Life comes with some regrets, don't let your home purchase be one of them. Did you know that 63% of Millennial home buyers regret their choice, that’s nearly double the number of Baby Boomers who suffer from buyer’s remorse at 35? So what can you do to help prevent the dreaded feeling of buyer’s remorse? We’ve outlined 5 ways that can help you avoid the dreaded feeling of regret.
Outline your Budget
The biggest reason why Millennials regret their home purchase is because they didn’t factor in the maintenance costs of their home. When you are starting to look at homes make sure you are outlining a realistic budget for what home ownership actually entails. Once you’ve outlined your budget, stick to it, don’t waste your time viewing homes that are clearly out of your price range. You will also want to pay close attention to what comes back from the home inspection and solicit contractors to price necessary repairs, so you know exactly what you’re getting yourself into when buying a home.
Define your Wants and Needs
Be honest with yourself, and your real estate agent. This is the best way to avoid regret. Prioritize your wants and needs on paper and refer back to the list as you're touring homes. This will help you make certain the home you choose checks off most, if not all, of the most important items to avoid feeling like you’ve missed out later on.
Find the Right Realtor
You have many options when it comes to real estate agents. The first consideration is communication. It is important that you are able to engage in a manner that fits your needs and suits your personality. The second criteria is to select a professionally trained agent, who is working in the industry on a full-time committed basis. Real Estate is a complicated and rapidly changing business environment that demands dedication. It is easy for a part-time agent to loose touch with market conditions and inventory. Make sure you are open and honest with any agent you work with so they can fulfill your needs and wishes, not simply guess at what's best. Meet our agents
Stop Looking at Listings
The grass is always greener in the other person's yard, so to speak. The home market is constantly changing, and new houses go on the market every day. Be aware that the goal of advertising is to make sure you focus exactly on what the sellers agent wants you to see. The new 'dream' home you find online might have a nightmare of a neighbor. We are more likely to feel buyer’s remorse if we constantly tempt ourselves with new options out there. Avoid this by turning off your listing notifications. Enjoy the home you found and embrace the pleasure of putting down roots in your new community.
Don’t Listen to Negative Naysayers
Everyone has a right to an opinion and you do too! Many friends and family believe they have some special experience or expertize that entitles them to correct your mistake. Don’t listen if they question how much you paid or your choice of home. You can’t compare someone else’s buying experience, often from many years ago, with your recent purchase of a home. Besides, they aren’t the ones who have chosen for very good and personal reasons to live there.