6 Causes of Buyer's Remorse After Buying a House, According to Homeowners
Three out of four homebuyers in a Zillow survey report having at least one regret about the home they bought. Follow these tips to avoid buyer's remorse.
In a hot seller’s market, it’s easy to get so caught up in the search for a home that you overlook the home’s shortcomings. Or, you may fail to consider whether it’s going to work for you in the long run. What follows tends to be some form of buyer's remorse after a period of living in your house.
That’s what happened with Mary Germany Gibson when she bought her home Columbia, Tennessee, in 2021.
We love our home,’’ Gibson said, “but regret having all four bedrooms upstairs. We should have looked longer for a (primary bedroom) on the main level.
Gibson was among more than 5,000 people who shared their biggest sources of regret regarding their house in a Zillow post on Facebook. Not taking enough time to find the right home was one of the themes that emerged, as was paying too much, exceeding their budget and a host of other particulars.
Turns out, buyer’s remorse after purchasing a house is common. In a Zillow survey published in February 2022, 75% of those who successfully purchased a home in the past two years say they have at least one regret about the home they bought. And 81% of successful buyers say they had to make at least one compromise in order to afford their home, according to the survey of recent buyers.
We combed through the Facebook post on top home buyer regrets to glean nuggets of wisdom from the trials and troubles of experienced buyers. Keep reading to learn how to avoid some of the pitfalls that come with moving too quickly or losing sight of the things you need to make a happy home.
Reasons people feel buyer's remorse after getting a house
1. They bought a home that requires too much maintenance
If I could do it over, I’d buy a cute condo with a small yard. Tending to a house with a big yard is just so much work.
Few things can match the disappointment of finally getting your own yard only to watch the previous owner’s gloriously curated garden devolve into an overgrown, weed-infested tangle due to your own neglect.
About 32% of buyers surveyed by Zillow expressed having buyer's remorse after purchasing a house that needs more work or maintenance than expected.
Lesson for buyers: Know your physical, psychological and financial limits and what you’re able and willing to take on.
2. They bought a home that’s too small
I wish we had given more thought to how we wanted to live in our home. We could have waited until we found one with a large kitchen and dining room. We love to entertain, and it’s hard to do when the kitchen is so small.
Think deeply about what makes you happy about your current home, and the kinds of things that bring you joy. Do you like building things? You might want to put a garage or basement work space on your must-have list. How about entertaining? Consider homes with enough space for cooking and hosting.
Lesson for buyers: Don’t get so fixated on buying any available home that you lose sight of what makes a home livable and comfortable for you. Keep a list with you when you’re shopping of the characteristics that are “must haves” and continue looking until you find one that hits the sweet spots.
3. They bought a home in the wrong location
I love my house, but we’re on a busy road and the traffic noise never stops.
Imagine buying a home for the peace and quiet it offers only to discover there’s a busy bus stop out front. Or maybe there's a nearby business district that draws throngs of people late into the night. Or, if you’re someone who likes to shop daily for fresh food, imagine what a chore that could become if the nearest grocery store is 15 miles away.
About a quarter (28%) of surveyed buyers say they would have shopped for and purchased a home in a different area.
Lesson for buyers: Visit the home at different times and different days to get a sense of the rhythm of life that surrounds it. Shopping in a specific neighborhood and planning to commute to work? Take a few test drives during rush hours to see what your commute is like, or take the bus or train to your destination.
4. They bought an older home that needs a lot of repairs
We bought an older home, thinking we could fix it up over time. But some things can’t wait. In just two years, we’ve had to replace the roof, dig up the side sewer, install a new water heater and rebuild the deck.
There’s one constant with homeownership: If it breaks, it’s your problem.
Lesson for buyers: Be sure to get an inspection or even a home warranty. Price out renovations ahead of time to leave room for the unexpected.
5. They didn't consider the total environment
When we were looking, we were so focused on the house that we didn’t give enough consideration to the surroundings. After two years of staring at my neighbors’ homes, I find myself craving privacy and acreage.
Think about what makes you happy about your current home. What’s missing that you’d pay a premium to have? Make a list of those things and check the home you’re considering against the list. Do you need a lot of light during the day? Make sure that you’re not in the shadow of large trees. Hate yard work? Consider the size of the yard and its composition.
Lesson for buyers: There are a lot of things you can change about a home. However, any structural change such as removing walls, adding windows or space is likely to be an expensive fix. Look for homes that have the qualities that are most important to you.
6. Not doing more research can cause home buyer regrets
We bought a newly built home, but didn’t do enough research on the builder or what we should expect when we moved in. The home wasn’t finished, and we had to spend a lot of time chasing after the builder to fix and finish things.
If you’re buying new construction, research the builder. If you’re buying an existing home, research agents and lenders to make sure you’re getting the best representation and the best value.
Lesson for buyers: Taking the time to research issues upfront can save you from home buyer's remorse. It’s worth spending the time to build your knowledge so you can make more informed decisions. This is especially the case if you're buying for the first time.
Other ways to help minimize home buyer regrets
Avoid distractions to avoid home buyer discontent down the road
“Buyers can get distracted by a pretty kitchen or great staging when they should concentrate instead on a home’s two biggest factors: its layout and location. It’s very tough to change both,” according to Seattle-based Zillow Premier Agent Lucas Pinto, team lead at the Lucas Pinto Real Estate Group, Compass. “A great agent can reframe a buyer’s home search and keep them focused on their priorities, helping them make a confident, informed purchase decision.”
Take a break
If you’re feeling stressed or burnt out from home shopping, take a break. Zillow’s buyer survey found that 59% of successful buyers and 72% of prospective buyers say they took a break from their home search. Both prospective and successful buyers who paused their search were most likely to do so because the type of home they wanted to buy became too expensive. Nearly three-quarters of successful buyers wish they had done at least one thing differently. And nearly 40% wish they had taken more time searching for a home or weighing their options.
Make sure you love your neighborhood
Shoppers also can use tools on all Zillow for-sale listings to calculate travel time to any location from the home. Listings also include walk scores and transit scores to help choose a location you’ll love.
Line up your priorities with your budget and stay realistic
Use a checklist to help establish your needs versus wants. Draft it ahead of diving into a home search, and keep it handy while you shop. When shopping with a partner, the right home should meet the needs of both people. This will help you avoid resentment and buyer's remorse after buying your house.
“It’s important to remember that even in a balanced market, most buyers have to make compromises to stay within their budget,’’ said Garcia, the population scientist at Zillow who conducted the survey. “However, to minimize home buyer regrets, aspiring buyers would be wise to establish where they’re willing to compromise and what’s a deal-breaker before shopping.”
Source:
Zillow Blog
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