Homebuyer’s remorse is a surprisingly common experience that thousands of brand-new homeowners face after moving into their brand-new home. According to a recent Trulia survey, 51% of current homeowners were either unhappy with specific parts of their house or felt let down by the process of selecting the home altogether. This form of regret can arise shortly after move-in, or take years to manifest. To avoid becoming part of this statistic, consult the short guide below on preventing homebuyer’s remorse as provided by Rex Homes.
Determine Your Budget Sooner Than Later
Your budget is undoubtedly one of the most important elements you’ll need to consider early on in your homebuying journey. About 9% of homeowners who participated in Trulia’s survey regretted their purchase because they wish they’d been more financially secure before committing to their home. Setting a budget can help you to avoid this burden.
Keep in mind that the budget is not comprised only of the house’s asking price. You’ll need to include other elements such as the down payment (which is separate from the monthly mortgage), closing costs, insurance, and maintenance. It’s best to have your budget set as early in the homebuying process as possible. Yet, it’s not always possible to know these additional costs ahead of time. To remedy this, leave some extra room in your budget so you will not be shell-shocked by the prices headed your way after closing.
Don’t Limit Yourself To Brand-New Homes
Many of those new to the process of house-shopping easily forget that brand-new homes are not all that makes up the current market. There are plenty of old homes that are just as appealing and reliable as the newly manufactured ones. In fact, these old homes are often the better alternative for new homeowners, as they are often cheaper than brand-new houses.
Further, resale homes can be the best alternative for avoiding potential homebuyer’s remorse. For example, it’s much easier to determine your design preferences with these as opposed to freshly built homes, since it’s already complete and viewable.
Buying your house from a builder may sound like the perfect option, but you won’t see the final product until you’ve already committed to the purchase. If there’s anything you don’t like, you’ll have to shell out several thousand more dollars to have it fixed. However, with resalesHowever, with resales, this isn’t a worry, and you can have what you want on the first go.
Seek The Guidance Of An Experienced Mortgage Professional
With a mortgage professional’s help, you can ensure that your homebuying experience proceeds as smoothly as possible. They’ll help you avoid costly mistakes that many prospective homeowners are vulnerable to, such as purchasing outside their budget, poor financial planning, or even selecting the wrong lender.
Mortgage professionals will function as the middleman between you and potential lenders, helping you select financing options that work best for your needs. They can significantly reduce the time it takes for you to find the perfect loan, thereby getting you into your desired home much sooner than you could if you were on your own. Get in touch with an experienced mortgage professional today to begin your homebuying journey.