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Buyer's Remorse in the Current Housing MarketA survey by Zillow shows that 75% of people who bought homes during the pandemic have regrets. That sounds pretty scary in the current seller's market, where so many people are buying a limited inventory that prices have exploded. But look a little further into it, and you see that the statistic doesn't mean people wish they hadn't bought a house. Instead, they regret some aspects of the experience, or have some misgivings about the property. The top regret about buying a new home is that the property requires too much maintenance, cited by 32% of the respondents, or 40% in a similar survey by Clever. In second place in both surveys is the regret of buying a home that is too small. The numerical figures in the data shouldn't be taken as gospel, since the cost of home ownership and maintenance varies so much depending on what part of the country you are buying in. But confronting what others regret will help you to adjust your expectations in looking for a house to buy, or dealing with what you have bought. If you have an adequate amount of land, you can expand your home in the future. Or you can learn to appreciate downsizing and being closer to family members. Home maintenance is an opportunity to learn new skills and enjoy a feeling of accomplishment -or adventure. And onerous mortgage payments can be changed with refinancing in the future, when the market changes. Knowing what to expect when buying a home can help tremendously with your future satisfaction. Find tips for your house buying plans and expectations, gleaned from the experiences of others, at Grow.-via Digg ​#homeowner #homeownership #homebuying #house
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Unexpected Problems New Homeowners EncounterA survey of 1900 new homeowners found that 85% of them found unexpected problems with the house. The most common place those problems cropped up was in the bathroom, and the most common type of repair needed was electrical. New homeowners spent an average $7,080 to fix the previous owners’ mistakes, and 1 in 3 said the issue was so bad, they wouldn’t have bought the home if they had known about it beforehand. ​This is why it is so important to get an inspection done before closing. However, there are some problems that don't become apparent right away. An inspector might not be able to identify a leaky roof when it's not raining, or a drainage problem in the basement. Read about the most common problems facing new homeowners at Grow. Frankly, I was surprised that the percentage was that low. But I bought a house that was over 100 years old for what was considered a bargain at the time. There were problems with every room and every system, most of them things I didn't know about until after the sale, but you have to expect that when you buy a really old house. -via Digg ​(Image credit: A McCarron) #homeowner #repair #homeinspection