What’s the average year a homeowner stays in one home? 5 to 7 years. Surprised?
Even more surprisingly; “more than half of all buyers have regrets about their purchase of a home, Trulia reports, and the No. 1 mistake buyers feel like they made is choosing the wrong size.”
You can win big in your home buying decision without getting boxed into a home that isn’t a good fit. Many repeat homebuyers have lived and learned. Here are some tips to help you make the move and avoid buyer’s remorse:
Tip 1: Prepare for your future:
A 3 story condos downtown in walking distance to dining and entertainment may be appealing to the single buyer. The bright lights and traffic jams may not be as much fun with 2.5 children and a shaggy dog. Consider your future family when determining the location, size and type of home you want to purchase. Prepare in advance for your anticipated housing needs.
Tip 2: Plan for your retirement:
A home on the beach in Florida may be the dream of a retiree. Don’t pack up and move because of an amazing family vacation twenty years ago. Take time to research the area, climate, cost of living and social scene. Plan your retirement home purchase based on facts that fit your lifestyle.
Tip 3: Purchase within your budget:
A 4,000 square foot home with 5 bedrooms and 4 baths may check every box on your wish list. The cost of no longer enjoying movies, vacations and eating out may not. Just because you can afford it doesn’t mean you should. Your budget includes all costs associated with ownership in addition to the financing. Larger homes typically result in larger utility bills and more maintenance. Purchase what fits comfortably within your budget while maintaining your lifestyle. It is recommended monthly housing costs, which include mortgage payments, insurance, property taxes and condo or association fees, shouldn’t exceed 28% of your monthly gross income.
Make a big splash this summer and explore financing options that fit. Our MTC Federal Mortgage and Relocation Team can help you prepare, plan and purchase with no regrets.