Almost 70% of millennials regret buying their homes. Here's why.
About four in 10 millennials are already homeowners, according to a new survey of over 600 millennials by. Yet it turns out that 68 percent of them are feeling buyer’s remorse — almost double the amount of Baby Boomers who say they have regrets.
“Borrowing from your retirement may make sense in special circumstances, but it’s definitely not a recommendation,” Bailey tellsTo keep from getting squeezed, think about what you can afford as a monthly payment, and don't forget to include taxes and insurance in your calculations, Danielle Hale, chief economist forUse filters on home search sites and price alerts to make sure you're not shopping for a home above your budget.
It's a big transition going from renter to homeowner, so make sure to take some time to learn about the maintenance costs associated with potential homes.Finding the right fit is as important as having the right budget when it comes to home ownership. The survey found that about half of millennials had regrets about the home itself.
To avoid unexpected expenses, experts recommend getting a home inspection before finalizing the sale. "Especially if you're a first-time buyer or new to home ownership, you may not even know what to look for, so you definitely want to have the expert on your side," Hale says.
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