MIL­LEN­NI­ALS MORE LIKELY TO RE­GRET BUY­ING A HOME

The Denver Post - - BUSINESS - — Aldo Svaldi, The Den­ver Post

The re­grets that can plague home­buy­ers are many, and young adults have more of them than older ones, ac­cord­ing to a sur­vey from Tru­lia, the real es­tate web­site.

Just over one in five sur­veyed say a past mis­take is pre­vent­ing them from mak­ing a change in their hous­ing sit­u­a­tion. Some buy­ers kick them­selves for not be­ing on more solid fi­nan­cial ground when tak­ing on a mort­gage, while four in 10 renters who didn’t buy also ex­pressed re­gret for not mak­ing the leap in a mar­ket where prices have moved in only one di­rec­tion — up.

About 13 per­cent of par­ents wish they had pur­chased in a neigh­bor­hood with bet­ter schools, while a com­pa­ra­ble share of buy­ers — 15 per­cent — wish they had done bet­ter re­search on the front end.

Har­ris Poll sur­veyed 2,264 U.S. adults June 28-30 for Tru­lia, which spon­sored a sim­i­lar sur­vey in 2013 when U.S. hous­ing mar­kets were emerg­ing from a long slump.

Just over half of those sur­veyed who bought or were hunt­ing for a home de­scribed hav­ing a sig­nif­i­cant re­gret, Tru­lia found. But when it came to mil­len­ni­als — those ages 18-34 — 71 per­cent of those sur­veyed wished for a doover.

Af­ford­abil­ity con­cerns or a de­sire to be in an older ur­ban neigh­bor­hood can push some first-time buy­ers to zero in on a home that they later re­al­ize is too small. Nearly three in 10 of mil­len­nial buy­ers wish they had bought a larger prop­erty than they did, while only one in 20 ex­pressed re­gret that they didn’t buy a smaller prop­erty.

Twenty-four per­cent of mil­len­ni­als wish they had done more ex­ten­sive re­mod­el­ing after they bought their homes, dou­ble the rate of all of those sur­veyed.

A dif­fer­ent re­port from Gold­en­based HomeAd­vi­sor found mil­len­ni­als were more likely to buy lower-cost prop­er­ties with de­ferred main­te­nance, ne­ces­si­tat­ing dif­fer­ent projects.

Seven­teen per­cent of mil­len­ni­als re­gret­ted not wait­ing un­til they were more fi­nan­cially se­cure be­fore buy­ing a home. Over­all, just 9 per­cent of those sur­veyed had that re­gret.

But be­ing too cau­tious also came with its own would-have, could­have, should-have emo­tions. Among mil­len­ni­als who con­tin­ued to rent, 28 per­cent wish they had made the leap into own­ing a home.

One of the most sur­pris­ing find­ings in the sur­vey was that just over a quar­ter of house­holds with in­comes of $100,000 or higher stated they could not af­ford to buy a home.

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