Let the Buyer Beware: Survey Spotlights Regret, Pressure, and Hidden Costs MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 Buying a home is a major life milestone, but for many first-time homebuyers, the experience is more stressful and costly than expected. A new survey by Guardian Service of one thousand and five homeowners reveals that a significant portion of new buyers face buyer’s remorse and regret key parts of their decision-making process often driven by financial missteps, emotional pressure, and lack of preparation.

 According to the findings, thirty one thousand of first-time homebuyers reported buyer’s remorse, with nine percent stating they shouldn’t have bought their home at all. The regret was even more pronounced among those who bought within the past two years forty four percent of that group felt regret. Younger generations felt it most: thirty five percent of Gen Z and millennial buyers experienced remorse.

 Rushed decisions were a common source of regret. In fact, thirty eight percent of first-time buyers said they felt pressured to decide quickly, and those who did were nearly three times more likely to experience buyer’s remorse. The emotional weight of homebuying played a major role: buyers who felt overwhelmed (thirty four percent), stressed (twenty eight percent), or nervous (twenty five peercent) were the most likely to regret financial decisions driven by those emotions.

 Unexpected costs were another major source of regret, with sixty six percent of first-time homeowners reporting facing unexpected home issues after buying, with an average cost of five thousand three hundred and fifty six dollars. Cosmetic or minor repairs were most common, but many faced more serious problems. Notably, seventeen percent skipped a home inspection altogether, and buyers earning under fifty thousand dollars annually were the most likely to do so (twenty three percent).

 Income levels also influenced regret. First-time buyers earning under fifty thousand dollars were fifty percent more likely to regret their purchase than those earning over one hundred thousand dollars. Financial knowledge was another factor more than one in four buyers said their financial understanding was inadequate at the time of purchase, and those who lacked knowledge had a forty two percent remorse rate.

 The top regrets included underestimating repair costs (twenty two percent), choosing the wrong home size (nineteen percent), and rushing into the purchase (fifteen percent). Gen Z and millennial buyers were more likely to say they didn’t negotiate well (fifteen percent) or overpaid (eleven percent).

 Looking back, many first-time buyers would approach things differently. Specifically, twenty five percent said they would choose a different home, twenty two percent would be more financially prepared, and twenty one percent would negotiate more aggressively. Gen X buyers were most likely to want a different home (twenty nine percent).

 For many, the decision to buy was fueled by the desire to stop renting, with sixty three percent stating this was their main motivation. Social and peer pressure also played a role, especially among younger buyers. When asked how they viewed their home, sixty five percent saw it as a personal space, seven percent as a financial investment, and twenty eight percent as both.

 Budgeting proved difficult for many. While fifty percent spent what they originally planned, forty five percent paid more than expected. For ongoing homeownership costs, fifty six percent budgeted accurately, while forty one percent underestimated.

 The report highlights that first-time homeownership often comes with unforeseen challenges. But by learning from these common regrets from rushing decisions to underestimating costs future buyers can better prepare and make more confident, informed choices.

Click here for more on Guardian Service’s report on first-time homebuyers.

The post Let the Buyer Beware: Survey Spotlights Regret, Pressure, and Hidden Costs first appeared on The MortgagePoint.

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