I read an interesting article yesterday on CNBC ( Most Millennial Homeowners Have Buyer’s Remorse), in which the author claims:
- Nearly 2 in 3, 63% percent, of millennial homeowners surveyed by Bankrate.com have regrets about buying a home.
- This is compared to the national average of 44% of US homeowners who say they have regrets about purchasing a home.
- Surprisingly what seems to be the most bothersome issue is home maintenance!
In the newest survey, performed by Bankrate.com, of millennial homeowners, ages 23 to 38, over 63% say they have buyers remorse. That is nearly double the rate of baby boomers and nearly 20 points higher than the national average of 44 percent of US homeowners who state that they have buyers remorse.
This age group of homebuyers has been slow to enter the housing market because of a number of factors, but it is generally believed that the last recession and the housing crash during their single years helped foster a large group of millennials who have never known anything other than renting a home or living with their parents. However, as millennials begin to grow older and get married and start families they are beginning their first entrance into the housing market. Unfortunately, a large proportion of these new millennial home buyers are having second thoughts. Why?
Buying a Home is Only Half the Battle! The Second Half is Maintaining That Home
What seems to bother millennials the most? Home Maintenance! As with many homeowners, most folks never consider the costs of maintaining a home after the purchase is complete.
Bankrate analyst Deborah Kearns stated as part of the report, “Repairs and maintenance costs are something all homeowners face. Consumers should expect to set aside 1 percent of their home’s purchase price each year to keep in a savings account to cover these expenses.” Buyer’s remorse can also stem from relying to heavily on social media to make decisions relating to location and value of real estate markets, taking on a larger mortgage payment then you can comfortably handle or purchasing a home that is to big or to small are also factors that contribute to buyer’s remorse.
Repairs and maintenance costs are something all homeowners face. Consumers should expect to set aside 1 percent of their home’s purchase price each year to keep in a savings account to cover these expenses.Deborah Kearns - Bankrate.com
What Should Home Buyers Do?
Despite all the regret, most Americans, 79 percent, still consider homeownership to be part of the “American Dream”, even millennials. So, if your dream is to be a homeowner, what steps should you take to make sure you do not become a statistic and join the ranks of those homeowners who wished they never took the plunge into homeownership in the Asheville area?
These Simple Tips Could Save You $$$
Choose A Real Estate Agent
DO NOT GO IT ALONE!!! Make sure the first thing you do is choose a great real estate agent despite what any other internet wise guy might tell you. A good Realtor can help you set a realistic budget, has intimate knowledge of the real estate market you are in and can help make the whole process less terrifying, especially for first time home buyers!
Choose Your Home Inspector
There are lots of home inspectors in Asheville! Choose wisely, your home inspector will be your last line of defense in helping you make a wise real estate buying decision. Is your chosen home hiding big costly secrets? A multi point home inspection in Asheville can help shine the light on needed repairs. Is the air inside your chosen home safe to breath? Testing for Radon Gas in Asheville is highly recommended. Is the water safe to drink? Water testing in Asheville should definitely be performed if the drinking water source is well water or spring fed. A good home inspector can answer these and many more questions.
Maintain Your Home To Save Money
Now that you have purchased your new home you must keep it running in tip-top shape to avoid costly repairs and high utility bills. It is significantly cheaper to maintain than to repair/replace. When it comes to performing home maintenance inspections in Asheville, Mountains To Sea Inspections wants to be your annual go to source for helping you catch and repair problems before they become costly repairs.
Don’t Let the Fear of Maintaining a Home Sideline Your Dreams
There are lots of reasons why millennials have regrets about purchasing their homes. Fear of maintaining it should not be one of them! Form a great relationship with a Asheville home inspection company that you trust. Obviously, we think that should be Mountains To Sea Inspections, but at the very least make sure it is a company that has experience with providing home maintenance inspections. Once you have established this relationship set a time once a year to have your home maintenance partner visit your home and give a good once over to make sure you stop on top of needed repairs while they are minor. If you will do this once a year you can significantly reduce the expense of owning and operating your home 365 days a year.