According to NerdWallet, who conducted a survey on home buyer regrets found that one of the main issues for home buyers is not doing enough research before the purchase. This includes researching the home, the builder and the financing process.
One of the main areas of stress and confusion was repeatedly the process of obtaining a mortgage. Buyers in the survey said the were unaware of all their options, unclear about the process and upset about hidden fees. You can better prepare yourself by meeting with a finance specialist with a list of prepared questions. Research loan options and use online calculators to determine your desired monthly payment and down payment.
In a similar study conducted by the real estate website Trulia, home buyers regretted not buying a larger home. The focus on getting the exact location sometimes outweighed other home options or even the ability to afford a larger home in a different neighborhood. Looking at other locations can provide opportunities for more bedrooms and bathrooms.
Another popular regret was not putting enough money down for a down payment. While this may help you get into a home quicker it may result in larger monthly payments or even the need to pay mortgage insurance. A larger down payment can help you feel financially secure later on as you're living in your home and paying the monthly costs.
Doing your research can help you avoid these common home buyer regrets and fully enjoy your new home!