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Originally Posted On: https://makingbrandshappen.com/2020/10/08/learn-how-to-avoid-buyers-remorse/
You would think that Americans would do almost anything to avoid buyer’s remorse when purchasing a home. But studies have shown that almost 50% of people experience it to some degree after buying a house.
First-time homebuyers, in particular, are often very susceptible to buyer’s remorse. They tend to make the mistake of rushing into buying a home for the first time and pay the price for it later on.
If we could give first-home homebuyers one piece of advice, it would be this: Take your time when purchasing a home! It’s one of the only surefire ways to avoid buyer’s remorse.
Here are several other pieces of advice that you should also keep in mind when buying your first home.
Look for a Home in the Right Location
When first-time homebuyers are looking around for a house to buy, they’ll often make the mistake of only considering the houses that they’re looking at and not their locations. But you should, of course, pay close attention to where a home is located prior to purchasing it.
You don’t want to buy a home in a neighborhood that’s trending in the wrong direction. You also don’t want to buy one that’s in a place that’s not close enough to things like grocery stores and doctor’s offices.
You’re going to have buyer’s remorse if you purchase a home in the wrong location. It’s why you should almost think about which location you want to live in prior to starting the home-shopping process.
Make Sure a Home Is the Ideal Size
When you’re in the market for your first home, you should have some general idea of how large you want it to be. It should be big enough to fit you and your family. But it shouldn’t be so big that you’re paying for more house than you’re ever going to need.
Think about how many bedrooms and bathrooms you need right now as well as how many you’ll need if you intend on adding to your family later on. This will prevent you from outgrowing your first home too quickly or from overpaying for a home that’s going to be too big for you both now and in the future.
Steer Clear of Paying Too Much for a Home
After spending a few weeks or maybe even a few months shopping for your first home, you’re going to be thrilled when you finally come across one that you love. You might love it so much that you’ll even be willing to overpay for it, if necessary.
Don’t do this! You should have a budget in mind for your first home and stick to it.
You should also have financing all set up in advance or decide that you’re going to be one of the cash home buyers who pays for their first house in cash. Regardless, you don’t want to get caught flat-footed when it comes time to make an offer on your first home and pay for it.
You Shouldn’t Have to Deal With Buyer’s Remorse After Purchasing Your First Home
Buying your first home should be an exciting experience. It shouldn’t be an experience that leads to buyer’s remorse.
With this in mind, you should take the advice that we’ve given you here and put it to good use. It’ll increase your chances of loving your first home for a long time and help you avoid having to shop for your second home sooner than you might like.
Check out our blog for more great home-buying tips.