Three ways to avoid homebuyer's remorse

Key Insights

• Make sure your potential property meets all your must-have features.
• Weigh the pros and cons to ensure you’re happy with your home.
• Once you’ve made a decision, stop looking! It’s easy to let regret take root when you’re looking at what could have been.

Buying a home is likely the biggest purchase you'll ever make, and you’ll want to take the appropriate steps to prep your finances before you begin your search. And while there are a lot of things to consider when buying, here are three top insights you can use to ensure you get it right and don’t end up with homebuyer’s remorse.

1. Create a preliminary list of “must-have” criteria

The first step to buying a home is to list out the criteria you must have, and then create a secondary list of features that would be nice to have. Keep in mind that you’ll have additional considerations if you’re buying a condo or townhome.

Consider:

• Standard features like bedrooms, bathrooms, square footage and garage stalls
• Amenities like an updated kitchen, hardwood floors, central heating and cooling
• Cities, neighborhoods and school districts
• Commute times, proximity to major thoroughfares
• Distance to grocery stores, gyms and commercial areas
• Distance to parks, trails and nature areas

Find out everything you need to know about buying a home with our free Go-To Guide for Buying a Home.

2. Fine-tune your search

While it’s critical that buyers make a move when they find a home that meets their needs, one surefire way to have homebuyer’s remorse is to make an offer when you’re not sure it’s the right fit.

Once you’ve listed your preliminary criteria, work with your agent to:

• See how your criteria and budget match up to today’s inventory
• Rework and rank your criteria and budget accordingly
• Open up your search to include new home types or areas
• Tour homes and assess their pros and cons

You may feel pressure to move quickly in today’s competitive market, but you should still assess each decision carefully and weigh the pros and cons. If your heart was set on Golden Valley because of its proximity to your downtown Minneapolis job, would you be happy living a bit further west in Plymouth? Would you prefer a smaller three-bedroom home, or a larger two-bedroom home with a fully finished basement that could be converted?

Realistically, you may be “stuck” in this phase for a while, but it’s important to consider any potential pitfalls of the property before you start your negotiations. You want to be confident in your decision, and that means walking into the deal with your eyes wide open (getting a home inspection can also help with this).

3. Once your offer is accepted, stop looking

After months of searching, it may be habitual to search for homes on EdinaRealty.com, even after your offer has been accepted. Don't do it! There will always be new homes for sale, but as you’ll learn from touring homes, what you see online is not always what you get in person.

Once your offer is accepted, delete your saved searches and properties and focus on your new home – the one you loved when you put in your offer. If you need an outlet for your new-home excitement, start planning out your new home’s layout, decor and yard.

Get started!

Ready to see what’s out there? Begin your search here to see what homes match your desired features and neighborhoods and reach out for expert agent guidance.