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Posted in: First time homebuyer tips, Buying a home, Getting a mortgage

Three ways to avoid homebuyer's remorse

How to avoid homebuyer's remorse

Buying a home is likely the biggest purchase you'll ever make. Here are 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.

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

2. Fine-tune your search

While it’s critical that buyers make a move when they find a home that meets their needs, one sure-fire 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
  • Take time to tour homes and assess their pros and cons

Take your time and assess each decision carefully. If your heart was set on Golden Valley because of its proximity to your downtown Minneapolis job, will 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 longer than you expected. But by having a strong set of criteria, you won’t look back when it is time to make an offer.

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.

Get started!

Ready to see what’s out there? Begin your search here to see what homes match your desired features and neighborhoods. Plus, follow #BuyerInsights on Facebook, Twitter, Instagram and YouTube to get more tips on buying in today’s market.

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Status Definitions

For Sale: Properties which are available for showings and purchase

Active Contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Contingent and Pending statuses may not be available for all listings