Millennial homeowners are feeling buyer's remorse
March 7, 2019

From Bankrate:

Homeownership is viewed as the most coveted part of the American dream, but nearly two-thirds of millennial homeowners (63%) expressed regrets about their current home purchase – the highest share of any generation, according to a new Bankrate survey.

Overall, 44% of homeowners said they had regrets about their home purchase while 56% had no buyer's remorse. Homeowners (18%) cited unexpected maintenance or hidden costs as their biggest pain point, with a quarter of millennial homeowners indicating this as their top regret, the Bankrate survey found.

Paying for these expenses can be a shock to new homeowners' wallets after making a sizable down payment and shelling out cash for closing costs, says Luis Rosa, a certified financial planner in Henderson, Nevada.

"When you buy a house, you can't call the maintenance company or a landlord to fix major issues; it's all on you," says Rosa, adding that these expenses — needing a new air conditioner, furnace or water heater, for example — 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"...

Continue reading at Bankrate...

You may also like

Where to live if you want the highest salary

"Looking for a bump in salary and lifestyle? Then try San Francisco."

It's better to be born rich than smart

"A child's success in life is shaped less by their innate talents and more by their social standing and life circumstances from birth to early adulthood."

Half of Americans are a paycheck away from 'financial disaster'

"Missing more than one paycheck is a one-way ticket to financial hardship for nearly half of the country's workforce..."