3 Homebuyer Regrets You May Not Have Considered
Falling in love with a house, especially when you're a first-time homebuyer, is a bit like falling in love with a person. It's easy to idealize your future home and completely overlook its flaws. And while some flaws aren't huge problems (cosmetic things and outdated appliances), there are other things that are easy to miss but massively detrimental to ignore.
Here are the top things you're most likely to come to regret, if you're a first-time homebuyer:
Changes in Nearby Zoning
What’s going on with zoning near your potential home? Though your house may be the hip neighborhood now, it’ll drop in value and your quality of life if there’s potential for nearby areas to be rezoned as commercial or industrial.
Can you fix this before moving in?
The only fix for this one is to find a better location.
Interior Architecture
Sure, you’re probably not going to pick a house that has stairs if accessibility is a problem -- or a house with two bedrooms when you need three. But there are more subtle interior architecture things you might not notice until you’re actually moving through your house naturally.
Think about how you move around in the kitchen, for instance: will you have to turn around frequently to get what you need? Where is the toilet in relation to the bathtub, and the cabinetry in relation to all of that? Which way do your doors open, and which areas will be the “high traffic” areas?
This may not seem like a huge deal, and if you’re not worried about money you can always do major renovations to change the structure of your home, but it’s always easier to find a house that you can move around comfortably in from the start. This is especially important when shopping for an older home, which may have narrower doorways and other odd features that might be hard to remedy.
Can you fix this before moving in?
Possibly. If you’re buying with the intent of dramatically fixing up a house (or gutting it completely) you won’t have to worry much about an awkward interior layout. And if it’s something simple like you’ll need more counter space, you can install a kitchen island (or get a portable one).
Learn more: Where to Find First-Time Homebuyer Grants
Jumping Into the Wrong Loan
There’s no doubt about it: it’s the American dream to own your home. But often, young homeowners with poor or nonexistent credit jump into home ownership too soon, settling for subprime loans and loans with high interest rates.
Think just as hard about the quality of your loan as you do about the quality of your home. If you have a low down payment and less-than-perfect credit score, it may be years before you actually start paying down the principal of your loan and building equity (which is sort of the equivalent of "renting" from the bank).
Can you fix this before moving in?
Absolutely. You can search for different lenders and compare multiple offers. Or, you can wait a few years, build up your credit, and save up a massive down payment so you can start building equity right away.
There are a ton of considerations when it comes to picking out your dream home and making an offer. If you need someone to lend an ear, the team at home.loans is happy to answer any questions you have about buying a home -- totally free. Contact us using the form below.