One of the unfortunate realities of buying a home is that, until you’ve actually moved in, you don’t necessarily know what you have. While home inspections can reveal hidden imperfections and you probably won’t feel at home until you’ve added your own interior design, lots of home buyers express regret with the housing choices that they have made. According to a Trulia survey from Spring 2013, this is particularly true for millenials. Three-quarters of respondents between the ages of 18 and 34 said that they had housing regrets. That number was just 36% for those 55 and older. The collapse in the housing market certainly played a role in that trend, but there are many factors that can lead to buyer’s remorse.
Interestingly enough, it is not just home buyers who said that they regretted their housing decisions as respondents who rented, rather than purchased, home showed similar patterns. Of those aged 18-34, 65% of renters had regrets but only 31% of individuals over the age of 55 said the same. One factor that many experts are pointing to is the fact that college loans are making it tough for many young people to afford a home; a fact they might not realize until after making a purchase.
“Student debt trumps all other consumer debt. It’s going to have an extraordinary dampening effect on young peoples’ ability to borrow for a home, and that’s going to impact the housing market and the economy at large,” said David H. Stevens, chief executive of the Mortgage Bankers Association, to The Washington Post.
Though the number of home buyers who have regrets is quite high, it was actually lower for the period of 2010-2013 than in the past. In total, just 55% of homeowners said they had regrets during that time, while 63% of those who bought homes in 2003-2006 and 2007-2009 did. It is difficult to point to one factor that could have made that number drop, and renovations in previous years could certainly play a role.
Whether you want to buy or build a home or where you want to live, it is important to think carefully and be patient when making a decision. Buying too quickly can lead to significant mistakes that turn a great experience into a negative one. While there is never a guarantee that being meticulous in searching for a home will allow you to avoid mistakes completely, taking your time is always a must when trying to avoid home buying regrets. Visit here for more: Santa fe new mexico homes for sale
