I came across this staggering fact the other day. According to a recent HSH.com survey, “… 80 percent of homebuyers have at least one major regret about their new home…” (2014) As a realtor, I know it’s nearly impossible to find the perfect house. I have worked with a lot of clients that have a wish list or must-haves that are a mile long only to realize that, unfortunately, they don’t have a budget to match. I always tell them they might have to compromise on a few things. I recommend narrowing a list of must haves to only include 3-5 major items . For some clients it’s all about location, location, location. Others school district or resale options. I recommend figuring out what these top priorities are before you start walking through lots of home.
In Marcie Geffner’s article titled, “Real esate regrets: 80 percent of homebuyers want a do-over” she mentions five major factors that get overlooked when purchasing a home that later lead to regrets. The topics Geffner lists are: Future Needs, Daily Regrets, Research Matters, Resale Regrets, and Local Factors. I’m not going to discuss every topic but if you want to read her entire article click here. ( It’s definitely worth the read)
The two topics I would like to highlight are Future Needs and Daily Regrets. When walking through homes, in my opinion, these tend to be two items that can easily get overlooked.
Future Needs: When you are purchasing your home, how long do you plan on staying? One year, three or forever? Have you thought about the size, location, school district, resale options and how they correlate with your future needs?
Daily Regrets: Does the house, location, and/or neighborhood fit your lifestyle? If you have to drive an hour everyday to work-does that end up becoming a daily regret or do you like the drive? Are you constantly wishing you had more (or less) of a yard or that you were walking distance to more of your favorite shops? Think of things you dislike in your current living situation and make sure you don’t walk into that same problem in your new home.
If you are having a difficult time figuring out what your top 3-5 must haves are. Talk to your realtor . Make sure they understand what you are looking for and what you are willing to compromise on. It’s important to have someone remind you of details that are easy to overlook when looking in a home.
Buying a new home is a BIG decision but with the right realtor hopefully in the end there will be no regrets.
Thanks for reading,
Danielle.