Warren County Ohio Real Estate News and Observations: 6 Tips To Avoid Homebuyer's Remorse

6 Tips To Avoid Homebuyer's Remorse

You're about to make one of the biggest financial investments of your life and the last thing you want is to regret your decision.

 

The good news?  There are steps you can take to minimize your risk of homebuyer's remorse.

 

1.  Have your financial ducks in a row.  Find that comfort spot and you do not have to spend nearly as much as the maximum loan you can obtain.

2.  Find an experienced agent to guide you through the process.  There are things you might never think about, pitfalls an agent can warn you about. And if you need a particular kind of house, find an agent that has that specialty.  E.g. if you want a Cincinnati patio home, do you want an agent that knows one or two spots with them, or an agent that knows ALL of them?

3.  Understand your true needs vs. your wants.  You might hear "there's no such thing as a perfect house".  If you've got a long list of things you need AND want, you might find that to be a very true statement. Make sure the key things ARE covered because if they're missing, you may very well regret it.

4.  Understand ALL the expenses that come with a home.  Mortgage.  Taxes.  Insurance.  Utilities.  HOA fees.  Commuting costs.  Maintenance costs.

5.  Understand the community.  Talk to the neighbor(s) if you can.  Check out the crime stats.  School reputation.  Closest medical care, etc.

6.  Think of the future.  Do you expect your needs to change?  Multigenerational in the future?  Like me and years of soccer taking a toll on your knees?  Today's stairs may be tomorrow's barrier.

If you get the major things covered, the likelihood of having buyer's remorse go WAY down.

Want to discuss further?  Just give Bill a call at 513-520-5305 or email/text Liz@LizSpear.com

 

 

Serving Greater Cincinnati home buyers and sellers, 

Bill and Liz aka BLiz

 

Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

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Comment balloon 12 commentsLiz and Bill Spear • February 23 2019 12:35AM

Comments

Hello Liz and Bill, excellent blog and one that more should know about to have their ducks in a row.

 

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) 3 months ago

Liz and Bill Spear very valuable tips to avoid homeowner's remorse.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) 3 months ago

Hi BLiz- these are so important for every home buyer to know. I think one of the biggest gotcha moments for first time buyers is when they start getting hit with all the purchases that come after you sign on the dotted line...like countless trips to Home Depot and Target. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 3 months ago

Great points as in today's fast market buyers remorse could be really high

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 3 months ago

Good morning Liz and Bill. Needs vs wants is a big hurdle for many! Enjoy your day!!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 3 months ago

Great tips for home buyers! My son is currently selling and looking to buy. My husband and I accompany him to most showings and open houses. We haven't found "the one" yet. It's a painful and frustrating process because of his price range.  I'll be happy when his family is settled in and all this is behind them.

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) 3 months ago

                               

                                   Thank you, BLiz. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 3 months ago

Taking into account all the expenses of owning a home are critical.  I bought well below what I was approved for when I purchased my first home.  It made life easier for me to do the exciting things, like decorate my first place.  Buy furniture.

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) 3 months ago

Excellent advice. If only first-time buyers would use some discipline and not buy as much house. There are so many hidden expenses in home ownership - and life. Being able to comfortably handle all the surprises keeps the stress level down. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 3 months ago

This is great advice, Bill. It's easy to feel remorseful if you haven't done the proper preparations.  Anyone who reads and follow your advice will be in good shape!

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) 3 months ago

Yes, those are all great steps to take on the way to home ownership. As always, great tips!

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 3 months ago

Great tips! It would be good if all lenders and agents encouraged buyers to spend a bit less than they can qualify for.

Posted by Marte Cliff, Your real estate writer (Marte Cliff Copywriting) 3 months ago

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