March 27, 2017
It’s just human nature, everyone has a moment like this, it’s perfectly normal – albeit a little frightening. You’ve just committed to what is most likely the largest financial decision you will make in your lifetime when suddenly, uncertainty strikes!
You ask yourself, have I made the BEST decision? Have I made the right decision? Do I want to live in that house, in that neighborhood possibly for the rest of my life???
Buying a house is no small undertaking, and you certainly don’t want to regret the choice you’ve made! Especially after agreements have been made, all the paperwork is signed and the keys are firmly in your hands.
Is there a way to ensure you don’t suffer regret? The sense of what is called “Buyers remorse” is felt to some degree by everyone, but can be particularly strongly felt by those purchasing their first home. This is especially true for younger buyers, according to a new survey from NerdWallet. In fact, outside of baby boomers, a majority of recent buyers said they had experienced some regrets after their purchase.
While just about everyone finds they can’t avoid feeling a few jitters during or just after buying a home, awareness of what others discovered may be helpful. According to this same NerdWallet survey, these are the 4 most common regrets buyers say they wished had been handled differently:
- 30% wish they’d saved more money before beginning their home search.
Not only would they have more options in the purchase process itself but they believed they would have enjoyed a stronger sense of security after the closing. They found that this new addition to their monthly budget took a little getting used to, and they would have stressed about it less if their bank account had more of a cushion to fall back on in the first couple of months.
- Most wished they’d spent more time on research.
Not just of homes on the market that they liked, but the past as well as current value of those homes, and the projected resale values they should expect
- All of those who participated in the survey said they would have liked a better understanding of the mortgage process as a whole.
At the time, they were so focused on “what are we qualified for” that they never really dug into the deeper question of “what can we comfortably afford?”
- Almost all of those surveyed felt they lacked a more comprehensive overview of the entire buying process in general.
What they experienced was very different from what they expected. Most felt they could have been better prepared.
Your New Jersey local marketing specialist will educate you on what to expect and how certain choices may affect the outcome of your sale. Especially for the first time buyer, the life changing aspects of a home purchase can so easily catch you unaware, presenting stressful moments that may lead to regret.
Knowledge combats fear and in the home buying process the more you know in advance, the less opportunity for regret after the fact to spoil your joy of moving into your new home!