bank rates

Do You Regret Buying Your Home?

Poll QuestionA quarter of U.S. homeowners wouldn’t buy their home again if they could go back and do it over.

Unfortunately, the survey by real estate company Redfin didn’t specifically ask why.

But it does shed some light on who’s unhappiest:

  • Women.
  • People with children under 18 living in their home.
  • Those with a household income of less than $100,000.
  • Those with some college education.

Buyer’s remorse also varied by area of the country. Midwesterners most regret their home purchase, followed by the Northeast, South and West.

Again, we don’t know why these buyers have remorse, but the Great Recession brought us plenty of examples of people regretting the purchase of a home they couldn’t afford.

It’s far too easy to allow a bank or real estate agent to persuade you to purchase more than you should or to fall victim to the desire to keep up with your neighbors and friends.

Even with today’s tighter lending restrictions, the amount of money a lender is willing to give isn’t necessarily the loan you can reasonably pay each month and still have money left over for your other obligations.

And even if you can make those big payments, your home still may not be worth what you paid for it. Paying for something that’s not worth as much as you want it to be can make you, well, unhappy.

And regretful.

Let’s hope those entering the market now will learn from the mistakes of their pre-recession predecessors.

We think these five very smart moves on how much house you can afford is as good a place as any for people to start before hunting for a new home.

Do you know how much of your gross income should go to housing costs? Do you know how much other debt you can have and still reasonably afford a home?

This advice will help you make smart, savvy decisions so that you’ll buy the right house for your budget.

That’s a relief, because a house is far too big of a ticket item for buyer’s remorse.

n

n

n

Do you regret buying your home?
  • Add an Answer
View Results

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (0)
1 Star2 Stars3 Stars4 Stars5 Stars (6 votes, average: 5.00 out of 5)
Loading...
No Existing Comments

Comments are closed.