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How You Can Avoid Homebuyer’s Remorse

September 9, 2015

HomebuyersRemorseThe saying “Hindsight is 20/20” is something that new homebuyers can express after they move in and the reality of their purchase really sinks in. When you buy property, you are taking a risk that it will meet your needs and desires and all things will go smoothly. As a Realtor®, my goal is to help ensure you are happy with what you buy. Until you have some real living time under a roof however, there is a risk that something you don’t like will come to light, and you may end up suffering from “Buyer’s Remorse”. The good news is, there are things you can do before you buy to help avoid this experience.

According to a survey conducted this year by Chase Bank on consumers’ experience of the home buying process, the majority, 56%, of buyers reported feeling ready but still wished they had more knowledge of financial aspects of Realty® transactions and mortgages. 22% wished they better understood the detailed ins and outs of the closing process, while 19% would have felt better understanding more about making offers and negotiating, and 15% wished they better understood home financing options.

One easy way to be in a better position to understand the entire process is to take a home buying class before you begin your search. The California Housing Finance Agency (CHFA) offers programs throughout the state that you can attend. These classes are also part of many programs that can help you finance your home more easily, with down payment assistance or tax credit options for example. Even if you don’t need financial assistance, these education programs are worth it. The more you know, the more likely you will be happy with the end results all around. A smart buyer is a happy homeowner.

Another interesting result of the survey by Chase Bank was in regards to the homes themselves. A full 39% of people surveyed said if they could, they would choose a home that was either a different price, size or location. Pay attention to home prices as you search; being familiar with prices in the area where you want to buy can help you avoid feeling like you paid too much. A Cost Market Analysis report of homes you are interested in is also a great way to see what current market trends are, and can be provided by your Realtor®. Making a clear list of what you need and want in terms of space is another way to ensure you find the house that is right for you. If you love to cook, be sure to include a large kitchen as one of your criteria when it comes to viewing listings.

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