What do millennial homeowners regret about purchasing a house? Is there a cure for buyer’s remorse?
According to Domino, Bankrate revealed the result of a new survey of more than 2,500 adults, on which nearly two-thirds of millennials or 64% say they have regrets about purchasing a house. The one thing millennial homeowners regret the most? It’s actually not the mortgage rate, although that’s part of the list, the biggest reason is not being prepared about the costs of homeownership or maintenance costs. It’s pretty common for buyers, particularly millennials, to rush buying a house even though the house doesn’t completely fit their budget or perfectly suit their needs. One of the reasons is the high competition and properties at low-interest rates.
Millennial Homeowners Regret: Maintenance Costs
As a result, 26% of younger millennials (ages 25 to 31) say the costs of homeownership are just too high. Thankfully, there’s a solution to cut down the expenses. Yes, it’s tackling the maintenance yourself within reason. Of course, you have to leave some work to the experts, such as plumbing. However, you can learn carpentry, how to build your own garden, or painting your walls. There are actually plenty of ways to tackle the maintenance of your own house.
Additionally, Bankrate advised that while owning a home is important, it’s best to work with an agent who can guide you through the competition. Also, think carefully of future expenses before you close the deal. Make sure to create a realistic budget and stick to it. Lastly, inspect everything, from the roof down to the major appliances. You don’t want a leaking roof or a washing machine leak to greet you at your housewarming party.
Learn more interior design tips and ideas on Omysa’s Design blog. Purchase wisely!