While most people are happy with the results of their first home purchase experience, a recent survey by Porch.com, a network that connects homeowners and home professionals, found that most homeowners have a few regrets and lessons learned.
The No. 1 regret across all generations, according to the survey of nearly 1,000 homeowners, was buying a property that was too small. The second most common mistake was not saving enough money before buying their first home. Fifteen percent of millennials regretted not saving enough before their first year of homeownership.
Most buyers anticipate the money they’ll need for their mortgage, homeowners’ insurance and taxes, but they don’t always budget for home maintenance and repairs. While the amount you’ll need varies widely according to the size, age and condition of your home, many financial experts suggest saving at least 1 percent of the home value annually specifically for repairs.
Yet only 52 percent of the homeowners in the Porch survey had planned for home maintenance for their first year.
Homeowners spent the most money on new appliances (16 percent) during their first year, followed by replacing the roof (13 percent), replacing a furnace or air conditioning (11 percent), landscaping (10 percent) and replacing flooring (9 percent). Nearly half (46 percent) of those surveyed said they spent more than their budget during the first year of homeownership.
To see the full report, click here.