After any big decision, there is often a feeling of “should I have done something else?” Remorse is a common feeling after big life events and especially in huge financial decisions such as buying a home.
However, with some foresight and the help of a good mortgage professional like the ones at Rex Homes, homebuyer’s remorse can be significantly decreased or even eliminated.
The following article will outline some of the best tips to help you avoid homebuyer’s remorse and have a happier outcome with what will be one of the biggest purchases you ever make.
Define Your Budget
Determining your budget is one of the most critical steps in the homebuying process. You need to realistically determine what all of your major expenses will be and build your budget from there.
Determine Your “Wants”
What is it that you want in your new home? For many people this may include their preferred aesthetic design or a certain location. While these things may be feasible, it’s important to separate these from the absolute necessities in your new home, which we will call your “needs”.
Determine Your “Needs”
In contrast to your wants, your needs are the things that are absolutely essential for you to have in your new home. This will likely include at least a few of the following:
- A Good School System. Unless you plan to not have children, homeschool them, or send them to a private school, it’s likely that you’ll want to live in an area where they can receive a quality education. If this is important to you, it must be included in your “needs” list and it cannot be compromised on when searching for your home.
- Lots of Families Living in the Area. If this is your first home and you plan to raise a family, you’ll likely want to be in an area where many other families live. These areas tend to work in both directions in the sense that: businesses, schools, and hospitals open around these parts that appeal to families and families move to these areas because of the businesses, schools, and hospitals.
- Enough Room for Your Current and Future Family. How much room do you realistically need to accommodate your family right now? How about in 5 years? Ensure that you have thought through these scenarios and that the house you purchase will be able to comfortably serve your whole family.
- An Area with a Low Crime Rate. While you may not be able to afford a home in a gated community, you’ll probably want to find an area that has good crime statistics and that has a low crime rate. You don’t want to have to worry about your family’s safety each night when going to sleep.
Homebuyer’s remorse is a common occurrence after a huge purchase, but it doesn’t have to be. With some extra planning and the help of an experienced mortgage professional, you can avoid homebuyer’s remorse and find the home of your dreams.