A new study discovered that one in five people with a new home say they made mistakes when buying. Some say they picked the wrong mortgage, or chose a house with structural issues they did not check for. Whatever their reasons, nearly a full 20% of people asked in a recent survey say the regret something about the purchase of their home.
What Do They Regret?
Buying a home can be very stressful. There’s a lot of money involved and you're stuck with the end result for at least a year or two, best case scenario. What if you choose the wrong mortgage? What if you choose the wrong house? You could easily live to regret your choices.
Many buyers feels that they paid more than their house was worth. The haze of excitement about getting into the perfect house can make the reality of a price tag disappear. Buyers get caught up in the excitement and pressure of fighting with another buyer, or simply trying to ensure they get the home they really want regardless of cost.
Buyers also live to regret their mortgage choices. They don’t property research their options and choose interest-only, or ever changing mortgages. Many were surprised with unexpectedly large bills in conjunction with their mortgages.
There were also buyers found to regret they elected to buy in the area or neighborhood they did. They did not account for potential problems with schools, area businesses, or even noise pollution.
Playing it Safe
So how do you ensure that you don't make these mistakes?
There’s one very simple answer to this question. You do your research. Make sure, no matter how much you love a property, you never buy without first obtaining a structural survey. Some houses look fine but were built poorly. Some have serious problems that can't be seen during a viewing. Problems that may leave a home uninsurable, unlivable and not saleable. Don't ever buy a house without doing a thorough examination with a professional!
Research your mortgage options! Don't jump into the first, or most convenient, mortgage offered. Compare rates and programs to ensure you choose the right one for your needs, and that you understand exactly what you’re getting into. Don’t allow yourself to be misled by mortgage brokers. Prepare yourself well and be aware of the risks and benefits of each mortgage plan.
Research the neighborhood. Even if a house is lovely and on a family friendly street, that doesn't mean that it doesn't have tug boats at three in the morning, airplanes flying overhead, or terribly congested traffic at the entrance of the single motorway you can take to work. Check schools, neighborhood associations and crime listing for the area.
can mean regrets! However, forewarned is forearmed
. Don’t go into the home buying process ill prepared and live to regret your actions, and your purchase!