First Time Homebuyer’s Biggest Regrets

So if you have not bought a house before, I think it is safe to say that after the process is complete a lot of first-time buyers wish they had done something differently or had just simply known about something they didn’t beforehand.  The kind of experience it takes to go over a home with a fine tooth comb is not something the average first-time home buyer possesses, especially the initial few times they preview properties.  In a perfect world, the real estate broker you choose would be a mind reader, you would have an endless budget to take advantage of every possible insurance, inspection, and test, and everything would be absolutely fantastic. Although dream deals are made every day, it is not a guarantee that yours will be perfect. And for some, the only way to figure out what they really want is to have the experience of what they don’t want.

Here are our top five regrets of first-time homebuyers:

Not shopping around for competitive home mortgages and insurance policies. Many first-time homebuyers just do not understand enough about the financial products available in today’s market.  As a rule of thumb, you want to talk to 3 different companies for each.

Not consulting with a financial planner. Budgeting is a skill not everyone possesses and even if you are good at crunching the numbers, every first-time home buyer can benefit from having a consult with a financial planner.  They can advise you on things like credit card debt, life insurance, college funds, early retirement planning, student loans, and investment opportunities.

Not looking long enough or not acting fast enough.  Timing is sometimes everything in the real estate world, which is why some deals are done within hours of looking and some take months. You have to devise a strategic plan with your real estate broker to make sure you get every chance possible to see as many homes as you can.  Even after you find one you think is perfect, try looking at just a few more for affirmation.

Buying a fixer-upper! The idea of buying a home for less and then fixing it up is something which is extremely dramatized on popular HGTV shows, but the reality is, it is hard work and can cost a lot of money!  It is also extremely difficult to live in transition, so if you are going to fix up a major element of the home, like have new windows installed, the kitchen remodeled, or add a new addition, it is best to do this while the home is unoccupied and as quickly as possible.  

Overpaying for their home.  In real estate, desperation translates into dollars.  This is why you want to give yourself at least 30 days, if not 60- 90 days, to look for adequate housing.  If you get into a bidding war over a property, sometimes the best thing you can do is walk away, even if you like the home.  It is very easy to start thinking of the situation as the most important conquest of your life, but if you end up paying too much, you will regret it much longer than it will take you to find another home that you can actually afford.