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Buying a Home in 2023-Preventing Buyer's Remorse

Mortgage Agent Kamloops

Most recent homebuyers have at least one regret—here’s what you should know before buying.

Understanding these overlooked factors and clarifying your priorities before buying can help you feel more secure about your home purchase.

Not seeing the bigger picture.

Homebuyers’ biggest and most common regret is making an uneducated purchase—not fully understanding what they’re buying or considering its impact on their day-to-day lives. Buyers are also not anticipating the future as they’re buying homes. So, you have to think about what you’ll need one year and five years from now and make sure you find a home that fits the lifestyle you foresee.

Failing to consider the importance of location.

Home location is one of the most important factors you should consider when purchasing a house. In addition, homebuyers should always weigh the property’s pros and cons, neighbourhood, and community. The home, neighbourhood and community need to complement how the prospective homebuyer lives, works, and plays, now and for the foreseeable future.

Not getting a home inspection.

A home inspection should be one of the contingencies you refuse to waive. This part of the process lets you know what kind of shape the home is in and how much money you will likely be spending to get it to where you want it to be. However, even when a buyer chooses to have a property inspection, issues can arise after the inspection when the buyer has moved in. Work with a realtor to prioritize the most critical issues when negotiating with the seller’s agent about repairs.

Not searching mortgage options and rates.

Failing to research mortgage options and rates is a major regret among homebuyers. Often, homebuyers will only go to their bank for their mortgage needs, which can cost them in the long run. Instead, homebuyers should exhaust all options when financing their new home. Mortgage brokers can present you with a variety of options and rates when it comes to financing your purchase. When shopping around and comparing costs, ask about the closing costs associated with your purchase.

Focusing too much on aesthetics.

Who doesn’t love a beautiful home? Unfortunately, aesthetics can sometimes distract from what’s important. 32 percent of buyers purchased a smaller home than they initially planned to buy. Focus on the ‘bones’ of the house—the items that cannot be modified, such as the location, size, views, and ceiling heights.

Not knowing how much it will cost to reconfigure the home.

Some changes to the home can be relatively inexpensive. However, changing the home’s floor plan can get quite expensive. Therefore, talking to a general contractor or architect is highly recommended before your subject period ends.

Not considering maintenance costs.

Even if homebuyers don’t plan to purchase a home that needs major renovations, they may fail to understand the upkeep cost. Make sure you are aware of monthly or yearly expenses, such as strata fees, if there are any. It is important to remember that taxes and insurance costs can increase each year. Plus, unexpected costs such as leaks, new plumbing, a new furnace, a new roof, etc., can surprise buyers, so have savings as a cushion for these costs.

Don’t let the fear of missing out dictate your purchase. FOMO(fear of missing out) can cause buyers to spend more than they can afford, leading to being “house poor.” Compromise and a grasp on reality are the most important skills to bring to a purchase, along with a careful eye on the bottom line.

If you are purchasing a home in 2023, let’s talk!

Guiding home buyers on the biggest purchase of their lives.

Tara Sales 

The right advice at the right time.

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