Buying a home is a huge decision. Picking a home is about the single biggest financial decision most will make in their lives. In a recently conducted survey, homeowners were asked what they would do differently if they had a "do over" with their home purchase. While most reported being happy with their final decision, there were several general areas homeowners would handle differently if given the chance.
1. They would understand their mortgage and financing options better.
Ninety percent of those surveyed said that while they believed they understood their financing options pretty well at the time of purchase, in hindsight they would have been better off to understand the entire process more thoroughly. They commonly reported wishing they understood the entire closing process better, understood their financing options and their mortgage better, and wishing they had more experience in how to make or negotiate an offer.
2. They would evaluate the size of their new home more carefully
Many in the survey suggested they would buy either a larger or smaller home if given the chance. Sometimes people don't realize how much "stuff" they have until they try to fit it into their new space and realize it won't fit. Some also said they would choose a different neighborhood if given the chance.
3. They would purchase a home at a different price point
Thirty-nine percent of homebuyers said they would likely purchase a home with a different size or price. Many realize after the initial honeymoon period wears off that they simply paid too much for the house or didn't purchase enough house to meet their long term needs.
4. They would not expect a speedy process
Around forty percent of homebuyers believed it would take less time than it did to go through the entire process, from looking at potential homes to going through the closing process. These homebuyers said they would not expect such speed in a future move.
5. They would get clear about the costs of maintenance and moving
Four of five in the survey believed their new home was move-in ready, but quickly realized that repairs or renovations were needed. Just over half also reported being unpleasantly surprised by the costs of maintaining their new home. These buyers said that in the future, they would work to have a better understanding of these costs before purchasing a new home.