A recent survey of 1,000 first-time homeowners showed the biggest regret in their big purchase was buying a property that was too small for their needs.
It’s a lesson every potential buyer should heed regardless of whether you’ve purchased a home before or not.
Make sure you’re getting what you want before you get to the closing table.
When you sign the documents, get the keys and drive to your new place, you want to walk in the door, take a deep breath and feel that sense of pride and accomplishment and anticipation of all the experiences to come in your wonderful new space. The last thing you want to do is walk through the door and be hit with a case of buyer’s remorse.
This is a big investment, one of the largest you will make in your life. Get the place you want, even if it takes you a bit longer to find it.
The second biggest regret listed in the survey results was buyers not saving enough money before purchasing, leaving them without enough money for renovations or furnishings they envisioned while shopping for a home.
Sometimes you have to act quickly to get the place you want and you might not be able to wait those extra months to go into your new home with the financial cushion you need. Every situation is different. What is important is realizing that purchasing the home likely will be just the start of a short spending spree, whether it’s an existing home or new construction. There are going to be things you will want to change or add and you should plan for that ahead of time to whatever degree possible.