Getting the Home You Want: The Top Five Homebuyer Regrets
By Phoebe Chongchua
- I wish I had chosen a larger home: 34%
- I wish I had done more remodeling when I bought the home than I did: 27%
- I wish I had more information about the home before I decided: 22%
- I wish I had put more money down for the down payment: 18%
- I wish I had been more financially secure before I decided: 16%
The survey of 2000+ consumers found that more than half (52%) had some sort of regret about their home purchase or process of choosing their home. The common theme among those surveyed is that they wished they had invested more in their home, either by increasing the size, paying more for renovations, or coming up with a larger down payment.
While the majority of homebuyers said now is the time to buy, only 32% of Americans believe it’s better to sell now than one year from now. With high home searches and low inventory in many markets, the search for a home can be a bit chaotic. Inventory is down 20-25% year-over-year. In some markets houses are moving very quickly and buyers are frequently making fast decisions, sometimes without enough consideration.
The survey found that “Among homebuyers who purchased their current home between 2010 and 2003, fewer had regrets compared to those who purchased from 2003 to 2009,” the company stated on its site. Perhaps that’s because the bubble peaked between 2003-2006 and falling housing prices may have spurred regrets regarding financial matters such as shopping for a better mortgage, borrowing less against their home, or wishing they understood the cost of homeownership better. Now, though, as the housing market is in recovery mode, those same regrets are dissipating.
Even in fast-paced, low-inventory markets, getting the home you want is possible if you get organized before you start your house hunting. The best ways to be prepared are to start your homeownership plan now. Even if you plan to rent for a year or more, begin to strategize for your future homeownership today.