Skip to main content

More Than 80 Percent of U.S. Homeowners Have Regrets About Their Purchase

Oct 14, 2014

Finding the right-size home in the perfect location, with good schools, friendly neighborhoods, low maintenance costs and at the right price is hard, as 80 percent of Americans have at least one regret about their home purchase, according to new data from HSH.comThe survey shows that not only do Americans think that their homes are too small, but that many wish they had done more research before purchasing.

Here are the top-five regrets and the percentage of respondents who said it was their biggest disappointment: 

►House is too small: 15.5 percent
Lack of storage/closets: 9.2 percent
►Neighbors: 8.35 percent
Not enough bathrooms: 8.2 percent
Poor school system: 7.15 percent

"Compromise is often key in successfully buying a house," said Keith Gumbinger, vice president of HSH.com "Over time, though, some compromises can turn into annoyances and even regrets. In some cases, changes can be made to smooth out the rough edges via home improvements and such, or a homeowner can learn to live with these shortcomings. In others, curing these irritants may require a full rethinking of the decision to buy a given home in a given location, and a move to another home may be in order. If this becomes the choice, it's a good thing that mortgage rates and home prices are still favorable, as this helps to keep the costs of getting a more suitable home manageable."

While many of the 2,000 respondents said they did their homework on these issues, these are the large percentages who regret not researching the following:

►Sex offender registries: 30.10 percent
►Neighorhood/neighbors: 25.95 percent
►Home insurance cost: 21.9 percent
►Property taxes: 20.25 percent
Commute time: 16.5 percent
►Schools: 14.15 percent

Many of these issues don’t surface during an open house and may manifest years after the purchase as a family grows or a member moves out. Despite these regrets, which almost 95 percent of the survey respondents said they think about at least occasionally, 66.4 percent of Americans said they would buy their current home again, and 67.96 percent said that they are not planning on moving within the next five years.

About the author
Published
Oct 14, 2014
Maximum Acceleration, Originator Connect Network Sign Exclusive CE Agreement

Pact gives OCN guaranteed live CE at shows, creates nationwide opportunity for Maximum Acceleration

Apr 17, 2024
CMG Acquires Norcom Mortgage's Retail Side

The 25-branch addition will enhance CMG’s northeastern presence from Maryland to Maine.

Apr 12, 2024
CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

NEXA Begins Search For New CFO

NEXA CEO retires the president position after Mat Grella's termination.

Apr 01, 2024
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024