Research shows that even the most-satisfied homeowners would change some aspects of their home purchase if given the opportunity. According to a recent survey, nearly three out of four buyers who purchased a home in 2021 or 2022 still have a few regrets.

Some question their decision to move to a neighbourhood they still don’t love.

Others wish they had been less picky about where they lived so they could have paid less. Many are afraid they overspent or think they sacrificed too much in their rush to buy a home.

Here are some of the most common homebuyer regrets we see, along with our professional advice on how to avoid them.

Spending more than necessary

No one wants to overpay for their new home purchase (and, luckily, with the right guidance, doing so is avoidable).

But even if you’ve secured a winning purchase price, there are still plenty of ways to accidentally overspend.

One of the most common ways to overpay? Choose the wrong mortgage. In fact, in today’s higher-rate environment, this can be one of the riskiest mistakes a new buyer can make.

Rushing into a home purchase

In a competitive housing market, it’s often necessary to act fast to secure a home. But don’t let a need for speed tempt you into making an offer before you’ve thought through or fully vetted a new property.

Rushing into a home purchase isn’t just risky, it’s also one of the most commonly cited sources of homebuyer regret.

Getting swept away by your emotions can also lead to buyer’s remorse. If you’ve found a home you love and are competing with other buyers, it can be tempting to overlook key details or bid more than you can afford.

Miscalculating the costs of homeownership

Though real estate is a great long-term investment, it can be pricey in the short-term, often surprising homeowners who aren’t prepared for it.

Annual maintenance could cost as much as 1 per cent or more of your home’s purchase price.

Some buyers also forget to factor in additional ownership expenses, such as property taxes, insurance, and repairs.

Failing to think through the costs of homeownership is one of the most common sources of homebuyer regret. Underestimating the time required to maintain or renovate a home

One of the most joyful aspects of homeownership is getting to relax in a home that’s all your own.

But if a home is too high maintenance, then you may not have time to savour it.

Many homeowners love to spend their weekends puttering in their gardens or undertaking home improvement projects.

But if that’s not you, then you may not like living in a home with a big yard or with high-maintenance features, like a pool.

Buyers who purchase fixer-uppers are often surprised by how much time it takes to rehab their new homes.

Although buying a fixer-upper is a great way to save on the purchase price, you could come to resent it if it eats up all your free time.

Ignoring or skipping a home inspection

It’s easy to get swept up in the excitement of buying a home. Sometimes, buyers will agree to skip a home inspection to sweeten their offer in a competitive market.

They may also be tempted to pinch pennies since they’re already facing a large outlay. However, if you skip out on a home inspection, you could come to regret it.

When you hire a home inspector, you get a professional, in-depth examination of the property’s structures and systems before you buy it.

It’s a worthwhile investment that can save you money in the long run, either by warning you away from a bad purchase or by providing a list of deficiencies you can use to negotiate with the sellers.

Choosing a home that doesn’t fit

Homeownership is often a better investment if you’re willing to stay put for at least five years.7 But if your newly purchased home isn’t a good fit, then you may not want to stick around that long.

Many homeowner complaints come down to simple lifestyle issues: Although a mismatch may seem small at first, the problems can magnify if you make so many compromises that they interfere with your quality of life.

Make sure you set some guardrails during your home purchase so you don’t over-compromise or accidentally prioritize your wants over your needs.

Purchasing without professional help

Another path to homebuyer regret? Foregoing the expert guidance and market insight that you can only get from a licensed real estate agent.

Real estate is hyperlocal and extremely fluid—especially these days when the market is in constant flux. So it pays to have a knowledgeable expert by your side who can guide you through an often-complicated process.