Have you ever made a hasty purchase while out shopping and ended up at home with the searing guilt of spending the majority of this month’s grocery budget on something silly? Buyer’s remorse is not such a big deal when talking about shoes or video games but is a huge problem when applied to a real estate purchase!
We at the Brandon and Lana Team don’t ever want to see a homebuyer report regret on their home purchase!
That’s just one reason why we dedicate our team to changing the industry standard to deliver prime quality service all day, every day! The number one way to avoid buyer’s remorse is to use a well-informed real estate agent to guide you through one of the most important purchases you’ll ever make!
A well-informed agent will help you prepare your budget to adhere to realistic expectations. Unexpected home-owning costs are the leading cause of buyer’s remorse in real estate. The average homeowner in 2022 pays an additional $15,405 each year. This number is made up of home improvements, homeowner’s insurance, maintenance and repairs, and property taxes. Closing fees at the closing of the purchase also add to the purchase price of a home. A way to avoid such maintenance and improvement costs is to insist on a home inspection. The National Association of Realtors survey found that 19% of buyers waived a home inspection contingency in 2021 in order to make their bid more attractive. However, forgoing a home inspection may lead to unpleasant surprises after the closing of the home.
Well-informed agents will also be sure that their clients understand and are comfortable with the location of the property. According to Zillow’s 2022 home buyer survey, 25% of home buyers cite bad location as an incentive of their buyer’s remorse. Issues with neighbors, concerns about safety, and long commute times were the top location detriments cited by Zillow users. You can check local police statistics to find out if you are comfortable with the level and type of crime being committed in any specific area. It is also recommended to visit the property location and neighborhood at various times, including nighttime, to gauge your comfortability with the environment. Finally, you should also test drive your commute during rush hour before closing on a home!
Nearly a third of home buyers report regretting a feature of their new home, such as size, a yard, stairs, number of bedrooms and bathrooms, and so on. The sad truth is that buyers nearly always have to compromise on some feature of their home.
To combat this phenomenon make a list of must-haves and nice-to-haves to avoid regrets in the future.
The Brandon and Lana Team is 100% devoted to making your real estate transaction an enjoyable and fulfilling experience. We pride ourselves on our knowledge of the industry and our high ethical practices with clients. Check us out today to see if we can help you buy or sell your home. We can’t wait to help you make the best decision of your life! Contact Us!
