Being a homeowner is a dream for many people. However, many Millennials regret their decision to purchase a home. There was a survey taken by the Bank of the West that showed that 40 percent of Millennials regret buying a home. Millennials are between the ages of 21 and 34.
Down payments are one of the reasons that many Millennials regret buying a home. Thirty percent of Millennials stated that they took money from their retirement account in order to make the down payment. Ryan Bailey is the head of the Bank of the West. He stated that it may sometimes make sense to take money out of your retirement account. However, Ryan does not recommend that you do this to buy a home.
Millennials also regretted buying a home because of the unexpected costs. Additionally, some people stated that they decided to buy the home without really thinking about it. Twenty percent of the people surveyed stated that their home was damaged when they moved in. Sixty-six percent of people stated that they compromised during the purchase.
Ryan stated that many Millennials are too eager to buy a home and do not think the decision fully through. The survey showed that 68 percent of people wished they had prepared more before they brought the home. Forty-one percent of Millennials stated that they are spread too thin financially and not making enough money to cover their bills. Additionally, 59 percent of people stated that it makes more financial sense to buy a home.
Ryan has advice for people who want to buy a home. He stated that people should consider their financial and physical wishes before they buy a home. He also stated that people should make sure that all bases are covered before they buy a home. This will prevent buyer’s remorse.