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.
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.
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.
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.
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.