How to regret-proof your home purchase

By Daniel Lathrop NerdWallet Buying a home is a dream for a large number of Americans and one plenty of them have successfully realized But what happens if that dream becomes a nightmare For specific homeowners it may be of homeowners regret buying their current home according to a June NerdWallet survey conducted online by The Harris Poll And of homeowners say they strongly regret the purchase Want to avoid this If you re in the domain to buy a home here are particular means to regret-proof your purchase Be choosy when it comes to location Where you buy can dramatically impact both the cost of your home and your satisfaction living there Factors that can make a difference over time include busy streets ambient noise poorly maintained infrastructure empty lots and whether nearby properties are well maintained While no particular complication is a deal breaker for every buyer think about what that little annoyance will mean to you when you have to contend with it every single day If viable stop by the property several times before putting in an offer Varying the times of day and days of the week you visit can show you new things and it may give you an opportunity to meet several neighbors By visiting a limited times you might find on-street parking is scarce on the weekend If you have kids it s nice to know if your neighbors do too On the other hand if you prefer quiet you may want to know if the neighbor runs an in-home child care business during the week Get a home inspection While several buyers may choose to skip a pre-purchase home inspection to make an offer seem more attractive to sellers it is an opportunity for nasty surprises Seattle real estate agent Kari Haas says nobody should ever buy a house even new construction without knowing what they re getting into I do not allow my clients to do it Haas reported Even when there s multiple offers and other people have waived their inspections A home inspection can uncover major issues such as roof problems past flooding and construction defects Even minor things such as an old water heater can provide an opportunity to negotiate with the seller making the inspection a possible cost-saver Various sellers are willing to negotiate over items that turn up in an inspection while others aren t If the inspection uncovers new costs make sure to add those into your budget and consider whether the added expenses push the home out of reach financially It pays to know when to walk away Buy what you can afford and remember the hidden costs Paying too much for a home can be a major stressor And plenty of people will be approved for mortgages that are more than they can reasonably afford An affordability calculator can help you determine a realistic budget given what you have saved for a down payment your income and your other expenses While getting the right home is often worth cutting back spending on extras it can also be a source of regret when those cutbacks end up requiring major lifestyle changes In addition to the loan payment don t forget to budget for the other homeownership costs Often overlooked are the impact of property taxes homeowners insurance private mortgage insurance PMI and homeowners association fees on a monthly budget There s also upkeep Lawns need mowing Furnaces need repairs Pipes break All that takes time money or both Be realistic about upgrades and repairs People often buy homes with the idea of instantly remodeling a kitchen building an addition or otherwise doing major renovations Others seek out a fixer-upper or find serious issues in the inspection that need to be remedied All of these situations cost money and take time to address often more money and time than initial estimates When workable get written estimates for any home improvements you re planning and for any work that necessities to be done Also remember to anticipate the ongoing costs of the inevitable minor repairs and occasional big ticket items even when there s no major work to do Related Articles Disney to pay million fine after FTC says it allowed input collection on kids Google avoids breakup in search monopoly matter but judge orders other changes in landmark ruling Amazon ends a project that lets Prime members share free shipping perk with users outside household Earning more doesn t make you immune to credit card debt Nonprofits face a tough funding landscape They hope better storytelling will bring more donations When budgeting mortgage insurer Fannie Mae s rule of thumb is that homeowners will spend to of a home s value every year on maintenance and repairs It may be a good idea to plan a post-purchase budget that includes a house fund you pay into each month to cover those expenses For a home the median price in the U S that s between and per month Especially with a fixer-upper or an older home where the costs tend towards the higher end of the range that can have a important impact on a family s finances so bake this into the budget early on While doing work yourself cuts down on the out-of-pocket costs even DIY aficionados may not have the skills or time for every job that necessities doing Know the rules and regulations It s worth remembering that every property is subject to the rules of city or county agencies at minimum A neighborhood townhouse or condo may also have a homeowners association with rules of its own When these rules keep your neighbors on the straight and narrow that seems great When it gets in your way Not so much There are basics like whether building an addition or accessory dwelling unit will be allowed parking restrictions and noise ordinances And an HOA historic district or neighborhood council could have rules in place on anything from the color you paint your house to the number of pets you can own Make sure you read the HOA rules get a map of the area s zoning from the local building department and ask if the town or county has any rare regulations It s also central to make sure you know what s not against the rules Look into the zoning of nearby properties Those beautiful woods across the street may be destined to become a shopping mall Take everyone s opinion into consideration It s critical that everyone in the household be happy with the home Buying your dream house that your partner doesn t particularly like guarantees disappointment and can lead to relationship problems But it s not just a notable other who has a stake in the home People living with aging parents adult children long-term roommates and the like may be tempted to take a my way or the highway approach But if the people you live with are unhappy you ll likely suffer as well The complete survey methodology is available in the original article published at NerdWallet More From NerdWallet Weekly Mortgage Rates Rise Halting Two-Week Slide Weekly Mortgage Rates Fall As a September Rate Cut Seems Likely Weekly Mortgage Rates Plunge After Bad Jobs Overview Daniel Lathrop writes for NerdWallet Email articles nerdwallet 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