How to avoid home buyer’s remorse

You’ve dreamed about that new home and finally signed on the dotted line. But then the uncertainties creep in. Was it the right choice? Did I pay too much? Can I really make the payments?

So much debt. So much doubt.

According to a recent survey by Trulia, 44 percent of U.S. home buyers have some regrets about their home or the buying process. There is a lot at stake. And while a home is the most expensive thing most of us will purchase, you can’t just return it like a poorly fitting sweater when buyer’s remorse sets in.

The best way to avoid buyer’s remorse is to do your research beforehand. Here are a few tips to help make you a happy home buyer — even after you’ve signed that contract.

• WRITE DOWN YOUR WANTS AND NEEDS Look at the list and make sure the home you’ve selected includes the most important items. Go through the list of qualities that made you select this home over all the others you’ve looked at.
• DO YOUR HOMEWORK WITH LENDERS After you’ve found a lender you trust, be sure to ask lots of questions. An experienced lender will have recommendations for a loan, but ask why a loan is deemed the right one for you. For example, options with low down payments have obvious advantages upfront, but there are also disadvantages such as higher monthly payments and the possibility of higher interest rates.
• FACTOR IN ALL EXPENSES, NOT JUST THE HOUSE PRICE Closing costs, moving costs and furniture purchases all add up. Be sure to budget for all costs involving your move. In addition, look outside. Does the house you have in mind already have landscaping or will that be another expense?
• CHECK OUT THE HOMEOWNERS ASSOCIATION If the home is a condo or townhome, ask to see the homeowners association budgets and financial reports, and talk to a board member. You’ll want to be sure that fees are properly collected and spent to avoid jumps in cost.
• CHECK OUT THE AREA’S MASTER PLAN If you are buying your house because of the pastoral view from the backyard, you’ll want to make sure that the space you find so appealing won’t turn into a shopping mall in the near future. Know what is being planned in your community and how it will impact noise and traffic.
• CHECK FLOOD MAPS Make sure your home isn’t in a flood plain. Homeowners’ insurance doesn’t cover floods, and flood insurance can add hundreds of dollars to your insurance bill each year.
• STOP LOOKING AT HOUSES Once you’ve picked your house, it’s time to stop trolling for homes on the internet, no matter how tempting.
• DON’T TAKE ALL OPINIONS TO HEART Friends and family members will be eager to give advice and share their own home-buying stories — especially with first-time home buyers. But keep in mind, unless they are real estate experts and know your entire financial history, their opinions may not be relevant.