Avoiding Home Buyer’s Remorse
Questions to Ask Yourself When Buying a Home
Buyer’s remorse, or regretting one’s decision to buy a home, can be avoided if you are prepared. Ask yourself these questions to find out if you need to buy and are prepared to buy a home:
1. Can I afford it?
Just because you have been pre-approved for a loan doesn’t mean you are ready to buy a home. Is the amount that you will have to pay in monthly mortgage something you will be comfortable with? If not, then think again before buying.
2. Does it cost too much?
There is a difference between what you can afford and what you should pay based on the fair market value of a home for sale in San Antonio. With homes selling fast and a low inventory, buyers are beginning to offer higher than the asking price in order to compete with multiple offers for a home. Competing with these multiple offers may mean having to pay for more than a home is actually worth or paying out of your pocket. If this happens, step back and think of the long-term consequences of buying this home in San Antonio.
3. Is it in an ideal location?
With so few homes on the market, you may be tempted to make an offer on a home for sale in San Antonio that is not in an ideal location. But do not be pressured just because of low supply and high demand. You can change many things about a home, but location is not one of them. Remember that if the location is not ideal for you to begin with, it may not be for potential buyers as well when the time comes that you decide to sell or rent your home.
4. Do I have the money and time for repairs and upgrades?
You may not have enough time or construction experience to complete repairs or upgrades in the home by yourself. Do not buy a home that needs extensive repairs and maintenance if you do not have the time or resources to put into it.
This is where hiring a home inspector will help to uncover any hidden damage or defects in the home. Don’t worry about spending money for a home inspector since it will save you hundreds or thousands of dollars on repairs in the long run.
For Military Members Relocating to the San Antonio Area
Military relocations are a part of military life, as well as renting or buying and selling homes multiple times. Often the pressure to find a house near their next duty station happens on short notice and they may only have a few days to look at homes, “Buyer’s Remorse” can occur. For military members who PCS to San Antonio and plan to buy a home, ask yourself the above questions in addition to:
1. What will happen in the next 3-5 years?
As a military member in active duty, you will most likely not remain in your home for more than 5 years. Even if it sounds way too advanced, plan your exit strategy even before you buy a San Antonio home for sale. When the time comes for you to relocate, should you sell it or just rent it out? What are the benefits and costs of each option? It surely won’t be much of a romantic discussion, but it surely is practical and will save you a lot of time and heartache later.
Buying a home can be exciting, but follow these tips to make your home buying experience a pleasant one. If it doesn’t feel right, then maybe the time is not right. It is easier to recover from the emotional let down of not being able to buy your dream home than it is to recover from paying a monthly mortgage that you can no longer afford.
Visit realestatemuses.com to help you find your next home. Work with our expert Realtors and Military Relocation Specialists for your home buying needs.