A recent study revealed that 75% of homebuyers have at least one regret about their new residence. Here are six suggestions to address these issues before receiving the keys.
Regret 1: Not spending enough time searching for a home.
38% of successful buyers in the survey expressed a desire to have reviewed their options more carefully.
How to avoid it: The first step is to define your priorities and essential criteria before starting the search and dreaming about your new home. Creating a checklist can be a great way to stay organized. As you go over this list, your needs and wants will become clearer. For example, you might need a third bedroom for visitors, or want a fireplace to make winters cozier. Additionally, if you’re buying as a couple, it’s crucial that both of you know what is considered essential before starting the search. Research shows that 86% of buyers were searching for homes with a partner, spouse, or roommate.
Regret 2: The location of my home increases my commute time.
22% of recent buyers are dissatisfied with the neighborhood or location of their home.
How to avoid it: It is widely recognized that the most important factors in a home are its location and layout. Changing these aspects is quite challenging.You can update an outdated kitchen or replace old carpeting, but no investment can change the location of a house. Altering the layout would require a major renovation, which can be extremely expensive.
Regret 3: My home is not in the condition I expected.
32% of respondents regret that their home required more repairs or maintenance than anticipated.
How to avoid it: Many first-time buyers overlook the common costs of home repairs and maintenance. These expenses can add up — averaging around $150 per month, totaling more than $9,000 per year. If you’re purchasing a home at the limit of your budget, any additional repair or maintenance costs will feel especially burdensome. It’s essential to account for these expenses when setting your budget and planning for them after buying the house. Common items like fixtures or appliances may not be included in the purchase and could be expensive to replace. Ask your agent if these items are part of the deal and include them in your offer if you want to keep them.
Regret 4: I didn’t realize the importance of having the right agent.
70% of potential buyers believe that the reliable first impression of an agent or broker is crucial.
How to avoid it: Many buyers may feel overwhelmed by the task of purchasing a property. Having a trusted real estate agent can help you stay focused and clear on your priorities. The experience of this professional can help identify potential issues in a home you’re considering.
Regret 5: I waived the home inspection clause.
23% of buyers wish they had been less flexible with clauses (such as financing, inspection, or selling a previous property).
How to avoid it: While some buyers believe waiving the inspection can improve their chances of approval, it exposes them to the risk of discovering structural, mechanical, or safety defects that could be extremely costly. If a buyer waives the financing clause and their loan is not approved or the home is not appraised at the offer price, they will be responsible for covering the difference in cash or forfeiting the earnest money deposit — both options can have significant financial consequences. Don’t feel pressured to waive these clauses. Research shows that only 1 in 10 buyers waive an inspection.
Regret 6: Not considering areas outside my initial preferences.
28% of buyers wish they had considered buying a home in a different location.
How to avoid it: While you may start your search with a clear idea of what you want, being too rigid in your preferences could cause you to miss out on other opportunities. Explore neighborhoods that weren’t initially on your list; homes in these areas might offer all the amenities you’re looking for at a more affordable price. If you’re not willing to compromise on location, consider a home with unfinished space that can be adapted over time, like a basement or attic. A bit of creativity can open up new possibilities and ultimately help you find your dream home.
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