There’s buyer’s remorse, and then there’s this: According to a new survey of more than 2,500 adults, 64 percent of millennial home buyers say they have regrets about purchasing a house. The biggest reason? The maintenance costs.
When the pandemic hit, millennials (and everyone else) rushed to buy property at low interest rates, and because of the high competition, some may have jumped on homes that weren’t quite right for them. In fact 26 percent of younger millennials (ages 25 to 31) say the costs of homeownership are just too high.
Yes, it’s true that being your own landlord can get expensive, fast, but it doesn’t have to be that way. From doing your own painting to building your own garden, there are plenty of ways to tackle the maintenance yourself within reason. (No one’s saying you have to be your own plumber, because some things are best left to the experts.)
But there are also ways to anticipate future expenses before you sign on the dotted line. For instance, carefully read over the preclosing inspection report to help you figure out if and when the roof will need to be repaired, and take a good look at major appliances to assess how old they are—because there’s nothing like a washing machine leak to dampen your homeownership spirit.