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The 8 Compromises Homebuyers Regret The Most
If you compromise on the essential things you want your next home to have you could come to regret buying the house in the first place!
Even in the best of times, buying a home is a big deal and comes with a lot of stress. But in today’s competitive real estate market, people are purchasing homes they don’t really want simply because they are desperate to have their offer accepted. But since buying a house is such a big decision, we encourage you not to compromise on the essentials you truly can’t live without so you don’t end up regretting the purchase of your next home.
That said, there is a difference between compromising and understanding that no house will ever be completely perfect unless you build it yourself. For example, there are certain factors you can’t control or change like your proximity to the neighbors or how close you are to a busy street. You also can’t make a bigger house smaller or vice versa. If these factors are deal breakers for you, don’t move into that house.
On the other hand, some of your must-have essentials might not be in the house now but could be added later. For example, you might really want your own pool and the house you’ve fallen in love with has everything but that. But if there is space where a pool could be installed later or you have access to a pool through your homeowner’s association, that’s a compromise you could make and not live to regret. Also consider that things like paint colors, appliances, and flooring can also be changed to better suit your preferences.
Another factor to consider is your spouse’s list of must-have essentials may not match yours. If you can’t check off everything on both of your must-have lists, there will need to be some give and take to agree on a home that’s right for your family. However, only compromise on the items you can feasibly and comfortably live without. Some experts recommend deciding what you can compromise on by making lists of your home essentials and dividing your ideal home’s amenities into categories by must-have, nice-to-have, and would-like-to-have. When you and your spouse both do this, you can visually see what is most important in your next home to each person. This will help you compromise in a practical way that doesn’t lead to anger, resentment, or regret.
Only you and your partner can determine what items you can safely compromise on. However, we can advise you on what not to do. Keep reading for the 8 compromises homebuyers regret the most!
Your Budget:
Never compromise on your budget. Before you started house hunting, you should have evaluated your finances to see what you could feasibly spend on a new home. In addition to knowing your maximum purchase price, you should also have already set a maximum budget for your monthly homeowner expenses, such as your mortgage payment, HOA fees, utilities, and real estate taxes. If the home you have fallen in love with will force you to go over budget in any way, it’s a sign that this is not the right house for you. Buying a home you can’t truly afford could make you house poor or cause you to lose your home due to insufficient finances in the future.
Location:
Avoid compromising on your home’s location whenever possible. Your proximity to schools, work, shopping centers, restaurants, medical centers, and entertainment is not something you can change. You need to be happy with where your home is located and how long it takes you to reach your most important destinations. For example, if you are only willing to have a 20-minute commute to and from work, don’t agree to live in a house that will give you a 40-minute commute. You’ll just make yourself miserable and bring down others with your bad mood.
The only exception to this is if you’re a first-time homebuyer and your budget isn’t taking you as far as you’d hoped in your desired neighborhoods. If you are constantly getting outbid, there is some merit to expanding your home search. Even moving 5-10 minutes farther out than where you were initially looking could mean less competition and lower housing prices. However, make sure you will still be happy living in this location and it’s not a compromise you’ll come to regret.
Parking:
Homeowners tend to regret choosing properties that don’t provide them with guaranteed parking. You might be okay with street parking when you view the home in the middle of the workday and plenty of parking is available. But when you arrive home from work late at night or on the weekend, you could be circling the block looking for parking for what seems like an eternity. This is extremely frustrating. Plus, you’ll have to be aware of street cleaning times where you may need to give up a good space to move your car whether you’re actually going out or not. Therefore, it’s best to not give up having a garage or guaranteed parking spaces.
The Floor Plan:
Your home’s layout will be very important to how your family functions within the residence. Compromising on how your home flows, the number of bedrooms or bathrooms, or other components of the layout could be something you come to regret. For example, someone who loves to cook shouldn’t compromise by accepting a small kitchen because they probably won’t be happy in the long run. Alternatively, a big family with lots of kids probably should splurge for that extra bedroom and bathroom. You can always do renovations to modify your home’s layout, but that can get expensive. So, if your gut is telling you that your house needs to be laid out in a certain way, make sure you listen to it.
Buying A Fixer-Upper When You Don’t Want It:
It’s easy to get talked into buying a fixer-upper home. It may seem like a great deal because it’s more affordable, there’s less competition for it, and you’ll have the chance to truly make it your own while also improving the home’s value. However, buying a fixer-upper home is something you truly have to want because it’s a big undertaking. You’ll be putting a lot of time, effort, money, and resources into your home’s repairs and remodel. Depending on what needs to be done, you could be waiting months to even move in. If you are not financially or emotionally prepared to take on a major renovation project, doing so will be a big mistake.
School Districts:
Even if you don’t have kids, it’s a good idea to make sure your future home is within a good school district. If you have children in the future, their education will be one of your top priorities. And when you eventually sell this home, your proximity to desirable schools will increase your home’s value.
The Neighbors:
When viewing your prospective home, take note of how well the neighbors have maintained their houses and landscaping. Are their homes neat and well-kept, or does it look like a cluttered disaster zone that’s overcome with weeds and debris? While you may keep your home pristine, your surroundings could directly impact the value of your home if you decide to sell again. Plus, looking at a disheveled home or dealing with a neighbor who has a poor attitude could quickly become an annoying thorn in your side.
Laundry:
While laundromats do exist, it’s best to buy a home that comes with your own washer and dryer or pick a property where a washer and dryer could be easily added. In your new home, you won’t want to be worrying about needing to wait for an available washer, having enough coins or cash to wash your clothes, or someone stealing your garments from the dryer. Also, it’s just so much more convenient to have your own washer and dryer in your home. You never have to worry about sharing units, or switching your loads immediately if you need to go out for a bit while a wash is in progress. When your clothes are done, you can immediately hang them up in your closet instead of lugging them around or transporting them.
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