Worried About Buyer’s Remorse? Avoid Three Pitfalls When Pursuing Homes for Sale

Posted by Mike Pannell on Wednesday, May 31st, 2017 at 8:43am.

Buying a home serves as a benchmark in anyone's life. You’ve worked for years to save up for the down payment, and now you’re ready to sign on the dotted line. Unfortunately, since this decision is so big, extreme highs can lead to extreme lows if you’re not careful.

It’s estimated that around 25% of homeowners feel some sort of buyer’s remorse after their purchase. You can make the right decision for you and your family by being aware of the following issues associated with buyer’s remorse.

Three Common Pitfalls to Circumvent When Searching for Homes for Sale


The Neighborhood

There are times when the house itself wins you over the moment you see it. The entire space appears top-notch, with its striking front entry and an appealing interior. However, these features can mask the neighborhood that surrounds the property—an important factor that sometimes gets lost amidst the shuffle.

After looking at several locations, research the area you want to live near. How is the crime rate? Are there any good schools near the area? These attributes often affect a decision more greatly than any other factor. It can be the difference between a long-term residence or a short sell.

If you feel comfortable enough, chat with the neighbors in the area and glean their input about the neighborhood vibe. They’ll tell you what it’s like to live in the area and provide details about attractions nearby. In addition, you should think about the type of lifestyle you prefer. You and your family may be the quiet and secluded type, making it important to select a neighborhood that is relatively quiet. Alternatively, you might enjoy being in the center of the action, surrounded by youthful neighbors who like to have fun.

Renovation Goals

A trend sweeping the real estate market is the acquisition of fixer-uppers, ripe for renovations and restorations via some hard work. These lofty goals are often inspired by those remodeling shows you’ve probably seen on television.

A lot of smoke and mirrors go into making these shows and renovating a home is actually far more complex and expensive than it appears. The average cost for remodeling multiple rooms is around $36,845. This is almost like buying a separate home, depending on where you shop.

Holding onto long-term visions for how you want the house to look is fine. The problem comes when you don’t know how much these renovations will cost. Before restoring the kitchen or upgrading the bathroom, always consult with a real estate agent first. Agents have seen these renovations firsthand and can cite the common pitfalls new homeowners commit to their own disadvantage.

It’s wise to first gain multiple estimates from licensed contractors, as this gives you a measurable budget. Some renovations may be feasible, while others may simply be through the ceiling. Repainting surfaces on the interior, for example, is a great way to upgrade the interior as a project may well within your budget.

Choosing Lenders

When people look for a home loan, they may opt for a big bank or lender because of their reputation and status. Though direct lenders draw favor as well-established institutions that you trust, you might be better served to go with a local bank. Not only do they tend to be more accessible throughout this entire process, but they want to make sure your experience proves positive. Moreover, their service is usually better than larger banks, which may view you as a number, given the volume of loan applicants such institutions handle day in and day out.

The last thing you want to experience is buyer’s remorse after closing on any homes for sale near Plano, TX. Make sure this doesn’t happen to you by assessing your budget, needs, and wants. You also might consult with one of our professional real estate agents at Nu Home Source Realty, LLC, who can help you with long-term decisions you won't regret.

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