Whether you’re searching for your new home of 10 years or an investment opportunity, buying a property is a big deal. And with big deals come big regrets at the end if the process isn’t carried out perfectly.
Most people I hear from have at least one or 2 things they’d like a ‘do over’ on after everything is signed and completed.
Here are the 3 most common regrets among buyers, and how you can avoid each one…
1. “I was too ambitious”
Buying a home or property is an emotional event, which can be both good and bad. Sometimes our emotions lead us to act cavalier with important decisions because we only see the ‘vision’ we have for the final product.
Renovation ambitions are the biggest concern in this area. Think about it: you just found the perfect neighborhood in which to buy a home, it’s priced within your budget, and it’s close to work.
The kitchen could use some work and you’d like to knock down a couple of walls to open up a bigger den, but you have the image of what it will look like after renovations stuck in your head.
Then you buy the house and realize those renovations could take years to do, leaving you with regret because you could have bought a different place you liked just a few neighborhoods over.
When buying a home, make sure you have a good grasp of the price and timetable you’re looking at if you plan on making renovations. And realize that you won’t be as excited to put in the work in just a month or 2 as you are during the buying process.
2. “I went with the wrong lender”
A common regret that I’ve become used to hearing is that buyers regret going with national lenders over local ones, and usually for the same reason—accessibility.
National banks are known for having a slow process that causes the entire buying process to lag, all while you have trouble getting in touch with them to make something happen.
On the other hand, local lenders are easily more accessible and are normally much more responsive. Plus, you should be able to get a good feel for the lender before deciding to go with them by simply asking around.
3. “I should’ve picked a different neighborhood”
There’s much more you care about regarding your neighborhood than your probably think…
- How close are you to the nearest grocery store/gas station/coffee shop?
- Does it have sidewalks?
- Is there normally any noise when you’re trying to go to sleep?
- Are the neighbors difficult to live by?
- Are there any kids around the same age as yours in the area?
That list can go on and on. Make sure you make your own list and check off all those boxes so you don’t have any regrets after purchasing a home in a neighborhood that you find out has a theft problem.
Before buying, visit the neighborhood at all different times of the day and night, talk to some of the residents, check crime reports, and research the area as much as possible.
When you know the pitfalls and how to avoid them, you will be able to buy your next property regret-free.