Nearly one-third of first-time homebuyers settled into their new residences in a state of regret.
According to a nationwide survey of 1,005 homeowners conducted by Guardian Service, 31% of first-time homebuyers admitted they experienced buyer’s remorse after buying their first property, with 9% believing they should never have made the purchase. The survey found 38% of first-time homebuyers felt pressured to make a homebuying decision quickly, and those who felt pressured were nearly three times more likely to experience buyer’s remorse.
Two-thirds (66%) of first-time homebuyers said they dealt with unexpected home issues after buying, costing them an average of $5,356. This might not be a surprise, considering 17% of these buyers skipped a home inspection during the sales process while more than one in four felt their financial knowledge was inadequate when purchasing their first home. The top regrets were underestimating repair costs (22%), choosing the wrong home size (19%) and feeling they had rushed into the decision (15%).
When asked what they would do differently, 25% of first-time homebuyers said they would buy a different home, 22% would be more financially prepared, and 21% would negotiate more aggressively.
