The following statistics from a Zillow survey confirm the 5 biggest common regrets among former homeowners. FAIR Counselors see homeowners on the brink of foreclosure every day with tons of woes and regrets. But even those homeowners who have successfully moved away from a home unscathed financially have found things to regret about their first home ownership experiences. This just confirms our belief that should that time come for a FAIR client, moving on can truly be a second chance for the family.
1. Go BIG or No Home
In the Zillow survey of homeowners who've made regrettable buying decisions, 62% stated they wished their homes were bigger and had a much different layout in general. Overall, more space in their homes was one of the biggest regrets for homeowners, with most homeowners requesting 1,500 square feet with at least 2 bedrooms and 2 full baths. Real Estate Agents agree that most first-time home buyers think too much about the square footage of the home and not nearly enough about the floor plan.
2. Price Savers
In the same survey. 40% of first-time home buyers with regrets stated that they paid entirely too much or should have considered putting more money down on their homes. More than 38% said they were shocked by the costs of maintenance needed on their new homes. And 20% of these homeowners were floored by the closing costs of their homes. This group also believed that they should've spent more time trying to negotiate the price of the home. Other regrets in costs were related to doing more shopping around for a mortgage before settling on a lender.
3. Location, Location
More than 1/4 of homeowners in the survey with regrets said they didn't really like their own neighborhood. This most likely occurs among homeowners who decided to move away from cities of their previous homes. To remedy this mistake in the future, homeowners should visit the neighborhood of their next home on a Friday night to catch anything that may deter you from moving.
4. Where the Grass is Always Greener
1 in 4 homeowners in the survey regretted their own yards. For some homeowners, having so much yard space was overwhelming to maintain and still others wished they had more of it to entertain their families during holidays.
5. No Parking Zone
Almost 17% of first time home buyers with regrets wish they had a much different parking arrangement near their homes. Parking grows more problematic every year as neighborhoods change drastically to growing opportunities for work and fun. Having a stellar real estate agent who is hands on can insure that those pesky matters are pointed out long before the ink is dry on the deed.
No matter the situation, its safe to say that there is always something worth improving in a home, especially if you are a first time home buyer.