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What Do Buyers Regret About Their Home Purchases?

Half of all homebuyers regret something about their purchase. Here’s why.

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On my latest appearance on “Your Carolina With Jack and Megan,” I talked about a recent study that showed half of all homebuyers had regrets about the property they purchased. Two-thirds of those regrets had to do with the size of the property being too small. It was easily the biggest regret of the surveyed buyers.

To avoid having this kind of regret when it comes time for you to buy a home, we recommend planning ahead. A pre-qualification is an important step because it lets you know exactly what you can afford. The location you are looking at could play a role too. You will be able to get a bigger home if you aren’t looking in a prime location.Some areas simply have better prices than others. It’s a tough balancing act, but all buyers should have a game plan.

The biggest regret of renters was not buying!

This survey also surveyed renters. Can you guess what their biggest regret was? It was not buying a home! A lot of renters are mistakenly under the impression that they can’t qualify for a mortgage. The truth is that most of them can.

If you’re going to buy a house at any point in the near future, you want to plan to be in the home for at least five years to make the investment worth it. If you won’t be there for long enough, it might make sense to rent for a short time. However, with interest rates rising in the near future, now represents a great opportunity to affordably purchase a home.

If you or anyone you know is thinking about buying a home in or around Greenville, give us a call or send us an email. We would love to hear from you.

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