Real Estate Brokerage

Don’t let your clients fall into these homebuying regrets

house redfin regrets

(BROKERAGE) Homebuying can be extremely stressful and many people take shortcuts which result in regrets. When helping clients buy a home, avoid these potential dangers and avoid regret.

Homebuyer’s remorse

A satisfied customer isn’t simply a buyer who has found the perfect home — it’s a customer who bought the perfect home, and still feels great about it a year later.

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Buyer’s remorse is a real risk, especially on a large, expensive purchase like a home.

Not just a number

As a real estate agent, you can certainly pressure your customers to make a quick decision just to close the deal, but that’s not how you create lasting relationships or satisfied clients.

Instead, help buyers make the best decision they can so that they don’t have regrets later.

Tim Lemke at Wisebread has offered a list of the “Biggest Regrets of New Homeowners.” By examining what homeowners are most likely to regret after purchase, you can help your clients avoid find a home that they can be happy with for years to come.

Money regrets

According to Lemke, most post-purchase regrets arise when the buyer fails to budget or properly finance the purchase. This includes buying a home that is too expensive, making a down payment that is too small, setting up the wrong kind of mortgage, or making the purchase with a low credit score or while still in debt.

Help your client create a budget for the home that does not exceed 30 percent of the household’s gross income – and stick to it!

The budget should also factor in at least 20 percent of the cost as a down payment. If the down payment is too small, the available loans will be less than ideal, and the buyer will lose money on private mortgage insurance.

False hope regrets

You should also advise clients to avoid other common pitfalls that can leave homeowners dissatisfied. A fixer upper is great if the client is handy, but if he or she doesn’t know how to do home repairs and renovations, they could easily end up with an unlivable property that will cause stress and require a lot of time and money to repair.

In order to avoid other unforeseen repairs, make sure your clients also get the house inspected so that they don’t end up with surprise problems.

Diligence regrets

Finally, encourage your clients to not only check out the house itself, but to research the surrounding area. Too often, buyers fall in love with a house, but end up regretting their choice of neighborhood.

Help your clients make the best decision they can – no regrets!

#NoRegrets

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