Homeowners tell all: What would they do differently when buying again?
BY THE PERK LENDING TEAM | September 18, 2023 | 2-minute read
When homeowners reflect on their home-buying experience, they often identify areas for improvement based on their past experiences and lessons learned. Below are some common things homeowners would do differently:
Not overextending Finances
One of the biggest regrets is purchasing a home that stretches their budget to the limit or beyond. This can lead to financial stress and difficulties in meeting other important financial goals.
Not Considering Future Needs
Failing to consider future needs, such as family growth, potential job changes, or the need for more space, can lead to outgrowing the home sooner than expected. Homeowners said they would consider their future goals with their next purchase.
Ignoring Location
The location of a home is crucial. Regret can arise if the home is too far from work, lacks amenities, or is in a neighborhood that doesn't meet the buyer's lifestyle preferences.
Underestimating Maintenance Costs
Homes require ongoing maintenance and repairs. Underestimating these costs can lead to unexpected financial burdens. One of the larger ongoing expenses that many homeowners pay for is for yard maintenance. Beyond that, there is the recommended HVAC maintenance fees, pest control fees, and gutter cleaning.
Skipping a Home Inspection
Foregoing a proper home inspection can result in hidden issues that surface after the purchase, leading to costly repairs. Plumbing leaks, roof damage, and HVAC problems can add up quick. Beyond this, getting a home inspection is crucial for many other reasons. It can help save you thousands with insurance premiums, aid as a negotiation tool with your offer, and can arm you with resale knowledge if you decide to sell in the future.
Not Shopping Around for Mortgage Rates
Failing to shop around for the best mortgage rates can result in paying higher interest over the life of the loan. At Perk Lending, we will shop rates at multiple different lenders for you and will list out all your financing options in one seamless platform. Give us a call today to learn more.
