Top 7 Things People Regret After Buying a House

Top 7 Things People Regret After Buying a House

The real estate frenzy is in full swing: brokerage site searches, virtual and in-person visits, bidding wars, etc. Despite the stress this can cause, it is best to take your time before making a final decision. Here is a list of what homeowners typically regret that you should keep in mind before you sign on the dotted line.

1. The Neighbourhood Is Noisy or Poorly Maintained

You should walk around the neighbourhood at different hours of the day to evaluate the noise level generated by local traffic and the condition of the parks, if you plan on frequenting them. Do you like to take strolls in the evening? Not all neighbourhoods have sidewalks or streetlamps.

2. The Size of the Property Does Not or No Longer Fits Your Needs

A young couple may be perfectly happy in a sweet little two-bedroom house. But when a new baby arrives or the occupants start working from home, this cozy space becomes too cramped for comfort.

Conversely, a spacious home may begin to feel cavernous to a childless couple or to a lone resident following a divorce. Plus, as maintenance, heating and insurances costs continue to rise, owners of large properties may find that they are living in a money pit. Take a moment to re-evaluate your needs! 

3. The House Is Overvalued

In our current overheated real estate market, it’s easy to spend more on a house than it is worth simply because the heart overruled the head. A real estate broker will work to get you the most advantageous deal while remaining objective. 

4. The Mortgage Is Onerous

Does paying your home’s mortgage, municipal and school taxes, power and heating, insurance, and maintenance costs leave your bank account empty at the end of the month? If you can’t even afford an evening out because your household expenses have overtaken your budget, you must either find a way to earn extra money or resell your property, which may be the more prudent option. 

5. Homeownership Is More Expensive Than Expected

You’ve budgeted for the down payment, mortgage payments and other monthly expenses. Have you remembered to include the property transfer duty (the famous “welcome tax”), notary, pre-acquisition inspection, moving, furniture and minor and major renovation costs to your calculations? All these bills will add up to several thousands of dollars before you even have the keys to the front door in your hands. Unfortunately, many new homeowners find this out too late. It’s recommended that you sit down with a financial advisor to make sure you can actually afford to buy a home.

6. The Commute Is Too Long

Unless you’re lucky enough to have the option of teleworking, you must take into account travel time to and from work. Do a test-drive morning and evening to get a rough idea how much time you will be spending in your car every day. Some people fall in love with a residence and snap it up before considering this aspect … only to regret it later!

7. The House Needs Too Much Work

Buying a property that needs a lot of TLC can pay off in the long run. If you’re handy, you could greatly increase its value. But be realistic about this. Can you truly be comfortable living in a building site for a couple of months, or maybe years? With the current construction labour shortage and the high cost of materials, some homeowners have had to put their renovation projects on hold, sometimes for several years. There are even a few who readily admit they should have spent more on a newer home, all things considered. 

The best way to avoid being disappointed by a real estate purchase is to clearly determine which criteria are essential and which are important to you without being deal breakers. You will then be able to make an informed decision when you view houses. Of course, a good real estate broker will keep your needs and preferences in mind when suggesting properties that might interest you. They are your most reliable ally when it comes to a regret-free home acquisition!

RE/MAX Québec

By RE/MAX Québec

By RE/MAX Québec

A leader in the real estate industry since 1982, the RE/MAX network brings together the most efficient brokers.