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Surprise Costs

Posted on July 6, 2022 at 9:54 AM by Danielle BrownWolf

Studies find homeowners feel regret about their purchases

According to recent reports, buying a home might not be all it’s cracked up to be. The studies — one of 1,620 new homeowners and one of 2,000 new homeowners — found that a vast majority of the buyers had at least one regret.

In one survey, conducted by an online real estate firm, 70 percent of homeowners felt remorse about their purchase. In a separate report, 76 percent of homeowners reported regrets. The biggest regrets? Underestimating the cost of homeownership and not searching more for the right fit.

Homeowners being shocked by how much it actually costs to own a house isn’t surprising. The cost of homeownership starts with the mortgage, and mortgage payments are now 40 percent higher than they were just one year ago. After navigating the mortgage, closing costs and down payment, homeowners face property taxes, insurance payments and repairs and maintenance.

As for homeowners regretting not shopping around more, the housing market has clearly played a big part. It’s a seller’s market, and that means homes are getting multiple offers, selling quickly and sometimes putting buyers into bidding wars.

One way to avoid feeling regret when buying a home is to try your best to think it through. As CNBC notes, consider your finances and what you can afford over the long run, not just the mortgage payments. When you know your price range, don’t shop for homes outside of it. Be patient and don’t rush into buying a home that doesn’t feel right. Owning a home shouldn’t be tainted by regrets.

 

This article was originally posted on savvymoney.com 

The material provided on this page is for informational use only and is not intended for financial, tax or investment advice. VisionBank, PurposeBank, and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.

 

Categories: Spending

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