So you’re finally considering making one of the most significant financial decisions in your life: buying your own home. You should know by now that being a homeowner has a lot of benefits. For starters, you don’t need to pay rent anymore.
As a homeowner, you get to enjoy a couple of perks. For example, you have full control over decorating your house. You can finally decide how you’re going to paint the living room. Of course, you can also renovate the kitchen and make it functional for your needs. The best part about it is that this renovation will likely increase the value of your home, improve your home equity, and help you amass wealth.
But there are some things that a lot of homeowners regret. You’re here because you don’t want to make the same mistake. Let’s discuss some of the things that homeowners wish they can do differently.
Not the Best Location
Location is a big game-changer in real estate. It’s one of the significant factors that affect the value of any real property in the present and the foreseeable future. Why?
For one, you can expect higher prices for properties in good locations. But the more important consideration is that better locations mean a better quality of life. For example, imagine living in a community that has a high crime rate. It might have come cheap, but at what price?
You likely will feel unsafe. You’ll refuse to go home late or alone. You won’t be able to appreciate and enjoy taking a walk to visit the nearby park because you’re scared of getting mugged.
Location matters, and one of the signs you’re in a good place is when the community is secure. Observe how many people feel safe taking walks, jogging, or hanging out at a nearby park. Watch how clean it is and how organized your neighbors are.
You want a house you’d want to go home to, not a place where you constantly feel threatened. Sadly, most homebuyers pick a property in the wrong locations because they come in cheaper. Avoid making the same mistake.
Size Too Big or Too Small
Before you buy your home, you have to consider your current and future lifestyle. If you’re a bachelor or a bachelorette, the better choice is probably to choose a small home. A smaller house costs less to buy and maintain. You likely will have fewer troubles cleaning it too.
On the other hand, if you’re considering and planning to settle in with family and plan to have more family members soon, it’s more prudent to get a bigger house. You need a bigger one so everyone can have their own space and privacy. You also want enough space to store your stuff.
The problem comes in when homebuyers don’t consider their present and future needs before purchasing a house. For example, one can buy a bigger house while forgetting that not only is he or she going to pay more to acquire the property, but he or she is also going to make more to clean and maintain it.
11% of homeowners regret their decision because the property and house they bought turned out to be too big. They often complain that the yard is too much or that there’s too much maintenance work. On the other hand, 21% complained that the house was too small. They don’t have enough living space to expand. You don’t want to be a member of either of these two teams, so carefully consider the space you need.
The most considerable regret that homeowners have is that they didn’t expect just how much emergency repairs or maintenance the house needed. They can get frustrated because it means they have to shell out more. So don’t just look at the size of the home; look at the quality, too.
They Didn’t Get Good Home Insurance
Getting home insurance is a prudent decision that protects your principal dwelling place. In other words, its primary purpose is for your protection in case of a partial or total loss due to fire, hurricanes, and other natural calamities. It would be best if you had this protection so that when the time comes, you have the funds to repair, build, or buy a new house.
Home insurance covers your appliances and furniture, too. It also includes detached structures, such as the fences and the garage. You want to prevent the risk of loss and financial burden, and that’s why you want home insurance.
The typical cost of homeowners’ insurance is at least $1200 a year. However, what people regret is that they fail to secure the best insurance for their property. That’s why you have to look at several things before you sign that contract.
Research and get to know the reputation of the company. Reputation matters because it gives you a general idea about how reliable and credible the company is. It also gives you a form of reassurance and confidence that they’re going to serve you well when the time comes.
Observe how much the policy covers and determine whether this is a good fit for your needs. In other words, look out for the coverage as well as the rates and discounts they offer. Determine if the company has an excellent financial rating. Of course, make sure that they have good customer service.
Buying a home is a big and considerable step toward settling down. Take your time, and don’t rush the process. Reflect on your current and future needs so that you don’t end up regretting your decision.
