If you're considering a move because you regret your home, you're not alone.
Whether you ignored warning signs in the home inspection or aren't as fond of the neighborhood as you'd thought, you're one of many Americans experiencing buyer's remorse. According to a recent study from Redfin, 25 percent of representative sample of 2,027 adults had the same opinion. The survey, which was conducted online by Harris Poll, found that homeowners in this group would not purchase their home if given the decision again.
A closer look at the survey findings
The data was also broken down along several dimensions. Twenty-eight percent of respondents in the Midwest, for example, had buyer's remorse. In the Northeast, South and West regions, the same was said by 27 percent, 25 percent and 20 percent of respondents, respectively.
In regard to age, homeowners older than 65 had the least buyer's remorse, as 85 percent of individuals in the group said they'd purchase their home again. For those between 18 and 64, 72 percent had the same sentiment. Given that Americans 65 and older are typically trading up to a higher end home for retirement, it is not surprising that homeowners in this group are more satisfied with their properties.
For similar reasons, it is not surprising that Redfin found that respondents with a household income at or above $100,000 were more satisfied with their home than those with less than $100,000, at 86 percent and 70 percent, respectively. Additionally, homeowners with a college degree or higher expressed more satisfaction than those with at most some college education.
Are you ready to move?
Depending on your resilience - or stubbornness - you may have lived in a home you don't like for some time. If you think now is the time to finally pack up for greener pastures, here are some factors to help you decide if you're ready to trade up:
- If you can qualify for a low-rate mortgage, you'll likely be able to lower your costs of ownership by shrinking your monthly home loan expenses. Be sure to check your credit history and score to get an idea of your chances of approval and work to improve your financial rating if it doesn't paint the best picture of you as a borrower.
- You may simply want to upgrade to a better home. According to the U.S. Census Bureau, buying a new home for the sake of an improved living space was cited as the top reason for Americans to move since 2010. This can be especially true if you live in an older home with outdated features. If you live in such a home, be sure to have a comprehensive property inspection before you list it. This can help you identify and fix any major structural issues that could deter sellers.
- If your neighbors or overall community are no longer to your liking, it's a good time to move. Increasing crime or regular instances of natural disasters can be covered by your homeowners insurance, but you might not want to live in an area where you don't feel safe.
- A home you regret is also not likely worth an hour or more commute to work. Rather than spending the money on the gas and vehicle maintenance that comes with long drives on a daily basis, save time and your finances by moving closer to your job.
No matter the reasons for moving, Redfin suggested that homeowners who want to avoid buyer's remorse when they search for a better property should enlist the help of a real estate agent to avoid a second round of regret.