Young people in a certain generation are reporting that homeownership often comes with a hefty helping of remorse.
According to a new survey from buyer and seller-focused blog site Real Estate Witch, a whopping 90% of millennial homeowners have regrets about their first home purchase.
That number is up 8% from the website’s 2023 Millennial Home Buyer Report, which found that a still-high 82% of homebuyers in their late 20s to early 40s felt contrite about certain aspects of their residences.
The most common regret, the outlet found, has to do with an abode’s location, followed by having “bad neighbors,” and in third place having a high interest rate.
The apparently widespread buyers’ remorse is likely correlated with the obsession many young people have with purchasing property in a prohibitively unaffordable and challenging market. Desperate to close on a house of their own, would-be buyers are more willing to overlook glaring red flags.
For instance, the Real Estate Witch found that a significant majority (67%) of millennials would be willing to buy a home with asbestos. The same share was game to purchase a fixer-upper, 62% would buy a home with mold — and 58% would buy a home with foundation issues.
Yet, these concessions come despite the fact that 35% admitted they feared making major repairs, and about one in five millennial homeowners (18%) admitted they regretted buying a fixer-upper.
Concerned about joining the ranks of unhappy millennial homeowners?
New Jersey and Pennsylvania realtor Joe Armstrong says avoiding such a fate can actually be quite simple: Simply do some research before signing the deed.
“If they take the time to view homes in various neighborhoods and are connected with resources to do their due diligence on a variety of levels, they should be able to make a solid choice that works best for them,” Armstrong told Newsweek.
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