Home Buyers remorse is the last thing you want when purchasing a home. Read below to find out more on how to avoid this so that you can enjoy your home.
1. Get Inspections
Before you purchase a home, you may need to complete several inspections.
The first inspection you should consider is a chimney inspection. Getting a chimney inspection will make sure that there aren't any byproducts of old firewood left in your chimney. What was left over may combust in your home and potentially start a chimney fire. A chimney inspection typically costs between $300 and $400.
You may also want to consider getting an electrical inspection completed. Improper usage of electrical equipment is one of the leading causes for home fires. When you opt for an electrical inspection, what you will get is a battery of tests that check underground outlets and wires. The inspector may also check for electrical panels that may have been improperly modified.
Finally, you may want to get a mold inspection. Mold can cause several ill health effects, such as allergic reactions, hay fever, and respiratory issues like shortness of breath. Professional mold inspectors can utilize thermal imaging to help find weird spots behind walls and to help access and remove any damage caused by the spread of mold. Mold inspections will typically cost you a little more than $600.
2. Do Research
One of the best ways to ensure you never experience homebuyer’s remorse is by doing proper research. You can avoid buyer’s remorse in general by creating a set of realistic expectations and a list of your wants and needs. The main reason buyers regret their house purchase is due to anxiety.
3. Talk to the Neighbors
Speak with neighbors to find out more about the pros and cons of living within a specific neighborhood, such as what stores you’ll be living next to, how loud the neighborhood is, or how much traffic that neighborhood experiences. Neighbors will inform you about whether they think that the homes in the neighborhood will increase in value over time because sometimes it can be difficult to predict which homes will grow in value.
4. Look Into the HOA Rules
One in five Americans living in a home is part of a homeowners’ association. The fees for living with a homeowners’ association vary widely, depending on the orientation of your home as well as the square footage of the structure. These variables can affect the homeowners’ association fees you'll need to pay per year. If you decide to purchase a home in a community run by a homeowners’ association, what you're actually purchasing is a set of legal obligations about the living space itself.
5. Check Crime Rates
There are dozens of free ways to check the safety of the neighborhood you want to live in. Apps like SpotCrime allow you to track crime alerts for free and will give you up-to-date information about where crimes have recently occurred. This app will allow you to report a crime completely anonymously. One of the main features of an app called CrimeReports is that it shows you crime incident trends over the course of 15 days.
Checking your soon-to-be home for any problems with the neighborhood or with the home itself is a surefire way to avoid buyer’s remorse.