According to a survey, nearly two-thirds of millennials regret buying their homes.
A new Bankrate survey said 64 percent of millennial homebuyers are experiencing remorse over the purchase of their homes, Insider reports. More than 1,400 homeowners participated in the survey; 20 percent of them noted expensive maintenance fees as their top reason for regret. Thirteen percent of the homebuyers say they were upset about paying too much for their homes.
The survey also found that millennials are more likely to buy a fixer-upper than a new home. In addition, some millennials are opting to use loans more often than cash to pay for home improvements that cost more than $10,000. Back in 2017, Bank of America found in a survey that 34 percent of those surveyed were using home loans for home improvements. Today that percentage has moved up to 42 percent.
Insider reports that millennials are also prone to buying homes they’ve shopped for online. Thao Le, a professor of housing economics and real-estate finance at Georgia State University, gave homebuyers a word of advice: be sure you are financially able to make such a large commitment.
“The trajectory of the pandemic, and thus the economy, is still very much unpredictable.” She said, adding that before committing to homeownership, “aspiring buyers should evaluate their financial situation and job security carefully.”