The old adage about grass being greener can be used in almost any situation, but because shelter is a basic human need, pretty much all of us can find something about our living situation, be it renting or owning, that we’d rather not have to deal with and could imagine being better if only we had chosen the other option.
A recent survey conducted by Trulia has found that nearly half the respondents had at least something to complain about after their decision. A whopping 71% of Millennials polled were disappointed.
- 44% of homeowners took issue with their purchase or the process they went through to get it.
- 41% of renters said they wish they had bought instead, despite the fact that 1 in 4 respondents with a household income above $100,000 said they didn’t even think they could afford to buy. A forlorn renter might ask, “What could possibly be wrong with owning?!” Well, the survey has a response: size does matter, apparently.
- 33% of homeowners wish they had gone bigger. (Sorry, tiny home lovers) Interestingly, 9% – a fair shake – wish they had gone smaller. (Are McMansions finally losing appeal?) For owners, another oft cited regret was the amount of remodeling they had done or not done:
- 26% said they wish they had made a different decision in that department.
So what about those remorseful renters who wish they’d bought?
Experts say they should make sure to do as much research as possible. A lot goes into buying a home, and you don’t want to make such a large purchase just to end up like those regretful owners living forever unsatisfied with their choice.
Buy when you have your sights set on long-term goals and have done all you can to pay down other debts and save up a considerable down payment. Do a lot of research and preparation, and give yourself firm boundaries before you start looking for your dream home. Shopping, falling in love, then figuring out how to buy that property is “not a recipe for success”.
Remember that while renting can be a pain, owning will come with taxes, insurance, maintenance, and more – all on top of that mortgage payment. And, experts say, be prepared to stay because you typically cannot break even until at least five years after your purchase.