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"...