These Are the Biggest Regrets for Young, First-Time Homebuyers
Thinking about finally buying a house? Before taking the leap, you may want to consider these homebuyer regrets before making that purchase.
Buying a home has always been a prime part of the “American Dream.” You know, white picket fences, red door, tire swing hanging on that tree in the front lawn? The typical clichés go on and on. But what doesn’t go on and on are the number of millennials lined up to fulfill this major part of the original “dream.” According to the National Association of Realtors, down payments are typically around 20 percent, and taking on a mortgage loan along with student debt seems financially irresponsible. Needless to say, houses are becoming less affordable for millennials, who are at a prime age to buy their first home.
However, this hasn’t stopped millennials from attempting to buy a home for the first time. If you’re curious about renting or buying, here’s what’s cheaper for every state, according to the real estate and rental marketplace.
While some millennials are still renting, or even living with their parents, there are others who still trying to hop into the housing market. However, according to a recent Home Buyer Reality Report conducted by Nerd Wallet, there is a list of regrets that millennial (and other first-time homeowners) are experiencing even after purchasing their home. Based on a survey of more than 2,200 people, here’s what young homeowners (from the millennial generation, ranging from ages 18 to 34) are regretting after purchasing their first home.
28 percent of young homeowners wished they saved more money first
Buying a home certainly isn’t a cheap endeavor, and young homeowners are feeling the heat. If you’re looking to save money, these 35 brilliant ways to save money around your home should help.
19 percent wish they bought a bigger home and 12 percent now value different amenities/features compared to before
House sizes and the house’s amenities are some of the many things that should be considered when purchasing your first home, as well as these 9 other important things to consider.
10 percent believe they should have waited longer
Not sure when the right time really is when buying a home? It may feel like a mystery, but these 10 house hunting and home buying mistakes can help with your decision making process.
27 percent took on a mortgage rate they can no longer afford
Maxing out your budget on the mortgage is a common mistake that first-time homeowners make when purchasing their house. Be sure to look out for mortgage price, as well as these other common mistakes when buying a house.
11 percent aren’t feeling financially secure
That mortgage isn’t the only thing taking money from your wallet, there are actually a ton of other fees and payments that you need to make in order to own a home. Here are 13 things you can expect to pay before buying a house.