For those of you shopping for a home/anyone who can fog a mirror, it ain't exactly a secret that the housing market is on fire right now.
That can lead to buyers being a little too eager to get their offers accepted--removing inspection and appraisal contingencies, offering massive amounts over asking price, the works.
But what happens when the newness wears off and reality sets in?
Buyer's Remorse, that's what can happen.
Look I want you to find your dream house, too...but it's important to remember that once you close on a home in Indiana, that's it.
It's very challenging (read: almost impossible) to go back on the seller for defects in the property.
Litigation can be time consuming, expensive and frustrating.
It's important (read: very important) to avoid this scenario as much as you can.
Read (read: just read this please) on for a few tips on how to avoid buyer's remorse.
#1) Get to Know the Neighborhood
Actual picture of Mr. Rogers talking to a neighbor. If it works for him, it will work for YOU!
Don't let your enthusiasm for a home run away with you. Before making an offer, plan on touring the neighborhood several times. If you see folks outside, stop and chat with them. We’ve found that neighbors love to talk about the neighborhood and will share both the good and the bad.
Do some research on local schools. Even if you don't have school-age children and don't plan to, buying in the best school district you can afford is a smart move. Homes there hold their value better and are easier to resell.
Consider other factors like crime rate, commute times, and distance to other things that are important to you like parks or restaurants. These things will have a big effect on how you feel about your new home once you are actually living in it.
This handy dandy link from the US Census Bureau might be a good place to start.
#2) A Little Patience Goes a Long Way
*Listen to Axl. He's right, you know...a little paaaaaaaaaaaatience will go a long way.
There’s no getting around it - the market is hot and buyer competition is fierce. In these conditions it can be tempting to snatch up any home that is halfway decent just to be done with it. Unsurprisingly, homes bought with that rushed mentality don’t always live up to their hype down the line.
Even if things are moving quickly, make sure you take the time to examine the details, get a home inspection, and think about what you really want in your home. Keep an eye out for red flags and be okay with walking away if a home does not meet your standards. Buying a home is a huge financial decision, and not one that should be rushed!
#3) Remember Your Budget
Ching! Ching! Ching!
Bidding wars are all too common, but it’s important to balance what you want with what you can afford. A bank may approve you for more than you want to spend every month, but outspending your budget will not improve how you feel about your home purchase down the line.
It’s up to you to know what your true budget is, and factor in future maintenance costs, insurance, etc.
#3) Work with Experienced Professionals
Howdy, partner! We're here to help!
Working with a team you trust can help you succeed in this market--AND avoid major regrets.
Pick an experienced mortgage lender and loan officer (ask us for a referral) that will help you evaluate all your options.
Choose a knowledgeable real estate agent who listens to your needs, knows the area well, and will negotiate with sellers to get you what you need.
If you're looking for a certain real estate agent in particular, I can help with that.
With remorseless gratitude,