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Sunday, October 7, 2018

Avoid Millennial Home Buying Mistakes

Q: Why do many millennial homeowners regret buying their first home?

Whether it’s because many came of age during tough economic times, or because their generation is burdened with staggering student loan debt, Millennials have postponed buying a first home much longer than their parents and grandparents before them. And according to a recent survey, approximately “70% of millennial homeowners regret their purchase”.

In examining the many reasons given for their “buyer’s remorse”, several points have to do with a lack of real estate education and/or them relying on information from agents who may have been more interested in pushing the deal into contract (and earning a commission) than in whether the particular property was the right fit for the young, new buyers.

Hiring a skilled real estate attorney-- sometimes even before you find what you think is the right home--allows you to have a powerful advocate on your side who can ask the right questions-- of you and others involved in the transaction-- which can lessen the likelihood of buyer’s remorse.

Some of the reasons given for millennial first-time buyer’s regrets include:

  • general preference for experiences (like vacations, trips and events) over material things (like a house or expensive jewelry).
  • general preference for movement and freedom over being tied down to one place
  • underestimation of the costs and time involved in the home’s maintenance and repairs (possibly based on popular DIY reality shows)
  • wrong fit for their lifestyle-- too big/small, too far from work/family
  • wrong location-- “does not feel like home” as in the house itself and/or the chosen neighborhood/community
  • “house poor” syndrome--stress over the bank account’s nose-dive after the down payment; unrealistic expectation of fast return on their investment; and forced cut back on entertainment time and budget.

As the above indicates, “overspending on the down payment, underestimating ongoing costs, and settling for a home that wasn’t quite right” were the main reason millennials have buyer’s remorse. It’s not that they necessarily regret buying a house, they may just regret the one they happened to choose.

If you are interested in buying a home in New York or New Jersey, whether it is your first home or a trade-up, the attorneys at Merlino & Gonzalez can help you navigate and understand the real estate buying process. Contact us today to schedule a consultation.

From our offices in Staten Island, New York, and East Brunswick, New Jersey, we help residents of both states buy and sell residential and commercial real estate.

 


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