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Remodeling Blog

Home Choice Regrets

Date: Wednesday, 30 August 2017
Categories: Guest Post.

Homeownership can be one of the biggest undertakings in a person’s life – and that’s especially true for homebuyers in San Diego, where financing has not been easy for more than a decade. After the Great Recession reached its peak, credit was tight and obtaining sufficient financing was a challenge. Now, the inventory crisis is forcing homebuyers to make difficult choices. Some are sacrificing on size and desired amenities and choosing a condominium or townhouse in neighborhood like Point Loma Heights, while others are opting for a fixer-upper in neighborhoods like Linda Vista. These difficult choices often leave homeowners with regrets.

Regret Pre- and Post-Housing Bottom
According to a recent survey conducted by Harris Poll on the behalf of Trulia, 51 percent of homeowners have regrets about a housing choice they made. This is up slightly from responses to a similar survey conducted in 2013, only 50 percent of homeowners had regrets at that time.

Regrets of Homeowners 2013 vs. 2017

 

2013

2017

Have regrets about current home/process of choosing home

50%

51%

Wish they had chosen smaller / larger home

46%

42%

Larger home

34%

33%

Smaller home

11%

9%

Wish they had more information before deciding

22%

15%

Wish they had done more/less remodeling

32%

26%

The biggest regret of homeowners in 2013 and 2017 is with their home size. One-third of homeowners wish they had purchased a larger home while approximately 10 percent of homeowners would prefer a smaller home. Homeowners in 2017 have better information, with regrets of being ill-informed dropping from 22 percent to 15 percent. Remodeling regrets did decrease but still haunt nearly a quarter of all homeowners. Learn how to avoid contractors from hell.

Owning after 2012, More Regrets
Homeowners that purchased after the housing market bottomed in 2012 have more regrets than those who purchased prior to 2012. Fifty percent of post-bottom purchasers have regrets compared to 42 percent of pre-bottom purchasers. The biggest regret, wishing they were more financially secure when they bought their house. Twelve percent of owners who got their home after 2012 did not feel secure. Only six percent of those who found their home prior to 2012 felt similarly.

More Money, More Regrets
Homeowners in places like Mission Beach are the most regretful. Half of homeowners who make $100,000 or more annually had home choice regrets. Whereas, just 40 percent of homeowners earning $50,000 or less annually had regrets. Home size was the biggest regret followed closely by wishing they had put more money down on the house.

Got Kids, Got Regrets
The biggest regret for parents with children under the age of 18 is the neighborhood. A full 50 percent more of parents of children under the age of 18 wish they knew more about the neighborhood before choosing their current home. The biggest piece of information they yearned for was the quality of the schools in their neighborhood. Thirteen percent of parents with school-aged children citing that regret.

Homeownership – It is Worth it
While a large portion of current homeowners may have regrets, they still believe that it is worth it and the numbers support their sentiments. In San Diego, it is 27 percent cheaper to buy than rent. Information is key when choosing a home or opting to remodeling. There are plenty of resources online to keep homeowners and prospective homeowners from experiencing regret. Homebuyers can educate themselves with a mortgage calculator so they can budget appropriately for the down payment and understand the impact of changing interest rates. Homeowners looking to remodel should contact us to get the best advice about the process.

What kinds of difficult decisions have you had to make when buying a home? Share in the comments below!

 

Jody Costello

Americas’ Home Renovation Planning Expert

Home Improvement Expert

eLocal.com

Home Improvement Expert

eHow.com

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