Buying a new home is exciting, life-changing, a source of incredible pride -- a dizzying and delightful milestone.
But, it can also be stressful, angst-filled, regretful and remorseful.
Highland Cabinetry analyzed the reasons for buyer's remorse and came up with this top 5 list.
The most shocking statistic in the survey is that 82% of homebuyers in 2024 had some sort of regret, be it big or small.
1. Unexpected and over-budget renovations
The average homeowner spends about $18,000 on repairs and renovations in the first year in a new home.
78% of homeowners exceeded their reno budgets -- 44% by at least $6,500, 35% by $13,000.
That's why it;s important to plan and stick to a budget and check with other homeowners to determine the actual cost of the same improvements you want to do so there are no over-budget surprises.
There's nothing worse than a renovation half-done for months because you've run out of money to finish.
2. Regretting a home that's too small
Once in a new place, 21% of homeowners say their home is smaller than they initially thought.
19% regret they choose a home that doesn't fit their long-term needs, such as a growing family or working from from home.
Too-small remorse can lead to over-budget expansions and-or premature move to another bigger house.
Highland Cabinetry suggests every prospective buyer look at least three to five years into their future and align home size to your future self.
3. Hidden defects
Nothing sours that elated new-home feeling like some unexpected mold, cracks in the foundation, outdated plumbing or electrical hazards.
In fact, 42% of new homeowners regret their purchase when such latent defects rear their ugly head.
Make sure to have a home inspection done before you buy.
4. Mortgage strain
The cost of housing is high in Kelowna and Victoria and all of BC is exorbitant.
We all know that.
But, the reality doesn't really hit home (pun intended) until you actually start paying that mortgage only to find out it gobbles up more than a third of your income every month.
(The recommendation is that housing costs should not exceed one-third of household income.)
16% of new homeowners cite crushing mortgage payments as the biggest downside of having a place of their own.
Again, budget, and know exactly how much everything will cost because owning a house isn't just the mortgage payments, but utility bills, property taxes, house insurance, maintenance and repairs.
5. Poor location regret
28% of recent homebuyers wish they'd chosen a different area.
39% ended up in a location that lengthened their commute to work.
Then there's also noisy neighbours, being too far from schools and shops and poor resale possibilities.
21% of buyers end up choosing a less desirable home in a less desirable area because that's all they can afford.
Make a list of pros and cons for every home you consider buying to make sure your compromises can still land you in a good neighbourhood in a home you like.
Thumbnail photos by Julian Bock and David Hellmann on Unsplash
