78% of homeowners regret buying a home in 2022. Here’s why.

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Buying a home in 2022 was no easy task. Not only is real estate inventory limited, but last year’s mortgage rates he rose sharply compared to 2021. In fact, by the end of 2022, the borrower thought the mortgage rate would have doubled what he would have paid. one year ago.

Nevertheless, many were able to buy a home in 2022. Here are some of the reasons why:

1. Too much spending

For 49% of respondents, owning a home was more expensive than expected. Most homebuyers know to anticipate expenses such as mortgage payments, homeowners insurance, and property taxes. However, many people do not realize how much it costs to maintain a home.

As a general rule, maintenance costs range from 1% to 4% of the house value. So if you buy a $400,000 home, budget at least $4,000 for annual maintenance. Also, if the house is older, we recommend budgeting closer to $12,000 to $16,000 per year.

2. Too many unexpected problems

Unexpected issues have caused 47% of respondents to regret their home-buying decisions. The reality is that even if you hire an experienced home inspector before finalizing your home purchase, you may still be stuck with hidden problems. am. That way, sudden repairs don’t have to cause the same level of financial stress.

MORE: Check Out Our Picks for the Best Mortgage Lenders

3. Too much work

Home maintenance isn’t just expensive. Also, it can be time consuming. As such, 47% of his respondents cite it as the reason they regret buying a home.

It’s important to be realistic about property maintenance. Also, if you know your schedule is tight, you should increase your maintenance budget and have the option to outsource much of your home maintenance.

4. Too many compromises

Over the past few years, the housing market has experienced a severe inventory shortage. As such, many buyers are forced to settle for a home that may not have ticked all the right boxes.

46% of respondents who regret owning a home said they compromised what they really wanted in their home. Prioritize your wish list during the home search process to avoid similar regrets. If you have 12 items on your list and the first item is the most important, don’t worry about it. But if you can’t get items 11 and 12, it’s a different story.

The last thing you want to do is buy a house only to lament your decision later. Knowing what not to do can help you avoid the same situation that 78% of people wish they didn’t buy. Returning to Japan in 2022.

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