Nearly half of US homebuyers say they have regrets their common complaints revealed

There are no regrets in life, they say, just lessons.And homeownership comes with many lessons.No fewer than 45% of current homeowners say they have at least one regret about the purchase of their home, according to a new Bankrate survey.

From runaway repair costs to untenable mortgage payments, the burdens of homeownership can lead some unfortunate homebuyers to think twice about the biggest financial decision of their lives.More than two-fifths of regretful owners pointed to maintenance and other hidden costs as a source of their regret, reporting that post-purchase homeownership was more expensive than they expected.“For most folks, buying a home is the most expensive transaction of their lifetime,” said Bankrate senior economic analyst Mark Hamrick.“After the purchase is complete, we find that affordability issues rank high on the list of regrets.

While homeownership is still associated with the proverbial American dream, it is prudent to consider and plan for many ongoing costs of ownership, not just getting over the threshold of the down payment and settlement.”Buying too small of a house was the second most common regret, at 21%.A 2024 survey by Talker Research found that space complaints arise relatively quickly among Americans — nearly half reported feeling cramped in their home within a year of living there.Too-high mortgage payments (16%) and overpaying for the house (15%) followed the top complaints.More than a third of buyers who purchased homes during the red-hot post-pandemic market reported believing they had overpaid, according to a 2022 survey by Money and Morning Consult, and there’s evidence of whiplash in today’s market.Overvalued home prices and reluctant buyers are slowing the pace of sales across the country.Lesser regrets surveyed, according to Bankrate, included buying a house in a bad location, at 14%, and buying too big of a house, at 11%.Homeownership regrets varied by generation, the Bankrate survey found.

Baby boomer h...