What Do Homebuyers Regret Most? Not Going Bigger

• April 17, 2013
• 2 Comments

by Shilpi Paul

Based on the premise that the tight housing market is leading homebuyers to jump for purchases that they may have deliberated over more slowly in the past, Trulia Trends conducted a “Real Estate Regrets Survey” recently which revealed interesting regrets from both buyers and renters.

Here are a few of Trulia’s findings:

• 34 percent of homeowners wished that they had purchased a bigger home. This ranked as the biggest regret among buyers surveyed.
• HGTV has created a culture of renovation. 27 percent of homeowners wish they had done more remodeling when they first bought.
• 18 percent of homeowners wish they had put more money down, and 16 percent wish that they had been more financially secure. Very few homeowners — 1 percent — wish that they had borrowed more.
• 39 percent of renters that were surveyed wish they had leased a larger home.
• The top regret amongst renters was that they wished they had bought a home instead. 42 percent of renters with regrets claimed to wish to be a homeowner.
• Generally, regrets are fading as the housing market recovers. 63 percent of owners who bought between 2003 and 2009 have regrets, while 55 percent of those who bought between 2010 and 2013 have regrets.

For the full report, and many more findings and infographics, check out Trulia Trends.

This article originally published at http://dc.urbanturf.com/articles/blog/trulia_what_do_homebuyers_regret_most/6943

2 Comments

1. Dana Hollish Hill said at 2:43 pm on Sunday April 21, 2013:
   Interesting research and it rings true with what I hear from my clients as well. Many young couples who have spent years renting and moving frequently, buy their first home without thinking about what they will need if they stay in the home when they have children. It is not only schools that should be considered, but the proximity to parks and to other children. Beside selecting the neighborhood, home layout is also something to think about. The fourth story walk-up was great for two adults, but getting the kids, strollers and groceries up the stairs is more of a challenge that many young parents would choose. Thinking about how long you might realistically be in the home and what life might look like years down the road is a good exercise to explore as part of the home buying process.

1. smn-dc said at 10:15 pm on Monday June 17, 2013:
   We bought our townhouse in SW a few yrs ago with condo fee--almost $600 a month! That's my biggest regret--we should have looked for a row house without condo fees.