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    Buyer’s Remorse: What First Time Home Buyers Wish They’d Known

    Prevent Buyer's Remorse - Bittinger Team, REALTORS

    Even the pickiest of home buyers can end up with buyer’s remorse after the purchase of a new home. In fact, according to recent studies, 44% of Americans have a regret about their current home.

    At BestMichiganHouses.com, it’s our mission to help buyers find the house that’s right for them, and we’ve been doing it successfully for more than 35 years. Don’t let buyer’s remorse get to you – the best way to choose the right house is with with the right Realtors.

     

    First-time Home Buyers: What You Need to Know

    • Home Size: Too small or too large, some first-time home buyers regret the size of their home. To avoid this, consider how long you plan on being in your next home. Do you plan to have any changes to the size of your family? Are you planning to have house guests often? Do you work from home? Do you have young children who need space to run? How much home do you want to clean? Consider all of these factors when deciding how small or large you want your next home.
    • Actual Cost: Nearly 40% of first-time home buyers feel they paid too much for their homes. And even more people are surprised at what everything costs at their closing. Make sure you know your budget and anticipate all costs. That being said, shop around and understand the power of negotiation.
    • Too Much PMI: Some people regret not saving more for their down payment. It’s not uncommon to come to closing with less than 20% down. The result? Higher private mortgage insurance, or PMI. This costly premium is added to your monthly mortgage payment when you put less than 20% down. That can mean a lot more money out of your budget.
    • Remodeling Needed: First-time home buyers often bite off more than they can chew with a fixer-upper home. Many home buyers experience remorse when they realize the time and money that goes into renovations. Home repairs cost more money and take more time than you can imagine – unless you’re a very handy person, give yourself reasonable expectations (and time) for remodeling.
    • The Neighborhood: So, you found your dream home, but did you look at your neighborhood? When moving into a new home, you move into a new neighborhood. It’s easy to get caught up in loving a home so much that you forget to research the neighborhood, too. Remember to look for quality schools, reasonable taxes, parks & rec offerings, quality of homes in your area, crime rates, etc. Why? Because your neighborhood and city have an impact on your home’s value and your happiness there. If you want to make a good investment, you want to make sure you find the right neighborhood.

     

    Bottom Line

    Don’t let buyers remorse get to you – the best way to choose the right house is with with the right Realtors. BestMichiganHouses.com is brought to you by Bittinger Team, REALTORS, your local Canton, MI Realtors. If you need guidance finding a home you won’t regret buying, Bittinger Team, REALTORS is here to assist you.

    We’ve been helping buyers in Plymouth, Canton, Northville, MI and the surrounding communities for more than 35 years. If you have any questions or are ready to start the process of buying a home, contact us today!

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