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  • Writer's pictureBrett Hodgdon, PE

Don't Make These 8 House Buying Mistakes

A new survey looked at millennials who recently purchased homes in the hot real-estate market and what they regret about their purchase.

According to Business Insider, a survey from Bankrate found that many millennials regretted buying their current home.

From high mortgage payments to unexpected costs, they reveal their biggest regrets. What does this mean for you? Take note of these concerns to make sure you are addressing them on the front end.

"Bankrate surveyed 1,425 homeowners between April 21 and April 23 and found that 41% of homeowners overall are feeling dissatisfied in at least one area.

Among homeowners between the ages of 25 and 40, their biggest regrets range from the size of the home to the location:

  • 21% of millennials said the maintenance and other costs are too high

Expenses like repairing a roof or fixing appliances and heating/cooling systems are large concerns.

  • 15% said their current home is in a bad location

A hot real estate market has required many home buyers to look outside their preferred area.

  • 14% said they bought a house that is too big

Many are skipping necessary steps to secure a home more quickly - things that they may have discovered early on.

Additional reasons include:

  • 14% said they bought a house that is too small

  • 13% said their mortgage payment is too high each month

  • 13% said they overpaid or paid too much for their home

  • 12% said they didn't get the best mortgage rate

  • 9% said they don't think the home was a good investment

  • 5% said they had other reasons for regretting their purchase

What would you change about your home purchase?

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