More and more people find themselves with home buyer’s remorse in today’s day and age. Many people take the plunge with one of the biggest purchases of their lives and end up seriously regretting it later.
A recent survey revealed that as many as 60% of homebuyers regret their purchase within the first five years. So, what is it that leaves these homeowners wishing that they hadn’t bought their homes? Take a look at some of the most common reasons that people regret their purchase.
Not Identifying Problems Before Moving In
It’s critical that you perform a thorough home inspection before you move into a home. An inspector will give a details evaluation of all of the repairs that need to be made. They’ll go in and do everything from identifying termite infestations to pointing out foundation cracks. Based on this information, buyers can either negotiate with the seller to take this cost off of the price of the home or forgo the sale altogether.
However, many buyers don’t want to have to pay for the extra expense of hiring an inspector. As a result, they wind up cutting corners and inspecting their own home. Unfortunately, several years or even months down the road, they end up realizing that they are in over their heads in repair costs. Had they only paid for the price of an inspector earlier on, they wouldn’t find themselves stuck with the bill for the problems they failed to identify.
Focusing Primarily on Investing Rather Than Living
Nowadays, far too many people buy a house with the intention of making an investment rather than considering their home as a place to live. Later on, they end up sticking around for longer than they initially anticipated. However, since they didn’t make their buying decision based on the right reasons, they realize they have to live in a place they don’t love for the next few years, or even the rest of their life.
Owning a home requires a considerable amount of work. There is a lot that goes into it that people take for granted. People who have never owned a home before may find themselves overwhelmed with all of the responsibility that comes along with it. There isn’t a landlord to call or property manager to handle any issues. All of the work falls onto the owner, which a lot of people aren’t ready for.
Failing To Research Location
It’s critical that you know exactly where you’re moving before you tie yourself down to a location that could cause you problems later. Many people don’t look into the school district or crime rate, which leaves them regretting their location later on.