64% of millennials have regrets about buying their current home.
If you have some regrets about buying your home, you have a lot of company. Prior studies and surveys published by multiple companies arrived at similar regret statistics. Bankrate breaks this down further to reflect that millennials voice regrets in greater numbers than other population groups.
According to Bankrate, nearly two-thirds of millennials expressed at least one regret. Less than half of Gen X and only a third of Boomers noted similar remorse. Regrets concentrated on elements of the process which the buyer wishes had been done differently. The regrets centered on buying too much house or overpaying. But the largest segment ended up with too much mortgage payment, the wrong mortgage rate, or knew too little about the mortgage process. In combination with poor due diligence and inspections, these home buyers spent too much on fixing things or maintenance. To avoid this outcome, follow prudent buying steps. Avoid FOMO and falling in love with a home while overlooking its faults. Missing problems or inspections with a rushed purchase leads to financial challenges later.
Winning Mortgage, Winning Home provides detailed insights, plans, and education on the process. The plan applies to every purchase and financing. Not just millennials have regrets on buying. A heated market tempts many to ditch the planning and prudence developed earlier. The cost of overpaying continues well beyond the initial purchase. Don’t get caught with major regrets about either the purchase or the mortgage.
