1. Misunderstanding the Buying/Selling Process
One survey out of Ontario noted that 38% of homeowners wished they had a better grasp on the buying and selling process when purchasing their home. Make sure you work closely with your Realtor and don't be afraid to ask questions.
2. Not Buying Sooner
A survey that TD Canada Trust put out in 2012 about first time home buyers reported that 55% of home buyers wished they would have purchased a home sooner to avoid wasting money on rent.
3. Not Making a Bigger Down Payment
On the contrary, 60% of new home buyers wished they would have made a bigger down payment which would likely require more time to save before getting locked into a mortgage.
4. Not Budgeting for On-going Costs
A total of 60% of those surveyed said they should have been more thorough when budgeting and accounting for all of the costs of home ownership. A total of 29% say they didn't budget for on-going costs such as maintenance and utilities, 13% overlooked some of the one-time fees associated with buying a home such as inspection fees and land transfer costs, and 6% didn't budget for anything beyond the down payment and monthly mortgage payment.
5. Not Buying Closer to Work
As they say “location, location, location!” According to a Trulia survey, 15% of homeowners wished they had chosen a home with a shorter commute to work. This can be a challenging question to address as Forbes notes that the average person today stays at their job for 4.4 years so do you base the purchase of a home on your current job location or an area that has a great resale value? This is something that you have to consider in the big picture of your purchase.
6. Seeing More Houses
Buying a home is one of the biggest purchases a person can make, so it is not surprising that studies found that 21% of homeowners wished they had shopped around more before making a decision on a house.
7. Interviewing More Real Estate Agents
Home buyers often focus more on shopping for a property than shopping for a real estate agent, but reports indicate that 9% of homeowners wished they had spent more time researching and interviewing real estate professionals before selecting one. This is important in both areas of buying and selling. You want your Realtor to be watching out for your best interests when you are buying and being honest with you in what they see in the properties you are viewing. Also in this day of technology, if you are selling your home, you want to know what and where your Realtor will advertise your property in order to get it sold. We live in a world where there is more to selling a property than just listing it on the MLS.
8. Used All Their Savings
One mistake some home buyers make is putting their entire savings into the purchase of their home. Buyers should be prepared for unpredictable circumstances like losing their job, even possible health issues before borrowing the maximum amount approved from the bank.
9. Not Getting a Home Inspection
Not getting a home inspection is a guaranteed way to have regrets after buying a property. Reports indicate that 15% of homeowners wished they had had one when purchasing their home. This can be an invaluable source for a buyer as it can sometimes be the red light that goes on that stops them from purchasing a home as issues may be found that may be more than they would have bargained for.
10. Not Buying Bigger
Some home buyers tend to downplay their size needs when house hunting and stats show that 34% of those homeowners wished they had chosen a larger home. It is good to sit down and realistically look at what you want from a home. Are you thinking you'll have it for 10 years or more? If so, what changes may you see in those 10 years? Additions to the family, children leaving for college? We cannot forecast the future but it is good to have the discussion so that you can make an informed decision.
So hopefully you weren't keeping track of which regrets you can identify with. Hopefully we can learn from previous transactions made and make a conscious effort to make the best decisions in the future. If you need help planning for your future with a home or property, feel free to give me a call or send me an email at email@example.com and we can discuss what you are looking for whether it is buying or selling.