Skip to main content

Survey Finds Buyer’s Remorse Among Many Vacation Homeowners

Phil Hall
Aug 05, 2019
Photo credit: Getty Images/EyeMark

Most vacation homeowners purchased their property for rental income, but never had a tenant, according to a new survey from LendingTree.
Forty-nine percent of homeowners polled for the survey said they felt remorse  about not using their vacation home as much as they intended, while 37 percent only use their vacation home either once a year or less. Fifty-six percent of respondents said they bought the property with the goal of renting it out, but 59 percent haven't rented out their property yet.
But why did they buy this property? Thirty-six percent said they vacationed in the area for one to three years before buying their home, while 19 percent vacationed in the area for at least a decade, and 21 percent had never vacationed in the area before making the purchase.
Furthermore, 22 percent of owners of this type of property regretted buying it and 31 percent sold it because they rarely used it. Vacation home purchasing was mostly done via a mortgage (43 percent of respondents), with 30 percent paying in cash and 10 percent via a home equity loan.

Aug 05, 2019
Layoffs At

After a rocky market debut, has laid off staff.

Sep 25, 2023
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023
If You Build It, They Will Come

Ratings will go a long way toward growing the market for home equity-backed securities

Sep 07, 2023