As home buyers purchase under intense competition, they may be prone to some regrets afterward. About 43% of all homeowners have at least one regret about their current home, according to a recent Bankrate poll of about 1,400 homeowners. The most common regret is feeling unprepared for home maintenance and other costs associated with homeownership, the survey finds.
Young adults seem to have the most regrets about their home. Broken out by age, nearly two-thirds—or 64%--of millennials, ages 25 to 40, say they have at least one regret about purchasing their current home. About 45% of Gen X, ages 41 to 56, have reported buyer’s remorse with their current home, while only 33% of baby boomers, 57 to 75, have housing regrets.
With sight-unseen offers growing or purchases being made during bidding wars and waived contingencies, buyers may feel some regrets following their purchase. The bankrate.com survey found the most common regrets are the following:
Planning for home maintenance expenses and shopping around for a mortgage to ensure the best rate may help remove some of the most common home buyer’s remorse, the survey finds.
“Owning a home still tops the American dream list, but it can cause a rude awakening if one fails to plan for inevitable expenses,” says Mark Hamrick, Bankrate.com’s senior economic analyst. “This is yet another reminder why making emergency savings a top priority is so important. Whether it is a roof repair stemming from age or storm damage, or the need to fix or replace heating, cooling or appliances, it isn’t a question whether such expenses arise, only when and how much they will cost.”