A 2017 report by Trulia recently found that 51% homeowners had some sort of regret with their current home, either with the actual home or the homebuying process. Now this figure seems somewhat high but let’s take a look at some of the main reasons and see what we can do about them.
Should Have Purchased a Larger Home
33% of homeowners said that they wished they had purchased a bigger home. When purchasing a home there are many variables to consider when deciding on how big a home you want. Obviously, there is the current number of people who will live there but plans for future children must also be taken into account. In addition to this how much room do you need for visitors, is 1 extra bedroom enough?
Other considerations also need to be taken into account. If you entertain a lot then maybe you need more living space and what about that home office?
Often these size considerations need to be counterbalanced with cost. Bigger homes cost more money, so sometimes if you really do need that large home, you may have to consider a cheaper area.
Incidentally 9% of homeowners wish they had purchased a smaller home. All that extra space needs more maintenance / upkeep and of course costs more.
More or Less Remodeling
26% of people who had regrets wished they had done more or less remodeling. Often buyers will fall in love with a home, even when they know they will have to do some work on it. Maybe the kitchen or bathrooms need to be remodeled, the basement finished, or it needs a garage. The problem is that 5 years later that work is still waiting to be done. The main problems here come down to cost or time. If you are going to get someone else to do the work this is going to cost, can you afford it? It you are going to undertake the work yourself then are you going to have the time and motivation to do it?
Wish I Had Been More Financially Stable
17% of buyers between 18 and 34 wish they had been more financially stable. No one wants to be house poor, which is a term used to describe someone who after paying their mortgage and costs has little money remaining for other things. So how much money can you really afford to spend on your mortgage and still have money for other things like dining, vacations, car etc. Also, is your job stable and do you have some saving to fall back on if needed.
Wish We had Better Schools
13% of parents wish they had chosen a home is a different school district. Now there are lots of resources online that provide school rankings and such, but there are other things you can do. For a start if you know people in the area in which you are thinking of buying then you can ask them what they think of the schools.
Another thing to consider is if you buy in a rapid growing area, the school boundaries maybe redrawn every few years to keep up with the population growth. So, your child may be allocated to a different school than that you originally planned.
All in all, your best bet is to work with an experienced Realtor, who can best help you with the home buying process.