Unexpected maintenance costs, location of home among biggest regrets of Millennial homeowners

Modern Colonial House
Posted at 5:39 AM, Jul 12, 2021
and last updated 2021-07-12 08:00:01-04

NORFOLK, Va. - For most people, a home is the biggest purchase they will ever make, but according to a survey from Bankrate, 64 percent of millennial homeowners have at least one regret about the home they bought.

The report found the biggest regrets were maintenance costs being higher than expected, the location, the size and the price.

Beth Dalton, President of Virginia REALTORS, says this is why it's so important to take the time to talk with a real estate agent about what you're looking for and how your needs may change in the future, such as if you're thinking of eventually renting out the home.

Getting a home inspection can also help buyers avoid some regrets.

"Many buyers, particularly first time home buyers, do not realize and understand that Virginia is a 'buyer beware state,'" said Dalton, "We're unique compared to many other states. It's particularly important that the purchaser do their due diligence and understand the inspections and the processes that are in place and available to them to discover and delve into those things in advance."

Some home buyers have started skipping home inspections in an effort to be more competitive in the current market or making other concessions, but Dalton says that may not be the best move.

"It's incredibly important to figure out in those situations - what is most important to the seller? And I think sometimes purchasers automatically assume that it's going to be more money or waving their opportunities to do their diligence to learn about the house and often that's not the case," said Dalton.