Buying a home is a lifetime dream for many people. Unfortunately, Range Real Estate found out that not everyone lives “happily ever after” when buying that home which made us alarmed. We have summarized the top regrets some first-time homebuyers experience.
1. Too long of a commute.
The home may be great, but the long commutes can start to wear thin. Especially if gas prices increase or significantly more time is spent at work or on the road than at home.
2. Not thinking about the future.
When buying a home, it’s critical to think about potential changes in your area:
- Will more homes be built in the area?
- Are neighbors moving out? Is the demographic changing?
- Will employers in the area be shutting down or laying people off?
These and other changes could have a dramatic impact on how you feel about your home.
3. Not having the final walk-through.
The final walk-through is important for all homebuyers, but it’s especially important for those buying foreclosed properties or when moving in after disgruntled renters were forced to move out.
4. Leaky roof.
The average homebuyer won’t visit a home during inclement weather. In addition, many home inspectors will not go on the roof to inspect it. In addition to roof leaks, septic tanks, wells, and wells tend to be overlooked. To protect themselves, many homebuyers hire home inspectors that carry “Errors and Omissions” coverage.
5. Inadequate research.
Not doing enough research can be costly. Top regrets include not knowing about various loan options available to them, or the various costs that come with purchasing a home.
6. Not getting an adequate size house.
Many homebuyers regret not getting a larger house initially. This is partly due to simply outgrowing the home: children getting older, new additions to the family, needing home office space, etc.
7. Not hiring an agent.
While many people try to save money by purchasing a home themselves, this could be a mistake. Agents are specifically trained to find homes that are best suited for their clients. In addition, they often have access to homes on the market or information that the average person isn’t privy to.
8. Not shopping around for a mortgage.
Shopping around for the best interest rate is a must. Don’t accept the first offer you receive because you might find better rates elsewhere. In addition, don’t use your personal bank because it’s convenient: they may not have the best rate available. Check three or more lenders and see which is best.
9. Going over budget.
In addition to paying the mortgage, other costs must be considered:
- Taxes
- Homeowner association fees
- Insurance
- Waste management
- Electric bills
- Water
- Etc.
It’s critical that homeowners factor these costs into their budget before signing on the dotted line. Creating a budget and sticking to it is key.
10. Not getting a home warranty.
The home warranty is an annual service contract where the repairs of key appliances and systems are covered. This would include plumbing, electrical, and heating/cooling systems. Home warranties are typically advised when not buying a brand-new house.
11. Loving the house, but not the neighborhood.
The perfect house in an imperfect neighborhood is not a good combination. Learn the area: if you’re not happy with the neighborhood that will eventually affect how you feel about the house also. The drive through your neighborhood should be a pleasant one.
12. Not having an emergency fund.
Also known as a “carrying cost,” this emergency fund can help cover the various expenses associated with owning a home. This would include unexpected repairs and maintenance. Keeping a minimum of $2,000 in an emergency fund is often advised.
13. Not changing the locks.
For peace of mind, changing the locks and code on the garage is a wise move. Even though the owner gives you the keys, who else might have copies? Other family members, housekeepers, etc. may still have keys you are unaware of.
14. Not changing air filters.
Yes, the house is new to you, but it still may have certain things that must be replaced. For example, air filters should be replaced monthly. A dirty air filter could lead to the following problems:
- Lower air quality (direct impact on allergies or asthma problems)
- Reduced HVAC efficiency
- Blower overheating
- Iced-over evaporator coils (system freeze-ups)
In addition to air filters, cleaning the air conditioner condensers and evaporators (if needed) is also advised shortly after moving into the home.
15. Overlooking the Importance of the School District
School districts are important even for those who don’t have children or school-aged kids. A strong school district can increase the value of your home, making it even more appealing to parents with kids in case you sell.
Buying a home can be one of the greatest joys in life. Keep these tips in mind to ensure your home-buying experience is everything you hoped for.
About Range Real Estate, Range Homes
Are you looking to buy or sell your property in East Bay? Need help determining your next move? Here at Range Homes, we have a team of motivated agents dedicated to putting your needs first. Our mission is to get you the best deals & offers and help you buy (or sell) your home. For assistance with your real estate transactions during these challenging times, Range Homes is here to help. Reach out to our team today by clicking HERE.
Why East Bay CA?
East Bay CA is known for its good economy, beautiful landscapes, and extremely popular housing market. When other states and territories have experienced a decline in housing prices the Bay Area, in general, has remained strong. This doesn’t mean you should not diversify your portfolio across many states, but Range Real Estate agrees that this is certainly a strong place to start for a novice investor. There are even some great low-cost homes that are ripe for renovation.
We have a team of friendly, helpful Range Real Estate that specialize in East Bay CA real estate and property sales that can help you work out how to best get your property portfolio started. Our agents are here to put your needs first, get you the best deals and offers, help you buy or sell your dream home and build your investment portfolio. Reach out to our team today to find out your options.
If you are looking to find an East Bay CA Realtor, looking for homes for sale in East Bay CA, or even to sell your home with someone who will make sure you get the best deal and understand your needs – look no further – when you work with us, consider yourself family.
