Homeowner Regrets (Buyer’s Remorse)
A recent survey of thousands of Americans found what many of us refer to as “buyer’s remorse” among homebuyers. While I’m not in the habit of, nor do I like to rehearse people’s pain, the top five homeowner regrets are instructive to buyers who are searching in today’s Frederick real estate market. When buyer’s are competing for a limited inventory, they need to resist some of the temptations that they will regret later.
|#||Top 5 Homeowner Regrets||%|
|1||I wish I had chosen a larger home.||34%|
|2||I wish I had done more remodeling when I bought the home.||27%|
|3||I wish I had more information about the home before I decided.||22%|
|4||I wish I had put more money down for the down payment.||18%|
|5||I wish I had been more financially secure before I decided.||16%|
If you are in the real estate market this in Frederick Md, you will do well to ask yourself these questions before pulling the trigger:
1. Will we outgrow this home in 5 years? In today’s real estate climate, it’s become standard advice to plan to be in your home 5 to 7 years. It’s estimated that this is the length of time it will take to build enough equity to be able to sell the home and move up.
2. Do you have the budget or skills to do the maintenance, repairs or remodeling that the home needs? If you plan on selling sometime, the home will need to be current with the market standards for the neighborhood or area. Make sure that you can invest in your home, which is still an investment, after all.
3. Do you have all the information you need about the house? the neighborhood? the schools? Do you have information on the utility bills, the taxes and the general maintenance the home will need? Are you clear on the details of your mortgage? Make sure you have everything you need to make an informed decision.
4. Are you comfortable with the amount of your downpayment? With your monthly payments? When you sell in the future, will you have enough equity?
5. Are you comfortable with your employment situation? Are you comfortable with the upward momentum, or lack of, that your employment situation will bear out? Although no one has a crystal ball, you need to feel confident in your future.
Make sure you get your questions answered by all real estate professionals involved in your purchase. Even though you’ll probably need to move quickly in a competitive market, don’t let anyone rush you into anything that will make you have homeowner regrets of your own. See the entire study at Trulia.com.