An online survey conducted by Research Now in March 2014 among 807 adults nationwide revealed some interesting facts about the most common regrets of new home owners.
1. 56% of buyers wish they had been more prepared for the financial aspects of buying a home in terms of knowing the ins and outs of the offer process, the closing process, and the financing process.
The take-away? Finding an agent that can guide you step-by-step through each of these phases, one that is experienced at negotiating on your behalf with the seller, and one that can connect you with lenders they know and trust will help make the entire process easier and without unpleasant surprises.
2. 39% of buyers say they would have bought a different size home or a home in a different area if they knew while shopping what they know after buying.
The take-away? Be flexible in terms of what you think you want when shopping. Often buyers fixate on a certain zip code or vision of the home they want without looking at each property as unique and offering its own list of pros and cons. For example, ask yourself questions like would a slightly longer commute be worthwhile if you could get more home for your money in a neighborhood slightly farther away from work? Use your agent's experience and knowledge with past buyers to avoid assumptions you may regret later.
3. 80% of buyers believed their new home to be move-in ready while 76% said they had done or were planning to do renovations on their home.
The take-away? Although the home you finally buy may not require any repairs, your natural instinct will be to make slight changes that make that house more customized to your needs and tastes. Keep this in mind and budget for minor upgrades after closing as you turn your new purchase in to your dream home.