Posted by Jennifer Santosuosso on 8/26/2018

As incredible the act of purchasing a home is, many buyers end up regretting their purchase. Thereís a variety of reasons for this. It all comes down to being ill-informed about buying a home and the type of home needed for the most liable situation. Read on to find out some of the biggest regrets home buyers face and how to avoid them. 


Buying Too Small Of A Home


The most prominent regret that many buyers face is not buying a larger property. Many people want to live in a specific location or type of home that they overlook the size altogether. One reason that people end up buying a home thatís the wrong size is that they rush to find a property in a particular area. If you branch out on your search, youíll have a better shot at finding the right size home. The area might not matter as much as the space youíre living in, s keep that in mind. 


Not Doing Your Research


People tend to skip out on the research phase of buying a home. Itís critical that buyers understand things like mortgage rates, fees, credit reports, how much needs to be saved, and more. There are so many things that go into buying a home that you could easily miss out on something if you donít know what youíre in for ahead of time.


Not Saving Enough


Your home will be one of the largest purchases you make in your entire life. There is a lot more to the cost than just the monthly mortgage payment. Youíll need a lot of money upfront when you buy a home including a downpayment along with other closing costs and fees. Plus, youíll need to set some money aside for any repairs or replacements you need to do in the home once you move in. Itís also a good idea to have an emergency fund available just in case. Life happens, and you donít want your savings to be depleted because you bought a house. 


Keep in mind that the bigger of a downpayment you make, the better off youíll be. Even if you can buy a home with a low downpayment, you want to put down as much as possible. A higher downpayment will keep your mortgage payments lower, get you a better rate, and you may even be able to avoid paying for PMI (private mortgage insurance.) Aim to save a 20 percent down payment for the most optimal mortgage situation.      

   




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