Experiencing homebuyer’s remorse? You may be if you are wondering if the home you have your eyes on is really the one. Don’t worry; it’s only natural. After all, a home is likely the largest purchase most of us will make in our adult lives.
Any time you spend a lot of money, you naturally want to be sure you’re making the right decision. So, how can you feel confident in your decision and avoid homebuyer’s remorse altogether?
Make Sure Your New Home Satisfies Your Wants and Needs
When you first decided that a move was necessary, there was likely something important that prompted that decision. Perhaps you landed a new job or outgrew your current living situation. Whatever the case, make sure your new home meets all of your required criteria.
Don’t settle on a property that falls short of your needs for nonessential items. It’s easy to fall in love with a beautiful home located on a scenic piece of land, but don’t ignore your original criteria. Ultimately, if the property lacks the things you can’t live without—like the number of bedrooms and bathrooms you require—then chances are, you’ll be searching for a new home in the not-too-distant future.
Consider your Future Needs
If you’re in the market for a new home, you’re most likely looking to live there for the better part of a decade or longer. If that’s the case, you’ll want to make sure the new property can accommodate any major life changes you might experience.
For example, you might feel more comfortable with your purchase if the property has a few guest bedrooms you can use later if you plan to grow your family. Just be sure you’re being realistic about what you’ll need in the future. If you only plan on having two children, purchasing a house with four or more guest bedrooms might feel unnecessary. Unless you’re considering renting out the room, turning it into a home office, or simply like the idea of being able to accommodate more guests, you don’t need extra extras.
Get Input From Your Real Estate Agent
The homebuying process can be a difficult one, so it’s no surprise that 44 percent of Americans have regrets about their current home or the process through which they chose it. What homebuyers—especially first-time homebuyers—can do to minimize remorse is seek professional guidance.
An experienced local REALTOR® should be able to provide not only details about specific properties but also a rundown of the buying process as a whole. Understanding the process and timeframe can be beneficial in feeling satisfied with your purchase. When thoughts and doubts start to arise, you’ll be able to express these to a professional who can then help you through the decision-making process and recommend new properties based on your desires.
If you’re considering buying a home, talk with a real estate broker early in the process to get a sense for what to expect.
Meet With a Mortgage Broker
One of the biggest contributors to the feeling of homebuyer’s remorse is how much money goes into homeownership. According to Chime, an online banking company, 65 percent of Americans across all generations possess some form of debt, so it’s understandable if homebuyers are cautious about what they add to the mix.
Meeting with a mortgage broker can help alleviate concerns by providing you with realistic financing options. For this reason, it’s smart to obtain their counsel at the start of your home buying journey. This way, you’ll be able to get pre-approved for a mortgage.
With that knowledge, you can start exploring mortgage costs with the help of your REALTOR. This will help you understand how much it will cost to purchase a home and how much your monthly mortgage payment will be. By understanding what homes are in your market, you can tailor your home buying experience and rest assured knowing you’ll be able to afford it.