6 Regrets That Many Home Buyers Have
In a recent pole held by NAR (National Association of Realtors) they asked homes buyers what their biggest regret after purchasing their home. What's crazy is these same people were ask if they had considered this as a "negative" when analyzing their home purchase, and 52% of people said YES! Here are The 6 biggest regrets that most home owners have in order:
- 31% of people said commute. Sitting in traffic, gas prices, higher vehicle insurance and proximity to after work events was a large reason people had commute at the top of their list.
- 29% regretted pushing their monthly payments to their limits. In 2008 this same pole had this regret at 71%. This was during the time of interest only and adjustable rates. It's great to see this down to 29%! Make sure you budget accordingly and only spend what you know you can afford.
- 29% of people regretted buying a home in an HOA community. With the added cost and laundry list of rules, many home buyers regretted purchasing a home in a community with an HOA.
- 26% of people said that they wished they purchased a smaller or larger home. I'd say that most people have to make a big decision during the home buying process - smaller and updated home, or larger and less updated home. Make sure you choose wisely.
- 16% said that they wish they purchased a home with a larger lot size. Home builders are building more and more new homes with tiny yards. By squeezing more houses on less land they increase their over all net. If you have children or animals it's important to make sure a tiny lot will not be one your regrets.
- 12% said that they wish their home had a higher walk score. A walk score is given to each home to gauge you proximity to things within walking distances. You can check the walk score of your home at https://www.walkscore.com/
During the home buying process you will be given a report to review called a "Statewide Buyer & Seller Advisory." This advisory will provide you with additional things to research and think about before moving forward with the purchase of any property. Things such as:
- Future repairs
- Crime reports
- Utility costs
ABOUT THE AUTHORS: THIS ARTICLE "6 Regrets That Many Home Buyers Have" WAS PROVIDED BY GLENN TOMPKINS. A REALTOR IN THE SACRAMENTO AREA. MY TEAM OFFERS OVER 30 YEARS OF COMBINED EXPERIENCE, SO IF YOU’RE THINKING OF SELLING OR BUYING, I’D LOVE TO SHARE OUR KNOWLEDGE AND EXPERTISE.
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