Regret. We’ve all faced it. From that unhappy moment of realization that all was not sunshine and unicorns.

Unfortunately, it’s not any different when it comes to typically the largest purchase of your life, a home. Well, fortunately for you others have ALREADY made regrettable decisions, so here’s a helpful infographic & Slide Deck to help you avoid the pain others have felt!

You Wouldn’t Be Alone

1 in 5 first time home buyers have regrets.

One in five new home owners have regrets about their new home purchase! Yikes! These men and women who have gone before you and provided a valuable source information to help you make a smarter choice for your first home. Listen to the statistics and consider these aspects of your new home carefully. It might even help to have a friend provide you with an unbiased perspective.
common-first-time-buyer-regrets

Getting Stuck With Unexpected Bills Just Plain Sucks

Carefully examine the final terms of your loan to avoid regretting your interest rate like 34% of new home buyers do! Shop around a bit. Don’t be afraid to ask your lender if you can work with them for a better rate. You can start this process by getting pre-approved here at BuyYourFirst.com. Take into consideration how much the final cost will be and how much you put down for the loan. About 40% of new home owners feel like they paid too much for their home, or wish they had made a bigger down payment.
“I often hear that although they want to buy a house, they aren’t sure if they can afford it and they are scared that there will be unexpected cost. This is the very first step to the process and it’s really important to have a great lender in the mix. We are very clear on the front end that what one can afford and the amount that one is comfortable spending are two different things and it’s important to know what the fees will be before the search starts so the buyer isn’t surprised by any of the costs associated with buying a home. Expectations need to be set which can ultimately make this process quite enjoyable. And it should be!” – Nashville Realtor Courtney Wilson

Why Didn’t We Go Big?

62% of those who have regrets think they did not buy a large enough home!
These are often families that outgrow their home too quickly. Others are overwhelmed by the costs of maintaining a home. All those little repairs are now your responsibility.
They can quickly add up to larger costs than you originally thought they would be. Up to 38% of new home owners are overwhelmed by these maintenance costs.

What’s Up With This Neighborhood?

Get to know the neighborhood before you commit to the home. Up to 25% of these new home owners dislike the neighborhood they moved into. It’s also extremely important to consider the external aspects of your new property.
First time home buyers biggest fear is buying in the wrong neighborhood. My first time buyer have sat in their cars all night, listening and watching to the neighborhood before they buy their next home. I’ve even had them knock on the the neighbors doors to try to meet as many as possible before making an offer. It can be stressful not to know the neighborhood or even know where the Portland post office is located before you move in. We have a lot of experience in every neighborhood in Portland and do our best to guide our nervous clients. – Portland Realtor Stephen FitzmMaurice
Things like parking can become a nightmare, like 17% of new homeowners stated. To test out your new home’s parking potential, drive through the neighborhood on a Friday night. This will allow you to see what the parking is like on its worst night.

It’s Greener Somewhere, But Not Here

It seems like a pretty obvious part of your property but that green can cause new home owners to get a little red in the face. Out of the big ol’ list of regrets an unfortunate 24% are just plain unhappy with their turf…
Of course, it’s all about getting a good balance! That’s because the data shows that while half of these people wish that their yard was larger, the other half actually would prefer a yard that is easier to maintain! Think it through! Do you want a low maintenance, small yard or do you love a large green swath that you casually can mow on your lazy Saturday?

Planning: The Key To Avoiding Regret

When you’re looking for your new home, try to create a list of the things you really want in a new home. Start by brainstorming for every little detail that your ideal new home would have. List anything and everything.

I find that first time home buyers are fearful that they don’t know what to expect throughout the process. They have heard so many different stories from family, friends, and the media and not all of the information is correct. I feel it is important to create expectations on the front end. We sit down with our buyers in person, prior to showing them any properties. We take them through the entire process – start to finish – with a flow chart.

This helps give them an overview of what will happen, each step of the way. I let them know that, though it can be overwhelming and they won’t remember everything we’ve talked about, that at least they won’t be surprised by what comes next. I find they really appreciate this and it helps alleviate some of the fear of the unknown. – Nashville Realtor Michelle Froedge

 Once this broad list is made, start to place them into an order of importance. Put the deal-breakers at the top, and the little pleasantries towards the bottom. This can help you to find the best home in your market that fits your needs and wants.
Usually it’s the fear of “the buying process” itself, and the fear of committing to buying a home that tops the list. When a first-timer doesn’t know what to expect, they’re intimidated. As they should be. When you can’t see the road ahead of you, it’s hard to not be nervous or afraid. The only way to overcome that is to educate the buyers. Give them a run down of what they need to prepare for and expect in coming days and weeks. I like to refer them to a great infographic or article that visually shows them what lies ahead. Once they know what to expect, the fear subsides and the excitement comes back again.
 Above all, relax. Buying a new home can be stressful. If you keep a cool head, an objective perspective, and an open mind, you’re sure to find the perfect new home for you.