Buying a home is one of the most significant financial decisions you will ever make – and for investments of this magnitude, it is often easy to second-guess yourself.
But you are not alone – a 2019 survey by US real estate marketplace Zillow has found that about three-fourths, or 72%, of homeowners have at least one regret about the house they bought.
While the findings are based on a representative sample of 10,000 US respondents, we can generally say that many homeowners worldwide – including Australia – share this sentiment as navigating the home-buying process – with its often tedious and complicated requirements – entails a steep learning curve.
Survey results revealed that most homeowners regret these things after purchasing their home.
1. Unexpected repairs and maintenance
ME Bank’s 2018 survey found that 58% of Australian homeowners spend less than an hour looking into properties before purchasing them. This has caused them to overlook issues in the property – including problems with paintwork, construction quality, fittings and chattels, and gardens and fences – resulting in unexpected repairs.
Experts recommend that home buyers schedule a pest and building inspection to prevent such problems. While the cost of an inspection can be expensive, it’s well worth it. You might end up paying more for something that seems minor.
2. Relocating to an unfamiliar place is possible if you are incapable
Your home will remain secure because your mortgage payments are paid on time and you won’t be evicted. This can make it difficult for you to move to another place, especially when you consider how much you have invested in the property.
3. False home size
Many homeowners regret purchasing a house that is too small or too big. This can cause frustration, especially when you find out your home doesn’t have enough space for your growing family or that you have to pay extra for space you don’t need. You can avoid this issue by having a clear understanding of your family’s must-haves before settling on a property.
4. Hypothecary fees are too high
It can be overwhelming to choose the right mortgage for you due to the many options available. A professional mortgage broker can help you navigate this process and find the best deal for you. To compare interest rates and loan terms, you can also conduct market research.
You can compare home loans from some of the country’s top lenders by visiting this page.
Refinance might be an option if you are already paying your mortgage but realize the current rate isn’t as competitive as it once was.
5. Don’t get emotional
It is easy to let your emotions cloud your judgement – especially when making big decisions such as buying a home. You may end up buying a property that you don’t need because of emotional attachments. Experts suggest that you create a plan before you begin looking for a house. A solid strategy will help you avoid making poor decisions or making costly mistakes such as overpaying.
6. Neighbors you don’t like
Experts agree that buying a home is a way to buy into the community. Not doing enough research about the neighbourhood and your future neighbours before purchasing a property can be a big mistake as it can put you in a miserable living situation – especially if your neighbours happen to be rude, inconsiderate, and obnoxious.
It is possible to avoid this by getting to know your neighbors prior to buying a property. It’s okay to have a chat with your neighbors. You’ll get an idea of your relationship with them and be able to share information about your home.
7. It’s too difficult to commute.
It can be stressful to commute to work each day if it becomes a daily chore. You can find out the distance to work, as well as whether public transportation options are nearby. It’s a good idea for you to conduct a geo-research on the area where you are thinking of buying.