden you may not be able to afford if unexpected costs arise.
- Get educated. Avoid buyer’s remorse by being prepared for what’s ahead such as the financing process and the true cost of ownership.