7 Mistakes Homebuyers Should Avoid to Prevent Buyer’s Remorse
When buying your Alaskan home, your goal is to make sure you find the perfect home for yourself and make the right choices. There can be a lot to consider, especially as a first-time homebuyer. The home buying process can be both overwhelming and exhilarating at the same time. In a buyer’s market the rising rates have made the process feel even more chaotic and can make buyers feel rushed and frenzied. If you’re in the market to buy a home, there are 7 things you might want to avoid in order to not experience buyers’ remorse.
Avoid the FOMO trap
FOMO or the Fear of missing out, can cause a buyer to act impulsively and end up with regrets. This trap can leave you spending more than you can afford and becoming “house poor”. When we are “house poor” it means we must spend the majority of our funds on mortgage payments and related expenses. Don’t feel pressure to act, rather focus on your priorities. Keep your eye firmly fixed in reality and pay attention to your bottom line.
Avoid being impulsive
Along with FOMO the buyer’s market can lead you to feel pressured to buy quickly. This impulsive behavior is driven by a shortage of inventory. You may feel pressured to buy the first house you see. Step back and look at the whole picture. You’re not just focusing on an available house in your price range, you need to make sure this home is going to fit you in the future. Will this home fit your lifestyle and your goals?
Avoid waiving an inspection
As our last article series pointed out, inspections are an important part of the buying and selling process. This will educate you on the honest condition of the home you are buying and what you will need to spend on improvements. Some feel it will make their offers more attractive, but it can bite you in the bum. Issues will arise no matter what, but it’s important to have a clear picture and know what you’re walking into.
Avoid sacrificing location
We’ve heard it our whole lives… “location, location, location!” Location is the most important factor you should consider when buying your home. You’re buying the neighborhood and the lifestyle along with the actual house. Does it fit your current needs? Check out the location at different times of day and on different days, investigate your school and work commutes. Decide if these are worth the price.
Avoid skimping on the financial research
Take the time to shop around and compare the costs. Find out about closing costs associated with your purchase, and research options and rates. Take the time to speak to at least 3 different loan officers before you make your decision.
Avoid focusing too much on the aesthetics
You may fall in the love with the interior décor or the renovation, but these may distract you from the bones. Pay attention to the actual spaces and make sure that they fit your needs and comfort. Focus on things that can’t be changed like location, size, views and the height of the ceiling. You can change the rest.
Avoid ignoring the costs
When you want to make changes to the aesthetics it’s important to factor in the costs. How much time and money will it take to accomplish what you want? Do your due diligence. Pay attention as well to the costs of regular maintenance of the home. Take into consideration yearly costs like HOA fees, tax and insurance, as well as lawn care and utilities. These regular fees along with unexpected repairs can break the bank if you’re not careful.
When buying your home here in the Anchorage, Eagle River, Wasilla, and the Mat-Su Valley area we want to be your sidekick. We can help you through the process and help you to have the best experience possible. Please contact us with any questions.
