Have you ever bought something but then later on, found yourself regretting that purchase decision? Well, it’s no big deal when you can easily return or exchange something like a pair of pants or even a designer purse. A house, on the other hand, is much more permanent. It’s not only the largest investment you’ll ever make, but it’s also the place you’ll come home to every day, and where you’ll spend years making life memories as your family grows.
There may be increasing pressure to make a quick decision in today’s fast-paced and competitive real estate market, but it’s important to stay grounded throughout the home buying process. Before you try to compete with other interested buyers and snag that “hot listing”, take a breath and follow these steps.
1. Stick to your home requirements.
Before you even start your search, make a list of your “must-haves” in your new home. If having a 2-car garage is on the list but the house you’re looking at only has a 1-car garage, move on. Don’t let yourself settle for something less and then end up making expensive renovations because it’s not exactly what you wanted.
2. Know where you’ll compromise.
Note any items that are on your home wish-list, but you could live without. There should be at least a couple home features that you and your partner or spouse can compromise on.
3. Stand your ground.
Even after you have made the decision to buy a specific home, don’t let yourself overlook major issues. For example, if the inspector finds a cracked foundation or dry rot in the floor joists, you should either back out of the deal or get the price lowered to reflect the cost of the repairs.
4. Keep a clear head.
If you get stuck in a bidding war with another buyer, you need to ask yourself if you really want the house or if you just want to win the fight. The last thing you want to do is end up overpaying for a house that doesn’t completely satisfy all your needs.
5. Love the home’s proximity.
You can change many things about a home, but you can’t change the location. Think about what you do everyday in regards to where you live. This includes where you work, where you have to take the kids to school, and where you do things for fun.
These are all very important factors to consider when buying a home and most importantly, they’ll help you avoid homebuyer’s remorse at all costs. Find a home you’ll love living in every day. The less you want to change, the better!