These are regret owners n ° 1, study shows
Experts say that there are ways to avoid making this mistake too common.
The housing market was returned on his head during the pandemic. Although there is a lotNew frustrations people have About the purchase of a house in 2021, some regrets are timeless. A recent survey has examined the greatest regrets related to the money that people have after becoming owners, broken down by age group. Although it seemed that millennial home buyers had more regret than their counterparts of Gen X or Baby Boomer, the biggest general regret was the same for all three age groups: the maintenance of a house costs too much costs.
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By a large margin, the biggest regret at the buyers of the house was poorly prepared forThe cost of maintenance. In a survey conducted by YOUGOV and commissioned by Bankrate, more than 20% of the millennial owners reported that the costs of the property were too high. When zero nose on young millennia, aged 25 to 31, this number jumped at 26%.
"It's a so common regret because before you have a home, people are used to these costs of their owners," saysReal estate broker Kris Lippi. "This is particularly true for the first owners." He adds that people often expect that the interview is something that will lead to the top of the line, so they are not prepared to deal with it soon after entering.
Lippi says that to prevent this regret, "Arm yourself with information" by making a ton of research before investing in a house. It recommends talking with tips on existing owners because they can share first-hand information.
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"Many housekeepers do not add maintenance expenses in their budgets and end up by financially unprepared people for them," saidLaura Adams, aReal estate expert with CLEARSURANCE. "It's not easy to know exactly how much maintenance is going to cost. It depends on your amenities, such as a large yard, swimming pool or aging devices."
Even if you have budgeted for your supposed maintenance costs, unexpected repairs often appear. Adams suggests keeping a reserve of at least 1 to 3% of the purchase price of your home in your savings account for maintenance and home repairs.
Of course, surprising maintenance prices are not the only thing that causes buyers anxiety. Read about the other four largest regrets of silver-related regrets, ventilated by the generation.
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1 They paid too much for the house.
Millennial HomeBruyers: 13%
GEN X HomeBruyers: 5 percent
Baby Boomer HomeBruyers: 3%
2 Mortgage payment is too high.
Millennial HomeBruyers: 13%
GEN X HomeBruyers: 5 percent
Baby Boomer HomeBruyers: 2 percent
3 They are dissatisfied with the mortgage rate.
Millennial HomeBruyers: 12%
GEN X HomeBruyers: 7%
Baby Boomer HomeBruyers: 4 percent
4 They do not think it was a good investment.
Millennial HomeBruyers: 9%
GEN X HomeBruyers: 3%
Baby Boomer HomeBruyers: 3%
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