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.
