Biggest Regrets Home Buyers Experience

man frustrated

Though buyer’s remorse is never fun, there’s usually something we’d change if we could go back and do it again.  In a new survey, Chase Bank found out what some recent home buyers would change about their real estate purchase if given a second chance.

Here’s what home buyers say they would do in hindsight.

Get Smarter About Financing

While nine out of 10 buyers surveyed say they felt prepared at the time they bought their home. 56 % say that in hindsight, they should have known more about financing.

22% say they weren’t as educated about the closing process.

19% say they weren’t efficient enough on making an offer and negotiating.

15% say they needed more guidance on the overall financing of a home.

Choosing the right Realtor and Mortgage Lender is key here. So make sure you interview several in your area and ask for referrals from friends and family members before making your choice of who will handle your transaction.

Pick a Different-Size House/Area

39% of respondents, who say they would choose a house of a different size or a different price — or even in a different neighborhood — if they could redo their purchase.  Spend some time going to the area you are the neighborhood you are looking to move into at different times of the day and even different times of the week.  This will give you a feel of what the neighborhood is really like.

Adjust Expectations

A good chunk of buyers weren’t expecting the home-buying process to take as long as it did, with 40 % saying it took longer than they thought it would. 16% say they got a “pleasant surprise on timing,” according to the survey.  The length of the  home buying process varies from one extreme to another.  Stay in touch with your Mortgage Lender and your Realtor to get updates on where you are in the process.

Be More Prepared to Spend on Maintenance

Home ownership can be expensive. 34% of surveyed said that home-maintenance costs ended up being more than they expected.  80% of survey respondents say they considered their home move-in ready when they bought it, but 76% have since completed or planned renovations.  First time home owners are usually the most shocked due to the fact they just have never done it before.

 

Source – Realtor Magazine

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