Top reasons for homebuyer’s remorse to watch out for

As the real estate market becomes increasingly more hectic, many homebuyers have started to express concern over their property. It’s estimated in the last two years, over 70 percent of homebuyers have some sort of regret over their purchase. 

This number is alarmingly high so if you’re currently searching for a home, it’s crucial to be aware of some top regrets homeowners face before making such a hefty financial investment. 

Wrong location 

As you search for a new home, it’s easy to be drawn into gorgeous pictures of different properties. However, it’s important to also take into consideration the precise location of the home. 

A three bedroom home may be just what you need, but if it’s located off a busy highway, you may constantly deal with loud noises of cars passing by. Doing research on what the area is used for and services nearby can save you from feeling regret over the location of a home. 

Too many repairs 

Another top reason for buyer’s remorse is having to pay for too many home repairs. The average cost of home repairs equate to about $2,500. However, if you’re purchasing an older home, you may end up paying thousands of dollars more and have more frequent repairs needing to be made. 

Paying over asking price 

As the real estate market continues to expand, the price of homes in some areas are increasing and oftentimes homebuyers find themselves having to pay above asking price. It was found the median price paid over actual home value to be around $65,000.

This is no small amount, so when shopping for your next home, collaborate with your real estate agent to avoid being pressured into a purchase.  

Homebuying can be stressful so take your time when reviewing property options. Buyer's remorse isn’t fun - take all details into consideration before the commitment.