How to avoid buyer’s remorse with a home purchase
64% surveyed said they were willing to compromise on wants to increase affordability
(InvestigateTV) — Around 12% of Americans regretted not getting a better mortgage rate on their home, according to a Bankrate survey.
Jeff Ostrowski, a Bankrate.com analyst, said the real estate market over the past two years has made a lot of buyers rush into decisions, leading many to experience buyer’s remorse.
“Unlike buying a house, unlike buying other things like a car or a TV, a house is not an impulse buy,” Ostrowski said. “And it takes a while to resell if you decide you don’t really like it and there’s no money back guarantee, there’s no return shipping.”
Ostrowski said one reason buyers often feel remorse is because they feel like their budget is really squeezed – not just by the mortgage payment, but also because of the add-on costs of owning, like homeowner’s insurance, property taxes and even unexpected repairs or maintenance.
“One thing hinges on how far you’re moving. So, if you’re moving to another part of the country, the best advice is to not buy in a place that you’ve never really experienced,” Ostrowski said. “So, if you’re moving across country, rent for six months or a year and just figure out what you like, what you don’t like, what neighborhood you want to live in.”
He also told buyers to be realistic about what they want. A lot of buyers get homes in neighborhoods that maybe weren’t their first choice.
Ostrowski’s best advice? If you are unsure about a house, air on the side of caution and wait before making an offer – don’t rush.
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