90% of Home Buyers REGRET Buying a Home
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- Опубликовано: 13 мар 2024
- In a recent NY Post article, they report that according to a new survey from blog site Real Estate Witch, 90% of millennial homeowners regret buying their first home. This is up from 82% in their 2023 report.
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I'm not a Millennial, but I know some (my relatives) who bought their first home and their shocks were: 1. Homeowners insurance (which has gone up 20% in one year here in Kansas); 2. Maintenance/renovation costs (aka the bathroom renovation contractor who has been "working on it" for 18 months and counting now) 3. Property tax reassessments (they thought their property tax would be what the previous owners paid, but it's based on what THEY paid, which is much higher). Home ownership was sold to them as a beautiful, perfect dream, but there are burdens and responsibilities that are growing faster than people's incomes.
tldr; insurance, taxes, and maintenance costs are rising so fast that initial "can we afford this?" calculations are WAY off.
you know it's a great neighborhood when not many homeowners have sold over the years. When I bought my home I checked out the neighborhood and also looked at past sales, not many over the last 2 decades.
I agree about don't put down 20% if it is going to leave you without reserves. I don't recommend going with a high debt-to-income, but it isn't uncommon as a need now, with homes being so expensive. An FHA compensating factor is "high cash reserves". That's exactly what I did, I have no discretionary debt and high cash reserves. I did not put 20% down. I saved, at the time 20K in savings. This is now 30K in savings. Frankly I want to get it to 100K, that's how I will ride out potential tough times or recessions, with some reserves to tap, in times of low income. I disagree about surprise maintenance costs. This isn't my first home, just learn how to get that cost down. Buy the parts yourself, and learn how to get a low cost, but licensed contractor - if it is necessary for something like replacing an outside air unit. And do it yourself if it is easy, like installing a dryer outlet or repairing drywall, replacing carpet or water heater are actually well within the realm of possibility if you apply yourself. Most things in the house are easy enough. Personally I draw the line at replacing pipes or an attic air conditioner. Roof - maybe if its a few shingles, not if the whole roof. Finally - if your expenses come from renovations that has little to do with the cost of home ownership and just something you wanted to do.
They bought at area where you don’t expect because that’s what they can afford and the dream of owning drove them there.. we need a house correction and I mean down
People have been moving to have a better life for... all recorded history. If you can't afford to be successful where you are then you should move.
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