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July 28, 2014

Home Buyers' Biggest Regrets About the Purchase

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Home Buyers' Biggest Regrets About the Purchase

Though buyer's remorse is never fun, there's usually something we'd change if we could go back and make a big purchasing decision again. In a new survey, Chase Bank found out what some of the most common things are that recent home buyers would change about their real estate purchase if given a second chance.

Chase's survey, "What I Wish I Knew About the Homebuying Process," asked 807 recent home buyers about their attitudes following the purchase of a home, taking the temperature of how people are living with their real estate decision. Here's what home buyers say they would do differently if they could make the decision over again.

Get Smarter About Financing

While nine out of 10 buyers surveyed say they felt prepared at the time they bought their home, 56 percent say that in hindsight, they should have known more about financing. Specifically:

  • 22 percent say they weren't as educated about the ins and outs of closings as they should have been.
  • 19 percent say they weren't as well-versed on making an offer and negotiating.
  • 15 percent say they needed more guidance on the overall financing of a home.

Pick a Different-Size House/Area

Sometimes you don't know whether a house suits your needs until you start living in it. That would seem to be the case for 39 percent of respondents, who say they would choose a house of a different size or a different price — or even in a different neighborhood — if they could redo their purchase.

Adjust Expectations

A good chunk of buyers weren't expecting the home-buying process to take as long as it did, with 40 percent saying it took longer than they thought it would. Sixteen percent say they got a "pleasant surprise on timing," according to the survey.

Be More Prepared to Spend on Maintenance

Eventually, we all have to face the cold, hard facts of home ownership: It can be expensive. Thirty-four percent of respondents say that home-maintenance costs ended up being more than they expected. Among first-time home buyers, 51 percent say they "got that sinking feeling" when faced with maintenance costs. What's more, 80 percent of survey respondents say they considered their home move-in ready when they bought it, but 76 percent have since completed or planned renovations.

Source: Chase

Read more:

From Right or Left, Home Ownership Is a Core Value
10 Ways to Prepare for Home Ownership
The Town With the Highest Home Ownership Rate