“If I could do it all over again, I would.”
You’d be surprised at the number of homebuyers who have thought this after a home purchase. Some come to this realization many years down the road, while others, almost instantaneously. In the U.S., one in four get “buyer’s remorse” after a home purchase; while in the U.K., this figure is a close one in five.
Fortunately, this doesn’t seem to be the case in Ireland, where there are more people owning their own homes than any other European Union country, and with most not experiencing any problems with the home buying process. However, this does not exempt Irish people from making the same mistakes that many around the world do.
James Daley of Which? Money says that buying a house is constantly on top of the list of the most stressful events in one’s life, given that it’s likely to be the biggest purchase you’ll ever make. With that in mind, it pays to know what homeowners today regret the most to avoid making the same mistakes.
Not Knowing the Neighbourhood
It’s worth doing extensive research on your potential new neighbourhood. Remember, this is where you’ll be spending most of your time in for many years. If you find a property that piques your interest, try to know the neighbourhood more intimately. Check whether it’s near noisy locations. Drive around the streets during rush hour to see how busy they can get. Identify nearby establishments and facilities and check if they’re a good fit to your lifestyle.
Not Asking Questions
You’ll likely be working with a real estate professional in your home buying journey. This means you have immediate access to a veritable pool of very helpful real estate information. Staying quiet doesn’t help you, so regardless of how obvious the answer to a question may be, if you’re not sure, ask.
Not Obtaining Home Insurance
Home insurance is very important to protect your property from life’s unexpected turns, such as fires, floods, and theft. The consequences of not having any home insurance can be devastating. For instance, should your property be flooded or burned down in a fire, and you do not have adequate coverage, you may end up with nothing but the proverbial clothes on your back.
Don’t let these costly mistakes happen to you. It is not difficult to find a home insurance quote that matches what you’re looking for, through the services of insurance brokers like Simply Insure. You simply need to go to their website to see what the top insurance providers in Ireland have to offer. Make sure you go into the home purchase process well-informed and fully ready, to avoid future regrets.
Sources:
Avoiding problems (How to avoid making mistakes), Just Landed
1 in 4 American Homeowners have Buyer’s Remorse About Current Home, According to Nationwide Survey, Redfin.com
One in five Britons regrets house-buying mistakes, The Telegraph
From wrong mortgage to living next to an airfield: How one in five homebuyers are plagued by regrets, The Daily Mail
