Buyer’s remorse is common when making large purchases. After all, if you’ve spent a significant amount on something, you want to be sure you get your money’s worth. Since buying a home is probably the largest purchase you’ll ever make, the risk of remorse runs high. According to a recent survey conducted by Bankrate.com, young homebuyers are particularly vulnerable.
In fact, millennial homeowners expressed the most regret of any generation, with 63% saying there were things they’d do differently the next time around. So, what do young homeowners regret most about their home purchase? The top answer was not accounting for the cost of maintenance and repairs. Other complaints included buying a house that was too small, too big, or in an unsafe area.
The good news is that there are ways to avoid underestimating the costs of owning a home. It’s best to plan ahead and set aside money in case of emergency repairs. A good way of knowing what you’re getting into is to have the home inspected. It’s essential to know the condition of a home before you buy it.