16 May, 2013

Top Regrets When Buying a Home

A hot market like today’s creates massive competition among buyers and puts pressure on buyers to make quick decisions that can leads to regrets.  What are the most common real estate regrets? A recent survey by Trulia lists the top regrets of home buyers. A review of this list can help buyers make decisions they feel good about in the long run.

1. Thirty-four percent of buyers wished they had bought a larger home. Buy a home that will work for your family 5 to 7 years from now. Analyze your future family needs carefully. Plan your space around the family members and activities.
2. Twenty-seven percent of buyers wished they had done more remodeling when they bought the home. Statistics shows that if a homeowner doesn’t undertake the remodel they plan within the first year after closing, chances are they won’t do so for many years, if at all. Make sure that you have a budget and a firm plan of action for the home upgrades you want that you can execute as soon as you close escrow.

 3. Twenty percent of buyers wished they had more information about the house before they bought it.  Careful planning allows buyers to investigate the property thoroughly. In our area almost every house has a package of disclosures and reports. Act fast, get the package as soon as possible, read it carefully, ask questions and order further inspections for the key issues before presenting an offer.

 4. Eighteen percent wished they had put more money down for the down payment and sixteen percent wished they had been more financially secure before they bought the house.  Financial preparation to buy a home is a must. It involves careful planning and savings for an extended period of time and requires that you stay accountable to your plans.

 5. Fifteen percent wished they had chosen a neighborhood with a shorter commute to work. Some buyers choose to buy a larger home with a long commute to work. My advice has been to opt for quality of life by buying a smaller home that shortens your commute and investing the expenses of the commute in your home.

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