Avoid Home Buyers Remorse

Avoid Home Buyers Remorse

 When it comes to making the biggest investment someone will make, it's no wonder that in a recent survey of 2,000 homebuyers, a whopping 80% said they regretted at least one thing about their home.  The number one complaint: The home just isn't big enough.  Others complained about a lack of closet space or that the place didn't have enough bathrooms. Bad neighbors were also a problem, as was a substandard school system.   

In order to avoid Home Buyers Remorse, take the following items into account when going through the home buying process.  

1. Don't give in on your core requirements. It is of the utmost importance to have a specific strategy when you go to purchase.  For example, if you are looking for a mid century modern, do not spend time looking at modern/contemporary homes.  If you know that having three bathrooms is important for your happiness but the house only has two, keep shopping. Don't let yourself fall in love with a home that doesn't match your needs. Regret may not set in immediately but when it does, the fix, like adding a bathroom, might cost you thousands.
 

2. Know your give-in points. Everyone house hunts with a wish list, but there are some items that can be compromised. Tiny kitchens might be a deal breaker if you are an avid cook but maybe you can live without a den or a finished basement.  

3. Don't get caught up in the heat of the moment. Overpaying is one of the biggest sources of remorse, especially if buyers get involved in a bidding war. Bidding against other buyers can be exciting and entice homebuyers to throw their budgets out the window. But sometimes, it becomes more about winning than how much the house is worth to you. "Ask yourself, 'Do I really want the house or do I want to beat somebody else out?'" he said.  

4. Don't lose your edge. Once a shopper makes the decision to purchase a home, they sometimes overlook major issues. If the inspector finds dry rot in the joists or the appraisal comes in much lower than the sale price, stand your ground: either pull out of the deal or get the seller to lower the price to reflect the cost of the repairs.   Keeping the above points in mind will allow you for the smoothest transition into your new Denver home as easily as possible.    

Curious what your home is worth?  Use our FREE online valuation tool Click Here!
    
Michael Kane is a Broker Associate at Keller Williams. He is a member of the Carr Peck & Associates team that is recognized locally and nationally as in expert in real estate. Locally he is a member of the Denver Metro Association of Realtors.  Nothing brings him more joy than making his client’s dreams become a reality!  For more information feel free to contact him or call 303-717-9284.   

Information provided by cnn.com. and image courtesy of google.com     
   


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Dated: October 27th 2014
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