See how to get clarity on key elements of homeownership before you buy.

For many people, owning a home is a rewarding experience. However, others feel regret after purchasing a home. Below are three common reasons for regret and what you can do before buying a home to avoid them.

Avoiding maintenance and repair regret

Search online discussion forums like Reddit and Quora and you’ll see there are lots of people who wish they hadn’t bought a house due to the time and money required for maintenance and repairs. In fact, this is the most common reason people regret buying a home, according to Realtor News.

Before you start shopping for a home, make sure your budget allows for fixes every home inevitably needs. A rough guideline is to allocate 1% to 4% of the purchase price for annual upkeep expenses.

Knowing your budget can help you decide which home is right for you. If you have ample funds, that fixer-upper could be a good buy. If your funds for maintenance and repair are limited, a home that needs minimal work (this could be an older home that’s up-to-date or a newer home) may be a better choice.

When you make an offer to purchase a home, make sure you include a home inspection contingency. After the inspection, carefully review the inspector’s report and determine if you want to take on the work the home requires to meet your standards.

Also, be realistic about how much time you have to devote to home and yard maintenance. Even hiring contractors requires time and effort. While many people enjoy doing work around the house, many others prefer to spend their free time on other things. If you’re among the latter, consider a lower-maintenance option like buying a condo or townhouse or renting to avoid homebuyer regret about the time and money required for home upkeep.

How to avoid location regret

Buyers fall in love with houses for numerous reasons like modern amenities, spacious floor plans or a desirable location. However, no house can be the perfect house if it’s in the wrong location for you.

To avoid regret about location, consider how a home fits into your existing life. For example:

• How long does it take to get to work and school? Test the commute at the time you’d
  come or go.
• How close are grocery stores, restaurants and other places you frequent?
• What’s just outside the neighborhood and how does it affect traffic?
• How much noise is there on different days and times of day?
• Are there any smells from nearby restaurants, factories or farms you find bothersome?

Remember, you can change almost everything about a house but not its location.

 Consider your lifestyle to avoid regrets about home size

A home that’s too small feels cramped rather than cozy. One that’s too large may feel empty. A super-size house also means unused space, higher utility bills than necessary and more space to furnish and clean.

To get the right-size home, consider your current and future lifestyle needs. Consider:

• Who will live there and for how long? Kids or aging parents? Visiting grandchildren? What do you and they need in terms of space and amenities?
• Do you have pets or plan on getting one or more?
• What hobbies do you and others in your household need space for?
• Do you like to entertain and host large family gatherings?

Buying a home is the biggest purchase most people ever make. To avoid getting a home you regret, take as long as you need to consider where you want to live, how much time and money is needed for upkeep, and how big your space needs to be. When you find the perfect house, we’re here to help you with a home loan to fit your specific needs.

 

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