Buyers on the hunt for the perfect home often overlook common issues that could cost them thousands of dollars and lead to buyer’s remorse.
According to FloridaRealtors.org, here are some homebuyer oversights :
Not counting all the expenses of homeownership
People focus on mortgage payments and closing costs. What they don’t realize is that there are expenses like oil or propane and landscaping that are built into homeownership. Homebuyers should ask sellers for a property expense list to get a better gauge of what they’ll be paying each month. Also, financing experts suggest setting aside 1 percent of the home’s total value annually for repairs and maintenance.
Failing to consider a home’s resale value
Few buyers actually stay in their home for decades. When visiting listings, buyers should talk to their real estate agent about trends in the neighborhood and the likelihood that the home will sell for the same amount in two years, five years or 10 years down the road. Buying a home should make financial sense now, but if circumstances make this home no longer the right one within a few years, you don’t want to be in a tricky financial situation while trying to sell.
Not investigating the neighborhood
Homebuyers should walk around the neighborhood at different times of the day. Homebuyers should also talk with the neighbors too.
Failing to look into the homeowners association
Never close on a home without doing serious due diligence on the homeowners association. Many HOAs can be supportive, but there has been reports of a few cases where homeowners have clashed. Also, find out if there are a lot of delinquent homeowners in the neighborhood because if there is an upcoming assessment or there are delinquent homeowners, the HOA and you will have to cough up the money to cover it.
