One of the first things most home buyers learn as they search for a home is that it isn’t likely you will find a home that has everything you want… it almost always involves some compromise and some buyer’s remorse. In fact, a 2022 survey of homeowners found that more than half — 60 percent — felt some form of buyer’s remorse over their housing purchases. That said, it shouldn’t feel debilitating and can simply be a sign of acknowledging the responsibility that comes with owning a home. Knowing what to watch out for can help you tame the remorse… and there are some things you should never compromise on because they could come back to haunt you.
Here are some of the top items buyers say they regret about the home they bought.
PAID TOO MUCH
In this time of housing shortages and bidding wars, it is easy to get caught up in the frenzy of securing a home and lose sight of how much you are actually paying. A common sign of buyer’s remorse is worrying that you paid too much as you approach closing. I have a client who was very conscious of what she was offering, and after carefully considering how much she was willing to pay for a property she refused to offer more. After losing out on many multiple offers she decided to stop for now. This of course avoids paying too much… but also means not securing a home. Be aware that many homes sell for more than list price in this market… and figure out if you can deal with that or not. Is stretching to secure a home or keeping within a certain price range more important to you?
THE FLOOR PLAN
Does the floor plan fit the way you live? Don’t buy a home with too few bedrooms and bathrooms, planning to add a master suite. It can be difficult and expensive to reconfigure, so be sure to consider how it fits your needs now… and how it can adapt to your future needs. Another example… I have a client who fell in love with a house only to realize that having a walkout lower level meant she would have to walk down to the lower level whenever her dog needed to go out to the back yard… a situation that could get old very fast. This had to do with the floor plan, not the house in general. Also, open floor plans that were so popular are becoming less so as people realize they need more privacy in some situations. Think about how you will actually live in the space… does the room flow fit you, or will you want to be moving again soon? Don’t buy a home that is too big or too small for your needs.
LOCATION
Location involves many things, including: school district, neighboring homes, the commute, walkability, the view, the yard… You can change things about the home itself, but you are stuck with the location so it is vitally important you are comfortable with the location and what that means. Different aspects of location are important to different people. Know what is most important to you… don’t be taken in by a beautiful house if the location isn’t what you are looking for. If it isn’t in a location you can live with, don’t even look at it.
MAINTENANCE COSTS
Don’t be surprised when your ongoing home costs turn out to be higher than you expected. Be sure to consider expenses beyond the purchase price, taxes, insurance and HOA dues if any. Factor in ongoing utility and repair costs, potential replacement costs for furnace, AC, water heater, roof, etc. Also budget about 1% to 4% of the home’s value for annual maintenance costs.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
