Regrets, They’ve Had a Few: Homebuyer’s Remorse
It can be tempting to gloss over a home’s shortcomings in a competitive market. Three quarters of homeowners who bought a house in the last two frenzied years now report having second thoughts. Buyers don’t usually get everything they want, even in a balanced market, but how can you avoid compromising on something you’ll come to regret?
1) SPENT TOO MUCH
Can we really afford this?
Closing costs, moving costs, taxes & insurance, renovations, unexpected repairs… anxiety over money is front and center for many months after home purchase. Minimize the anxiety by buying in your affordability range. Trying setting three budgets—how much you’d pay for something that leaves a lot to be desired, how much for something that checks most of your boxes, and maximum you would spend on something that’s A-MAZING.
2) TOO MUCH MAINTENANCE
A big yard is so much work.
You finally get the yard of your dreams, only to watch the last owner’s glorious garden devolve into weeds and insects due to your own neglect. Sound familiar? Zillow says 32% of new homeowners regret buying a house that requires a lot more upkeep than they counted on.
3) TOO SMALL
We should’ve held out for a bigger kitchen.
Think hard about the things that bring you joy. Do you like working with your hands? You might need a garage workspace. Plan on entertaining a lot? You’ll need enough space for cooking and hosting. Don’t get so fixated on buying any home you can that you lose sight of what makes a home livable to you.
4) WRONG LOCATION
Evening traffic never lets up.
You were so excited to be within walking distance of all those foodie restaurants—until you found out they draw endless streams of cars and people every night. And then you discovered that the nearest grocery is 7 miles away. 28% of buyers say they should have purchased in a different area. Visiting a home on different days at different times can help you get a sense of the environment’s vibe.
5) WRONG ENVIRONMENT
I stare into my neighbor’s bathroom.
What makes you happy about your current home? What could you be taking for granted? What’s missing that you’d pay a premium to have? Make a list of those things and check your potential new home against it. Do you need a lot of light during the day? How much breathing room do you need between you and the neighbors?
6) UNEXPECTED REPAIRS
Some repairs won’t wait.
So you bought an older home with visions of fixing things up slowly over time. But then you had to replace the roof, tent for termites, dig up the sewer and install a new water heater. There’s one constant with homeownership: If it breaks, it’s your problem. Even if you don’t plan to renovate your older home, be prepared to invest more in its maintenance.
7) INADEQUATE RESEARCH
Builder still hasn’t installed our appliances.
If you’re buying new construction, research the builder and make sure you understand the finished condition the house will be in when the builder hands it off to you. If you’re buying an existing home, research agents and lenders to make sure you’re getting high quality representation.
Pro Tips
AVOID DISTRACTIONS
“Buyers can get distracted by a pretty kitchen or great staging when they should be concentrating on a home’s two most important factors: location and layout,” says Seattle-based real estate agent Lucas Pinto. “A great agent helps you stay focused on your priorities.”
TAKE A BREAK
Homebuyer fatigue is a thing. It can cause you to buy a house that isn’t right for you. If you’re feeling burnt out on home shopping, take a break. Zillow’s survey found that 59% of successful buyers and 72% of those who are still shopping say they took a mental health break from their home search.
LOVE YOUR LOCATION
Use online tools to calculate travel time to all your frequent destinations. Is there a good grocery store with adequate parking nearby? Where’s the closest park? Do your neighbors have pets? Walk around the neighborhood and get a sense of the vibe.
LINE UP YOUR PRIORITIES
Square up your priorities with your budget and stay realistic about the possibilities. Use this checklist to establish your needs versus your wants, and draft your list before diving into your home search.
