First-Time Home Buyer Survey Shows Common Regrets

first time home buyer regretsBuyer’s remorse can affect any home buyer. This was shown in a 2018 survey conducted by Porch.com, which sampled three generations about their first-time home buyer regrets.

Before we go further, it should be noted that about half of the 1,000 first-time buyers surveyed were “mostly satisfied” with their first home. One must keep in mind that home buying dollars stretch further in some areas than others. High-cost markets can make it difficult for first-time buyers to buy the type of home they would prefer.

Here’s the percentage of “mostly satisfied” buyers by generation:

  • Boomers: 47%
  • Gen-X: 53%
  • Millennials: 49%

Those who were disappointed by their first home said their top regret was “buying too small of a home.” Surprisingly, the Baby Boomer generation held the most dissatisfaction with their square footage, with 22% of them rating home size as their main complaint.

Generation-X and Millennials also cited buying too small of a home as their prime complaint, at 20% and 15%, respectively.

Overall, most buyer regrets involved being under-prepared for the costs of home buying and home ownership. Among all cohorts, “not saving enough money before buying a home” and “underestimating home buying costs” ranked in the top three regrets.

These first-time buyers also expressed surprise with immediate out-of-pocket expenses. On average, the surveyed buyers reported exceeding their budget by $3,615 during their first year of ownership. Most of the money went towards items like new appliances, new heating and air conditioning systems, roof repairs and landscaping.

48% of all surveyed first-time buyers said they did not have enough money put aside for their first year of ownership.

What this survey does not tell us, is what kind of home buyer representation these first-time buyers obtained, but we can take a guess! Typical real estate agents represent the home seller, even if they “work with buyers” or are so-called “buyer agents.” If agents or their brokerages represent home sellers, or list homes for sale, they are dual agents; essentially, transaction handlers who cannot give specific advice. First-time buyers are especially vulnerable under the limitations of dual agency!

Discover the buyer protections offered by an Exclusive Buyer’s Broker! Start by downloading our free e-book, “How to Buy a Home like a Pro!” It’s yours without any strings attached.

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services, www.buyershome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

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