Here’s how to prevent a scenario where buying a home is something you bemoan.
- A recent survey shows new home buyers have a host of regrets.
- By running the numbers, making a wish list, and doing your research, you can avoid a similar fate.
Buying a home is a big decision — and it’s definitely not one to be taken lightly. But recent data from Zillow reveals that 75% of people who bought homes in the past two years have at least one regret. If you want to avoid having the same thing happen to you, here are three essential moves to make.
1. Set a budget before you start house hunting
Buying a home you can’t afford is a mistake that may not only stress you out, but also put you at risk of losing that home. That’s why it’s important to do some number-crunching before embarking on a home search.
Figure out how much cash you have on hand for a down payment and use that to calculate the mortgage amount you’re comfortable taking on. That will, in turn, help you set a price range — and avoid wasting your time scoping out homes that don’t fit into your budget.
2. Make a list of deal breakers and stick to it
There may be certain home features you have your heart set on that you really don’t want to compromise on. It’s a good idea to make a list of those before starting your home search so you know what is and isn’t a deal breaker.
In the aforementioned survey, 31% of buyers wound up regretting purchasing a home that’s too small. And things like that are aspects you should be mindful of.
It’s one thing to buy a home with a dated kitchen and renovate it later. But if you buy a three-bedroom home on a small lot, you may not be able to expand it to a larger home — even if you’re willing to throw money at the problem.
3. Price the cost of repairs before agreeing to take them on
It’s common to buy a home knowing you’ll need to make some repairs or do some cosmetic work. But before you commit to that situation, get estimates from contractors so you know what costs you’re in for.