After the Sale- 5 Home Buyer Regrets
So, you’ve found a house you like, come up with a down payment and gotten preapproved. What could possibly go wrong? Plenty, if you and your agent rush through the deal without doing all the homework. Buying a house is like getting into a marriage: You must make sure there aren’t any problems you might have missed during the courtship. After all, you might have to live with your mistakes for a long time. Just ask buyers who purchased six or seven years ago.
Here is a list of mistakes that buyers make in the rush to close on that house of their dreams
Ignoring Maintenance and Repair Costs
When people see a house they really like, they don’t see all of the bumps and bruises the first time they look at it. They might disregard the ancient heating and cooling system or not factor in adequately the cost of running or replacing it. Ditto for that awful plumbing system or roof. If a roof is more than 10 years old, a replacement should be accounted for in your bid.
Blowing Off Secondary Inspections
After the general home inspection, many rushed buyers blow past other recommended once-overs, such as checking out the pool for leaks and electrical problems or getting that tiled roof looked at by a contractor. These oversights could pose a terrible problem later when an owner has to spend money on repairs rather than on new furniture.
Not Doing Enough Research on the Condo Project they are Buying Into
Often people scrutinize the unit but neglect to fully inspect its homeowners association documents and the building’s insurance coverage or to do a check for pending litigation.Read all of the condo documents, such as the financials, covenants, conditions and restrictions (CC&Rs), HOA board-meeting minutes, etc.. Ask questions if you do not understand.
Not checking Out the Neighborhood
Finding the perfect house is wonderful, but if your neighbors are disrespectful or the local amenities are sparse, you might get buyer’s remorse.
Get the lowdown by knocking on doors around the house. Tell neighbors that you’re interested in purchasing there and would like to know more about the neighborhood. You can ask:
- What do they like about it?
- Have there been any recent problems with crime?
- Have there been any big disputes between neighbors? How were they resolved?
- Do the neighbors around the house have pets?
Not Calculating the Commute
Sure, that neighborhood is quiet and kid-friendly, but how long will it take to get back there from the downtown where you work? Drive the commute to your office during peak traffic time so that you know how much time it will take to get to your job and to get home. Avoid road rage. Make sure you know what to expect on your drive home.