Biggest Homebuyer Regrets

Biggest Homebuyer Regrets

There's no such thing as a perfect house. Even if you have an unlimited budget or build your home from the ground up, there will eventually be something about it that is not perfect. However, for the average homebuyer in New Mexico, buying a home can be an overwhelming process, and it's easy to get distracted. Let's look at some of the most common regrets home buyers have after moving into their new homes.

They don't like the location

Sometimes, home buyers have to choose between amenities and location in order to find a home that fits their budget. Buying a house further away from work or a child's school may not seem like the end of the world until they are stuck with a long commute 5 days a week. Maybe the home that works for you and your family is further away from the local restaurants and entertainment you enjoy – you can make that work, right? For many homebuyers, the answer is no.

Before buying a home, it's important to really stop and think about what your everyday life will look like. Will the house add an extra 20 minutes to your commute each way? That's a lot of extra time out of your day! Are all of your friends, family, and hangout spots now a lot further away? Is that really worth it? Really think about all of the pros and cons before jumping into a home in a location you're unfamiliar with. It's also a good idea to drive around the area and see what types of stores, restaurants, gyms, and so forth it has and if those look like places you'd want to go to.

It's more maintenance than they realized

Most homebuyers know they will need to spend time and money maintaining their home, but some are caught off guard about just how much that entails. From yard work, to everyday cleaning, to repairs both big and small, it all adds up. First-time home buyers, especially, are often surprised about just how much there is to do.

Before buying a home, we always recommend a home inspection. The home inspection results should give you an idea of what systems will need to be repaired in the future. You can also ask the home inspector for a rough idea of how much those types of repairs cost. Still, when the day comes that, say, your water heater needs to be replaced, it still hurts. A home warranty could help with some of the costs, but you'll still need to set aside money for repairs.

They bought too quickly

The real estate market can move fast. Sometimes, if you don't jump at the chance to make an offer on a home, someone else will. Unfortunately, that has led many homebuyers to regret the home they chose and left them feeling like they did not have enough time to consider all of the implications of their purchase.

Fortunately, the real estate market in New Mexico has slowed down quite a bit. In most cases, homebuyers in today's market should have enough time to think through the purchase before moving forward. If you have to purchase a home before your lease ends, make sure to give yourself more time than you think you'll need so that you aren't rushing and panic buying a home. Getting the process started at least 90 days before your lease ends should be enough time for you to comfortably find a home and go through the buying process.

The house is too small

We've seen this many times – buyers want to save a few bucks so they decide to buy a home smaller than they initially wanted – and then they regret it. Compromising price for extra spaces like a guest room or a home office may seem like a good way to "make it work," but that isn't always the case.

Like we said, there's no perfect house, but if you know what spaces you need in your home or that you have a big family who takes up a lot of room – that should be your priority. A home where everyone has their own place and enough room to feel comfortable is what a home should be about.

Stay focused during your home search

Buying a home is a huge decision that requires patience, planning, and flexibility. It might be easy to get distracted by shiny objects like brand-new granite countertops or the pretty chandelier in the dining room, but if those items make you compromise on things like size or location, it might lead to regrets down the road.