Buying a home is the biggest purchase most people will make in their lifetime. The last thing any home buyer wants is to get settled into a home and find out they do not love it like they once did. There are some things buyers’ can do to limit the likelihood of buyers’ remorse.
The two biggest reasons for buyers’ remorse is unforeseen costs and unanticipated future events. Here are some things buyers’ can do before purchasing a home to help prevent them.
Go Over the Monthly Budget with a Fine Tooth Comb
Using an online calculator to estimate your monthly mortgage payment is an ok place to start, but there will be other elements added into the mortgage that loan calculators do not include such as the property taxes and insurance. These can significantly add to the monthly payment even though these are only paid out once a year. It can be a hard pill to swallow when surprised with a larger monthly payment to allow for these to get paid out.
Other monthly costs that can catch buyers off guard include the cost of private mortgage insurance, if you make less than a 20% down payment, and buying a home in a neighborhood with an HOA (dues). So look over your monthly budget down to every last penny you spend and determine what you are willing to spend on a home. Make sure not to use all of those extra pennies on the house payment because you will want some money to have some fun with and money available for repairs and “hidden” costs.
Buy as Much House as You Need
If you plan to stay in this home for a significant amount of time, make sure to think about your future life plans and account for them when buying your home. If you are planning to expand your family you will need more room than you currently need. If your parents are aging and needing a caregiver is just around the corner and you plan to care for them, having them move in may need to be considered. Maybe you plan to start a business out of your home in the future, do you have the space for that?
In addition to having the correct amount of space the floorplan is important. What type of floorplan will best work with your daily routine? If you plan to have a space to watch your favorite shows nightly but also want to be the place where your kids hang out with their friends, a second living room may be a good idea.
Do Homework in the Neighborhood
It is a good idea to not just know that the neighborhood looks nice, is desirable, and is in a good location, but to know if you will really love living there. Research the neighborhood for traffic, crime, schools, nearby restaurants, shops, community involvement, parks, etc. It is very important to be aware of how the local government operates in the area and their plans for future development and their pride in providing a high quality of living for residents.
Affording Maintenance and Repairs
Every home is going to need maintenance and routine repairs, it is just a part of an aging home. Some repairs are expected and planned for like painting, while others are emergencies that are never planned, like leaky pipes or damage caused by a storm. Make sure that you have all of the proper insurance coverage and money set aside in savings just for home repairs.
Know Your Mortgage
Very few home buyers know the details of their mortgage contract. Make sure to take your time before signing paperwork, and to shop around for your best options. Ask plenty of questions and don’t just sign on the line for the first loan you get pre-approval on.
Purchasing a home is more than wanting a new home and going shopping to find the one you like the best. It is an exciting, but large purchase, that with a little planning, will end in the success of being glad you are in a new home.
For help finding the perfect home in Cape San Blas and other Forgotten Coast areas please contact us any time.
