“Remorse, home ownership regrets!”
written by Willy Nelson, Jr
This last week I read a CNBC article that disturbed me greatly! 63% of Millennial’s had buyer’s remorse according to a Bankrate survey of 1500 Millennial home buyers. It goes on to say that they did not know about the hidden costs of owning a home. They said the number one hidden costs was the ongoing maintenance around the home. The article said that all other generational groups had experienced buyers remorse too. Most of the groups had about 40% report that they experienced buyers remorse when purchasing a home and 56% didn’t have any regrets. As a real estate professional, I found it disturbing. I also see it as an opportunity.
Over the next several weeks I will begin a blog series covering hidden costs associated with purchasing a home in 2019. We will discuss the costs of purchasing a home, the ongoing maintenance costs, and we will even discuss why home ownership over renting (big picture). We will also roll out an ongoing Vlog where we will interview different partners with expertise in the real estate industry; from roofers to lenders, to insurance agents to landscapers!
Lawrence Yun, Chief Economist National Association of Realtors tells CNBC that one way to avoid regret is to play it safe on the onset. Start with a starter home and then later trade up.
We will begin the series with a very important part of the process of buying a home. It’s imperative that you choose a real estate professional, that is a professional. Trying to go about it on your own is like using Google as your Doctor. (It won’t go well) They will sit down with you and have a consultation. There is no cost to sit down with a professional and discuss your options. It will last about an hour. They will discuss the costs of buying a home. They will get to know you and your long term plans with home ownership kind of like when you sit down with a financial planner, you will go over a long term plan to gain and protect your wealth. Your home will be many times your largest asset. They are your guide through the whole process, pick well!
I would suggest picking a real estate professional that is a member of the National Association of REALTORS® because they abide by a strict code of ethics.
I would suggest reading reviews about the real estate professional that you plan to choose. There are individual agents, there are small teams and there are large groups of real estate professionals. Each has its own unique pros and cons. There are many places where you can find reviews; Google, Facebook, Zillow, Realtor.com etc.
In a later blog we will give you ideas of questions to ask. (If you happen to be out of the area we have a network of real estate professionals all over the country. We actually have a concierge service where we interview other professionals for our friends, family and clients)
We would love to hear from you! Share with us your own stories of buyer’s remorse, regrets about buying a home, and we would love to hear from those who actually haven’t had regrets!
Willy and his wife own a small real estate team in Lee’s Summit, MO They are licensed in both MO and KS. They serve in leadership at their brokerage and Willy is a master faculty member as well. Their Broker is Keller Williams Platinum Partners 1201 NE Windsor Drive Lee’s Summit, MO 64086. 816.525.7000.
All offices are independently owned and operated.