Buyers don’t know all their loan options, miss out on larger houses, and cut corners on research
With so few homes on the market, buyers need to act fast to beat out intense competition. The downside to acting quickly is that mistakes are more easily made in the homebuying process.
The Washington Post found a few of the biggest regrets that homebuyers have after buying. People have said that they didn’t do enough research on their new homes and neighborhoods. They didn’t factor in local schools or neighborhood crime. And, to get a jump on competing offers, they chose not to get a home inspection, which led to problems and costly repairs down the line.
Buyers also often aren’t aware of all their loan options, and they don’t keep in mind mortgages, fees, and other costs. They regret not saving more and not paying a larger downpayment. Also, owners sometimes get fixated on living in a certain neighborhood and miss out on getting a bigger house at a comparable price elsewhere.
Nearly half of homeowners said they wish they had done something differently, according to a survey of more than 1,400 homeowners released by NerdWallet this year.