The COVID-19 pandemic ushered in a two-year homebuying frenzy which, inevitably, led many hasty homebuyers to regret their purchases. Specifically, 64% of new homeowners surveyed by home insurance group Hippo wish they would have bought a different home, while 63% said they should have waited longer to buy.
In order to save money in a high-cost market, a number of pandemic buyers also sacrificed their must-have home features or bought fixer-uppers, a choice that 24% now regret, according to the National Association of Realtors.
The top reasons for their regret are feeling like they overspent (30%) or rushed the homebuying process (26%), according to a separate survey from Clever Real Estate.
What’s more, about half of recent home buyers said in the Hippo survey that homeownership is more expensive than they anticipated, there’s too much maintenance and upkeep, and they compromised too much for their home.