MINT HILL, NC – Current times have caused quite a bit of competition in most local real estate markets. With record-low mortgage rates, fewer homes on the market for sale, and a higher amount of demand, bidding wars have become something of a norm.
You might have already lost out a few times, but you still want to avoid rushing into buying a home. When you feel pressured to submit the perfect offer on a home you only kind of like, it can lead to buying a home you might end up hating.
It’s better to wait than buy a home you won’t love. No matter the market, buyer’s remorse can happen, but it doesn’t have to. Let’s look at some of the ways you can avoid hating your home, even with the market being so competitive for buyers right now.
How to Make Sure You Don’t Hate Your New Home
One of the ways you can make sure you don’t hate the home you end up buying is with a preapproval from a lender before you start shopping. Waiting to get preapproved until the last second might have you shopping for homes outside of your price range. This can make it hard to fall in love with homes in your price range as they won’t have all the same features or the same feel.
Finding out what you can afford is a good first step, anyway. The last thing you need is to buy a home you end up hating simply because you spent more than you should have and you don’t feel like it’s worth the monthly mortgage payment.
View the Home In-Person
Yes, COVID-19 has caused a rise in virtual and video tours. It has also caused more buyers to make offers without visiting the home in person. This is not a good idea.
You could easily win the bidding war and end up buying a home sight unseen that you end up hating. Photos and videos online give you an idea of what the home looks like, but until you walk in, you don’t really know how it resonates with you, how much storage space you have, if you like the neighborhood, etc. This is one of the largest purchases you will ever make and you should visit the home before you make an offer.
While the pressure of a bidding war might have you thinking you have to make an offer immediately, take the time to see the home in person first. This will give you a better feel for it and will help you understand more of what you’re actually getting compared to a video or virtual tour online. And when you do view it in person, take a really close look at everything. You might only have one chance to see it before you make an offer.
Consider Purchasing a Home Warranty
While it’s an extra cost, some new home buyers end up hating their homes due to the maintenance costs. If you have to fix things every few months or even every few years, it can drain your savings and make you feel like buying the home was a mistake.
Instead of dealing with maintenance on your own, get a warranty to cover your appliances, electrical systems, plumbing, and other systems. This can help keep your expenses down and give you a bit more peace of mind.
The competitive market can have you rushing into buying a home. Make sure you take the time to ensure you’re making the right decision or you could end up hating your new home. Use the advice above to ensure you buy a home you will love for many years to come.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | email@example.com | www.1stchoicepropertiesinc.com