Over the last several years, it has become increasingly difficult to buy a home. Demand has continued to increase as more Millennials reach career and family goals that make homeownership valuable to them. However, supply is incredibly limited and often overpriced.
Researchers have found that almost two-thirds of Millennials who have bought homes in recent years have buyer’s remorse because they feel like they paid far more than they should have. Thankfully, there are a few tricks that can help you avoid buyer’s remorse when making one of the biggest purchases of your life.
Protect yourself with contingencies
Making aggressive offers may be the only way to stand out on the current market, but you shouldn’t have to take a loss on a house to be a homeowner. Including a contingency in your contract that allows you to back out if the appraisal comes in lower than you expected or the inspection turns up serious issues could help protect you.
Make a list of the things you absolutely need
Maybe you need a bedroom on the first floor of your new home because your spouse has a joint disorder, but you would like a walk-in closet because you prefer to look at your clothing while choosing your wardrobe for the day.
Knowing what you absolutely need and what amenities just make the property seem more appealing can help you avoid overpaying. Knowing your priorities can stop you from falling victim to cosmetic upgrades that don’t necessarily make the house more livable for you. Know what the property is worth to you and don’t offer to pay more than that.
Having someone you trust draft real estate contracts for you or perform the title search on the property can also reduce the likelihood of buyer’s remorse after a real estate purchase.
