Finding a Home: Preventing Buyer’s Remorse

Posted on May 26 2017 - 2:07am by Admin

Couple Looking at Their New HouseRockport, Texas has an excellent market for real estate and if you’re shopping around for homes for sale, then you’ve come to the right location. But buying a home can be tough and if you’re not careful, you may end up with buyer’s regret.

Rockport Properties, Inc. says that first-time homebuyers need to determine what they can afford, to look into their debt-to-income ratio, and to get a good agent.

Apart from those essential factors, here are other things to remember when shopping for your dream home:

Learn the Language

Real estate, like most industries, has its own terminology. Property terms may mean nothing to lay people, but speak volumes to agents. Learn the terms or language of realtors so you’re in a better position as a buyer to get a good deal.

For example, distressed property means that the previous owner has defaulted on his or her mortgage. So now the bank is selling it, typically at a much lower price to cut their losses.

Check the Neighborhood

The two-bedroom home may look charming, but is it in a good location? The state of the surrounding area can often be a reason for lower or higher prices. If the house is fairly decent, but the neighborhood looks risky, with no street lights or rundown houses, you need to look at other places.

You can always fix a bad looking house, but you can never fix a bad neighborhood.

Apart from the area appearing risky, you may want to check the layout of the house. Is the bedroom window facing the street? If so, you’re likely to wake up early to neighborhood noise.

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Other Areas of Concern

The house may have all the features you need: swimming pool, three bedrooms, four bathrooms, sprawling garden — but will it have the right resale value in the future? A good property not only provides for all your lifestyle needs. But it should also offer financial security.

Another factor to consider is the size. Will the home be comfortable still when you raise kids, or when an elderly family member moves in? Will you have the energy and budget to maintain a bigger space?

Buying a home is an exciting phase of anyone’s life. But as thrilling as it may be, it shouldn’t blind you to the simple checks that will keep you from buyer’s remorse later.