Trulia found the top homeowner regret was not choosing the correct home size (42 percent), including a third of homeowners who wished they’d bought a larger home. Even among wealthy Americans earning $100,000 or more, 16 percent regretted not buying a larger home.
Home size has been a common gripe over the years, especially as housing gets more expensive and people have to settle for smaller spaces, said David Weidner, managing editor for Trulia’s housing economics research team.
“It’s probably not something that has just dawned on people after they’ve been in their home a few years,” he said. “I think many people faced with higher mortgages and higher rents are having to settle for less when it comes to space.”
Renters’ top regret was wishing they had bought instead of rented (41 percent). Some may have been too cautious because of the lingering effects of the housing crisis, Weidner said.
“In every U.S. major market, it’s cheaper to buy a home than it is to rent…over 7 years,” he said.
One in five Americans told Trulia that a housing mistake they made in the past is holding them back from changing their current circumstance.
Every situation is different when it comes to altering your living arrangements, said Weidner. If you’re renting, saving for a down payment may require looking for cheaper housing or taking on a roommate.
While many homeowners have regrets, it’s hard to pinpoint where exactly they went wrong during the buying process, said Keith Gumbinger, Vice president of HSH.com, one of the nation’s largest publishers of mortgage and consumer loan information.
“So many variables go into the decision-making [of buying a home] … it’s hard to specifically say ‘Wow, I should’ve done A or should’ve done B,'” Gumbinger said.
To avoid buyer’s remorse, do more preparation and research ahead of a purchase, said McBride. Figure out how much you can afford, and then set hard boundaries, before you start perusing listings.