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Nearly two-thirds of Millennial homeowners have buyer's remorse – more than any other generation, according to a new report.
Homeownership is an integral part of the American dream, but it's not for everyone: 44 percent of all U.S. homeowners have regrets about their home purchase, according to the survey of 2,668 U.S. adults by Bankrate.
Regret - Maintenance - Repair - Costs - Home
The most common regret was not anticipating the high maintenance and repair costs that come with home ownership (18 percent), followed by 12 percent who say they bought too small of a home and 8 percent who said they purchased in a bad location.
'When you buy a house, you can't call the maintenance company or a landlord to fix major issues; it's all on you,' said Luis Rosa, a certified financial planner in Henderson, Nevada.
Expenses - Air - Conditioner - Furnace - Water
He noted that some expenses — such as a new air conditioner, furnace or water heater — often take first-time buyers by surprise.
'I always advise homebuyers to create savings buckets and open a savings account that can collect interest that's set aside specifically for housing repairs,' he said.
Percent - Remorse - Mortgage - Payment - Home
Another 7 percent each said their remorse is because their mortgage payment is too high and because they don't feel like their home was a good investment.
'Buyer's remorse can easily be avoided with adequate research and planning,' Bankrate analyst, Deborah Kearns said. 'Consumers should expect to set aside 1 percent of their home's purchase price each year to keep in a savings account to cover these expenses....
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