Buyer’s remorse is a real thing, and if you’re in the market to buy a home, you’re not alone. According to a recent study, 66% of millennials who purchased a home during the pandemic are now experiencing some level of buyer’s remorse. So what can you do to mitigate some of that regret? The number one thing you can do is not waive your right to repairs.
Underrated Home Buying Tips to Avoid Buyer’s Remorse
In New Jersey, we operate under a “buyer beware” policy when it comes to purchasing a home. This means that it is ultimately up to the buyer to be aware of what exactly they are buying, and if there are any problems with the house, it is their responsibility to fix it.
However, this doesn’t mean that you can’t have an inspection done before you purchase the home. In fact, we highly recommend that you do! This will allow you to know what exactly you’re getting yourself into before you sign on the dotted line.
And while waiving your right to repairs may seem like an attractive option at the time (especially if you’re low on cash), it could end up costing you a lot more in the long run. Not to mention, it could add even more stress to an already stressful situation.
So our advice? Don’t waive your right to repairs. Your wallet—and your sanity—will thank you for it later.
Home Buyers Tips to Avoid Regrets!
Utilize sellers disclosure to identify the ages of the utility items. If there is not a seller’s disclosure, don’t worry, they’re not legally required. Just be sure you’re working with an agent that can help you identify these items. As you’re doing your walk through of these houses, keep in mind that sellers typically will not replace items that are at the end of their life. They have to be working. That’s the cutoff in New Jersey.
“-I would like this air conditioner replaced.
-Well, no, we’d like to fix it. What’s wrong with it?
-Nothing.
-Great. There it is. The thing is still working.”
That’s how it’s going to get delivered.
Buying a home is a big commitment. So, yes, educate yourself. Stay focused. Keep in mind how competitive the marketplace is, but don’t lose sight. Defer to professionals. Ask advice.
Buying a home is a big decision, and it’s one that shouldn’t be taken lightly. With so much on the line, it’s no wonder that so many people experience buyer’s remorse after making such a huge purchase. If you’re in the market for a new home, our number one piece of advice is this: don’t waive your right to repairs. By being aware of what exactly you’re buying and taking responsibility for any necessary repairs, you can avoid adding even more stress—and expense—to your plate down the road. Happy house hunting!
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