Buying a homecan be one of the most incredible experiences of your life, but it’s probably also one of the most stressful. You may find yourself rushing, fretting and doing things you wouldn’t ordinarily do. In fact, many home buyers have regrets five years, or even just a few months, later. Here are some of those common refrains.
1. Saved More Money for a Down Payment
Many home buyers wish they had started saving earlier for their down payment, and that they’d saved more. They wish they’d started putting even $50 a month toward buying a home before they even realized they wanted to buy. What you can do right now is start saving, even if you don’t plan to buy for many more years. It really is never too early — or too late — to start.
2. Comparison-Shopped for a Mortgage
Mortgage rates vary. That’s a fact. Half of one percentage point on a $175,000 home can lead to thousands of dollars spent or saved over 30 years. Look at rates and options from at least five banks, credit unions and mortgage lenders. Sites like Lending Tree can help you compare a wide range of lenders.
3. Thought More Carefully About the Future
One regret of home buyers is that they were too focused on the present, on their current life. They forgot to factor in what they would need in five years. A common situation occurs when older kids move out, and a house feels yawningly empty. The opposite happens when families decide to care for elderly parents, try to move them in and discover space is too cramped. It’s not just about bedrooms and bathrooms, although that’s important. It’s also about not having enough space in the kitchen or living room.
However, even if you planned for the future in painstaking detail, life can throw you a curve ball. It happens; the future is hard to predict. If your current home isn’t fitting your needs anymore, do you have the option to refinance, sell or expand? Can a home organizer help make a cramped home feel comfortably cozy?
4. Slowed Down
A job change or a life event such as a surprise pregnancy can prompt people to rush into buying a home. This can lead to the feeling that they settled for less than they wanted.
When you rush into a decision, you probably don’t research matters as thoroughly as you would otherwise. Schools, crime rate, tax rates, your neighbors, and homeowner insurance costs should all be considered. Take the time to make an educated decision before buying a home.