The reality is that your first home will likely be the biggest investment you have ever made. The last thing you want is to regret a decision from the buying experience. There are various kinds of decisions about buying or renting a house for the first time you could look back on with regret. Follow me on this unravelling experience to look at the regrets of the first time homebuyer to make sure you don’t make the same mistakes while purchasing your dream house.
Needs and wants
The most common source of remorse is that the house does not meet a certain need. People tend to outgrow their homes quickly due to the fluctuation in needs and wants which is highly subjective. Imagine a newlywed couple moved into a two-bedroom apartment but 5 years down their lives they have children and relatives who now stay in the house. At this time, the two bedroom cannot accommodate the couple and their family due to changes after a few years in relation to their needs and wants. After some years, new homeowners wish their homes were bigger or laid out differently. They wish they had bigger kitchens, more room space or just more space in general.
When buying a house you need to imagine if this house can accommodate your needs in a few years. Have a short list of needs and requirements, but other than that, try to stay open-minded. The biggest mistake is buying for the moment and not looking down the road.
Money
After the excitement of a new house has died down, people tend to take an objective analysis of the price of the house and sometimes regret they paid too much or should have bargained for more benefits. Negotiating with the seller is an integral part of the home buying process. New home buyers are usually delighted with the price such that when the seller offers the price they want; they agree to close the deal immediately.
Immediately you find your dream house, you need to press the brake on your excitement and let your agent do his job! This is where a good agent comes into this situation. This is why agents often insist buyers look at three to five houses as a minimum during the inspection period.
New home buyers are so invested in the emotions of finding their dream house. It is almost like they rush to the court just to get married, instead of choosing the right spouse. Let your agent assist you in the house buying process.
Environment
Another regret is how much it costs to maintain a house and for buyers to realise that after moving into the house that they do not like the neighbourhood. New owners may regret that the amenities like water pump, electric box and power switch are old or may not even know where to find them.
New owners should inspect amenities like water pump, electric box and power switch before moving into the house and ask the house owner to show you where the water pump, electric circuit box and others. Drive through the neighbourhood on a Friday night to really evaluate things like the parking space, security and other activities that happen in the neighbourhood.
Kindly share your house buying experience with other PropertyPro readers.
