Home Purchase

If you have decided purchase a home and got a solid pre-approval from a mortgage loan originator, your next step is to start shopping for a home.  Shopping for a new home is an exciting time and you should do a lot of research before you place a home purchase offer on a home.  Just because you are armed with a strong pre-approval and the home shows well should not be the only reason you should place a home purchase offer.  There are many home buyers who purchased and closed on their home but have buyer’s remorse and some even have regrets.  Talk to friends and family members who recently purchased their homes and moved in and see what they have to say if they were to do it all over again.  Some folks regret purchasing too small of a home.  Others regret buying a home that is too large.  Yet others regret buying too expensive of a home and not being able to afford sustaining their lifestyle.  Some other homeowners regret buying a home that is too far from a place where they work.  Others regret buying a home that needs more maintenance then they thought was required.  Yet other home buyers cannot stand their neighbors.  Other homeowners find out that the property taxes they are paying is double than  property taxes in their surrounding areas.  I had one home buyer that purchased a home nearby a public dump where they cannot stand the smell.

 Space Is Common Home Purchase Regrets

When home buyers visit homes to purchase, they do not realize that many homes that are listed are window dressed and most homeowners are advised by their realtors to get rid of clutter and the home may look larger than it actually is.  After the home buyer moves in they often find where they are going to put all of their storage and often times many home buyers regret not getting a larger home.  Many home buyers regret not buying a larger home after the fact.  Some regret not purchasing a home with a full basement and/or attic space so they can use that as storage.  Others realize that the bedroom sizes are too small and cannot fit all of their furniture.  Still others who buy older homes find out that the closet spaces are way to small to fit their needs.  Younger couples realize that the home they just purchased does not meet the needs of their growing family.  Before you sign the dotted line on the real estate home purchase contract, make sure that the home you are buying has sufficient space now and for the future for your family.  A home purchase is not like an auto purchase where you can easily sell your home and move into a larger and/or smaller home.  Moving from one home to another home can be very expensive.  Factors such as real estate commission to the realtors, closing costs, down payment, and other financial factors needs to be considered.  It is to your best interest for you to carefully analyze that the home you are buying has sufficient and ample space where you have no home purchase regrets after you move in.

Check Peighbors prior To Entering Into Home Purchase Contract

Make sure that you check out the sub-division and neighbors of the home you are deciding to enter into a home purchase contract with.  Chat with your future neighbors and ask them questions about the neighbors in the area.  Maybe you are an older homeowner and the area may be occupied with younger couples with little kids and that may be an issue.  Maybe you are looking for neighbors with smaller kids but the demographics of your neighbors are senior citizens.  Other factors can be that less than a few blocks away there is apartment complexes and/or subsidized housing and that may be a negative factor for you.  Maybe there may be several neighbors who have dogs that bark at all times of the night and their owners will not cooperate.  You might have a neighbor with teenagers who blast their music at all hours of the night and on weekends.  All these can be factors that may cause you regrets with your home purchase.

Commute Is Another Home Purchase Regrets

When shopping for a home, many home buyers get so excited about the home that they do not really think about their commute to work.  An extra 15 to 30 minute commute can be a big deal, especially if you are driving during rush hour traffic or on days where there is bad whether where it can extend the commute to over a hour delay or more.  Gas prices and toll fares are other factors that can put a dent to your monthly budget as well.  Carefully consider commuting factors prior to signing the dotted line of your real estate purchase contract.

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The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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