Some buyers find themselves trapped into indecision. They are driven by a desire to avoid regrets later on. Unfortunately, this very indecision can be the cause of later regrets. Here are some causes and how to avoid regrets they bring about:
Waiting Too Long
Some will delay making any decision because they are timing the market. Maybe price will drop next week. Perhaps another home on this street will come on the market for less. Maybe interest rates will come down. And so forth. Keep in mind that every day, there are other buyers looking for homes in the same neighborhood and at the same general price point. They will step in when they find the right home for them. Act before their favorite home turns out to be your favorite home as well.
Following Others’ Lead
When friends or family buy a home just before you, you may be tempted to buy one just like it. Instead of simply following someone else’s lead, evaluate your own needs. Start with where you are living now. Ask yourself if your current home meets all your needs or whether you’d like something with more closet space. Or a bigger kitchen. Or an additional bathroom, etc. Once you get started on this critical evaluation, the ideas come to you. Write everything down and then take the list with you as you look at homes for sale.
A well-entrenched belief is that the way to save money is to buy a fixer home. In the case of a cosmetic fixer, this can be true. Though carpet is expensive, do-it-yourself paint is relatively cheap. Make sure you have a feel for the repairs needed and the cost of these repairs before you go forward. First-time buyers will find they are significantly under-estimating the repair costs. The movie “The Money Pit” is intended to be a comedy but if you turn into that kind of buyer, you will not find it funny.
When buying an existing home, you may worry that age will cause problems. Ask your home inspector for input on remaining life of things like the roof, the furnace, the a/c, etc. You may also want to price replacements. Keep in mind that you can ask for a home warranty to be paid by the seller. Your realtor can give you an idea of how much warranty the seller typically can be expected to pay for given your offered purchase price. You can then offer to pay for additional coverage yourself. This additional coverage can reduce/eliminate the number of items that have you worried.
These steps can go a long way to help you avoid regrets. They are not comprehensive by any means but do cover the most common reasons for buyers’ regrets.
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Happy home hunting!