Buying a home that was too small is the biggest regret among first-time home buyers, according to a new survey by Porch.com, based on about 1,000 surveyed consumers about their mistakes when buying a home. Not saving enough money before buying is another main concern cited in the survey.
The first-time buyers surveyed, on average, went over budget by $3,615 in their first year of homeownership. Within their first-home budget, they spent the most money on new appliances, a new roof, a new furnace or air conditioning, and landscaping. Forty-eight percent of first-time buyers said they did not set aside enough money for their first year of ownership.
“Purchasing a first home is not only expensive but can be emotionally exhausting,” Porch.com researchers note in the study. After a home purchase—despite a few regrets—most buyers, however, are satisfied with their purchase, the survey found. Baby boomers were the most satisfied with the purchase of their first home at 22 percent, followed by millennials and Generation Xers at 17 and 15 percent respectively. More buyers said they were “mostly satisfied” (47 percent for baby boomers; 53 percent for Generation X; and 49 percent for millennials).