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.

 
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021
Mortgage Lenders Expect Profit Margins To Shrink

69% of lenders believe profit margins will decrease in the months ahead, while 19% believe profits will remain the same, and 11% believe profits will increase.

Industry News
Jun 14, 2021
Real Estate Industry Calls To End Eviction Moratorium On June 30, 2021

Expanding the moratorium will only increase levels of debt on renter households and impede the recovery of the housing sector.

Industry News
Jun 14, 2021
Fifth Third Bank Expands Down Payment Assistance Program

The program will provide up to $3,600 towards a down payment for families with low to moderate income.

Industry News
Jun 09, 2021
Filo Mortgage Launches Low-Rate Guarantee

National mortgage lender Filo Mortgage is offering to beat competitors' pricing by $1,000 with its Low-Rate Guarantee.

Industry News
Jun 08, 2021