The moment you close on a brand-new home should be one of the most exciting of your life. Unfortunately, many first-time home-buyers have quite the opposite experience and wind up regretting their purchase instead. After settling into their new home, they begin to wonder if this was indeed the right choice and lose the fervor they once had for what used to be the home of their dreams. Approximately 51% of home-buyers experience this – don’t become one of them! To make sure you enjoy your brand-new home to the fullest, here are the best methods, provided by the mortgage professionals at Rex Homes, to avoid the infamous “home-buyer’s remorse.”
Purchase a Resale Instead of a New House
Buying a custom home from a builder can be a gratifying experience. Everything about the house can be made to your preferences and needs, and the final product will be a shining reflection of your character and lifestyle. Still, despite the appeal, this may not be the best option for you, especially as a first-time home-buyer. The most significant disadvantage of buying from a builder is that you have no clue what the final product will look like. If there are any aspects of the home you dislike, it may require several thousand dollars to rectify the issue. Purchasing a resale is an easy way to avoid such a conundrum.
By buying a resaleor considering foreclosed properties, you will be able to see the finished product right away. This way, you can weigh the pros and cons of the home and identify what fits with your needs, family, and lifestyle, all in real-time. (For example, elements to consider in determining the pros and cons of the home include: location, number of floors, mortgage rate, floorplan, neighborhood, and landscaping.) If you don’t like it, you can walk away without having to spend a large amount of money on resolving mistakes or elements that don’t quite meet your expectations.
Plan Your Budget Early On
Fortunately, overspending on a home is one of the easiest things to avoid, even for first-time home-buyers. As you gear up to make the down payment and pay for the closing costs on your brand-new home, review each detail of your current and projected financial circumstances meticulously. Keep in mind that your budget must include property taxes, costs of repairs, maintenance, possible renovations, and potential HOA (Homeowner’s Association) fees as well.
Adjusting for these expenses before committing to a specific home will protect you from being blindsided by any potential surprise costs. This will keep your finances intact, no matter what comes your way, defending you against any possibility of experiencing home-buyer’s remorse.
Hire a Mortgage Professional
With expert assistance, your chances of making the wrong decisions or regretting any point of your home buying experience are slim. Whether this is your first time purchasing a home, or you’ve done this repeatedly, the value of a mortgage professional’s expertise in this process cannot be understated. They will provide you with precisely the guidance you need to ensure you get the appropriate loan type for your desired home, complete with an interest rate that won’t hurt your wallet. Get in touch with an expert to start your home buying journey today.