First–time homebuyers often have high hopes and expectations when it comes to buying a home, but there are a few common regrets they face after the purchase is made. While everyone‘s experience is different, here are the five most common first–time homebuyer regrets that many people experience:
Not Shopping Around for the Best Mortgage Rate
Shop around for the best mortgage rate, or you may face higher costs and monthly payments. Compare terms, interest rates, and expenses from different lenders, including banks, credit unions, and online providers. Evaluate your ability to make a down payment and afford monthly payments. Researching on your own can help you secure the best deal.
Not Acquiring an Accurate Homeowner’s Insurance Quote
Failing to obtain an accurate homeowner’s insurance estimate can be costly. It’s crucial to conduct research to ensure that you obtain the best coverage possible.
Consider the type of coverage you require, your home’s value, and any potential hazards in your area before requesting an estimate. Verify the reliability and trustworthiness of the company providing the estimate. Inquire about any available discounts or incentives, such as savings for installing safety systems. Finally, examine the fine print closely for large deductibles or exclusions for specific damages.
Not Budgeting for Closing Costs and Related Expenses
First-time homebuyers often overlook various expenses that come with purchasing a property. It’s crucial to budget for closing fees, relocation expenses, and maintenance costs. Research local laws and regulations to be aware of taxes, fees, and other charges. Plan for a home inspection and other professional services that may be necessary. Also, consider the cost of insurance for your new home and any potential liabilities.
While buying a home is exciting, being prepared and informed is important. Conducting research can prevent common first-time homebuyer regrets and help ensure satisfaction with your new home. Remember, you don’t have to navigate this process alone – the Cher® Team is here to assist you in achieving your homeownership goal. Schedule an appointment with us today!