Home Purchase Regrets

What Are The Biggest Home Purchase Regrets And How To Avoid Them

Gustan Cho Associates are mortgage brokers licensed in 48 states

This Article On What Are The Biggest Home Purchase Regrets And How To Avoid Them

Buyers who decided purchase a home and got a solid pre-approval from a mortgage loan originator, next step is to start shopping for a home.

  • Shopping for a new home is an exciting time
  • Home buyers should do a lot of research before placing a home purchase offer on a home
  • Just because buyers are armed with a strong pre-approval and the home shows well should not be the only reason they should place a home purchase offer
  • There are many home buyers who purchased and closed on their home but have buyer’s remorse
  • Some even have regrets
  • Talk to friends and family members who recently purchased their homes and moved
  • See what they have to say if they were to do it all over again

In this article, we will discuss and cover What Are The Biggest Home Purchase Regrets And How To Avoid Them.

Size Of Home: Too Large Or Too Small

Some home purchase regrets are purchasing too small of a home.

  • Others home purchase regrets are the home is too large
  • Yet others regret buying too expensive of a home and not being able to afford to sustain their lifestyle
  • Some other homeowners regret that home 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

Other home purchase regrets are buying a home nearby train tracks, buying a home by the main road, buying a home near power lines, or buying a home near an apartment complex.

Space Is Common Home Purchase Regrets

When homebuyers visit homes to purchase, they do not realize that many homes that are listed are window dressed. Most homeowners are advised by their realtors to get rid of clutter. 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
  • 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 too small to fit their needs.

Consider Size Of Family

Younger couples realize that the home they just purchased does not meet the needs of their growing family:

  • Before signing the dotted line on the real estate home purchase contract, make sure home has sufficient space now and for the future for family
  • A home purchase is not like an auto purchase where owners can easily sell 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 need to be considered

It is to the buyer’s best interest to carefully analyze the home they are buying has sufficient and ample space and have no home purchase regrets after moving in.

Check Neighbors Prior To Entering Into Home Purchase Contract
Check Neighbors Prior To Entering Into Home Purchase Contract

Make sure to check out the sub-division and neighbors of the home buyers are deciding to enter into a home purchase contract:

  • Chat with future neighbors and ask them questions about the neighbors in the area
  • Maybe the buyer is an older homeowner and the area may be occupied with younger couples with little kids and that may be an issue
  • Maybe buyers are looking for neighbors with smaller kids but the demographics of 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
  • Maybe there may be several neighbors who have dogs that bark at all times of the night and their owners will not cooperate
  • May 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 home purchase regrets.

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 driving during rush hour traffic or on days where there is bad weather where it can extend the commute to over an hour delay or more.  Gas prices and toll fares are other factors that can put a dent into the monthly budget as well.  Carefully consider commuting factors prior to signing the dotted line of the real estate purchase contract.

Related> How to avoid home buyer’s remorse

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  1. Michelle,

    The reserve requirement sounds like a lender overlay. The 4000.1 manual states 3 months with an automated approval. If it is a manual underwrite and your debt ratio is greater than 37/47 then you need 6 months reserves. I check the mortgagee letters and there has been no letter issued in October changing the reserve requirements. Please call me at 410-598-5296 if you want me to help you complete the deal.

    George Makoutz

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