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Marjorie T. Brown

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Avoid These 4 Common Homebuyer Regrets

Buying a home is always a big decision, but with higher mortgage rates and rising home prices, today’s homebuyers seem to face even higher stakes.

Want to ensure you buy a house that makes you happy, get a mortgage you can afford, and make the best moves for your future?

Read on to learn some of the most common homebuyer regrets — and how you could steer clear of them.

 

Regret: Paying a too-high interest rate

A higher mortgage interest rate means a higher monthly payment, which could pose problems if you can’t keep up with it. 

Solution:

Work on improving your credit score before applying for your loan to try to get a better rate. You can also pay for mortgage points or consider an alternative loan type for a lower interest rate.


Regret: Forgoing an expert’s help

Buying real estate is complicated, especially in today’s market. Not having an experienced negotiator by your side means you may spend more. 

Solution: 

Work with an agent who’s knowledgeable about local market conditions and can help you put your best foot forward during the process.


Regret: Underestimating costs (and effort)

Depending on your budget, you may have to buy a home that needs a fair amount of work — and those expenses can add up. 

Solution: 

Make sure you get a home inspection and pay close attention to the report. You should have an accurate picture of the repair and renovation costs you could face.


Regret: Rushing the process

It’s easy to get caught up in the moment, especially if there’s a bidding war. But being too hasty could lead to disappointment down the road.

Solution: 

Don’t purchase a place that only checks your boxes today; consider one that will meet your needs in the long run. And don’t skip your due diligence to get into a home faster.

 

 

Do you want help finding the right home? Reach out so we can get started.

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