Life is full of regrets, from the risks you never took to
the fashion choices you unfortunately made (shoulder pads, really?). But for
many millennial homeowners, their biggest regrets may have to do with the homes
they've purchased.
According to a recent survey by Bankrate.com, 63% of millennial
homeowners feel buyer's remorse when it comes to their current home purchase.
In fact, millennials (meaning those in the 23–38 age range) are more inclined
to regret their home purchase than any other age group, and nearly double the
percentage of baby boomers (35%) who say they have regrets.
So what exactly do millennials hate about their
homes? The most common regret from all respondents is underestimating
the costs of maintenance and repairs, with one-quarter of millennial homeowners
noting that this was their biggest pain point.
A lot of folks don’t realize how much it costs to repair and
replace items. They're used to picking up the phone and having a landlord or
maintenance company come fix it," says Deborah Kearns, a Bankrate
mortgage reporter and author of the survey. "It can be a real shock to the
wallet."
Bankrate commissioned YouGov Plc to conduct the online
survey of 2,668 adults, including 1,493 homeowners, from Jan. 30 to Feb. 1.
Other regrets that homeowners reported included size and
location—many say they bought a house a little too cozy (12%), too big (5%), or
in a bad area (8%). Homeowners are also kicking themselves for poor financial
decisions, with 7% of respondents lamenting a poor investment and having high
monthly mortgage payments.
So what exactly can potential homeowners do to prevent home
buyer's remorse down the road?
How to avoid home buyer's remorse
Once you've finally picked out your dream home, it's
tempting to sign the papers as quickly as possible to get those keys and move
in. But not so fast: Getting a home inspection is a crucial step that can save
homeowners from future remorse, Kearns notes.
"The entry-level price range is competitive, and some
buyers will skip a home inspection contingency to make their offer more
competitive," she says. "But this is a huge mistake."
A home inspection will help buyers understand exactly what
they are about to acquire. An inspector may unveil issues in the home that are
not noticeable to the naked eye, like electrical issues or mold, and this can
save a homeowner a pretty penny.
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