According to a recent MReport, an increasing number of millennials are experiencing feelings of regret after purchasing their home. A report from Bankrate discovered that roughly two-thirds of millennial homebuyers felt remorse post home purchase. The survey revealed that older buyers were less likely to feel regret compared to younger buyers. The data showed that 64% of millennials expressed a degree of regret, while only 33% of baby boomers have regrets. These homebuyer regrets are mostly due to financial and physical reasons. Many of those surveyed stated that they had regrets due to not being prepared for maintenance and other homeownership costs. Almost 20% of respondents felt as if homeownership costs were too high. Bankrate’s Senior Economic Analyst, Mark Hamrick, stated “It can cause a rude awakening if one fails to plan for inevitable expenses. 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”.
WHAT ELSE DID THE REPORT FIND?
In addition, respondents felt like they had high mortgage rates and/or overpaid for their home. 12% believe their rates are too high and 13% stated they overpaid for their home. Many millennials believe their new home is not an ideal fit for them. 15% of those surveyed stated they were unhappy with their new home’s location and almost 30% felt like their home was not the right size. Due to the competitive nature of the current market, Americans are forced to make quick decisions regarding purchasing a home. Angelica Olmsted, an RE/MAX Professionals Cherry Creek Agent, stated “Because the market is so competitive, you have less time to make a decision on a homebuying purchase than you do on a laptop at Best Buy. You’ve already had, possibly, a couple of offers not accepted, you feel that pressure to make a decision and put an offer in. That is an insane amount of time to have to look at a property, see if you can live there, see if you like the neighborhood, see if a house has all the features you’re interested in. If you have 15 minutes to look at it, then trying to drive around the neighborhood at different times of the night and day to see if you want to live there, you don’t have time to do that adequate amount of homework”.
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