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    Real Estate
    Thursday, May 02, 2024

    Survey looks at the most common regrets homeowners have about their property

    It's the rare buyer who finds a home so perfect that it checks off every single item on their wish list. You might have to settle for a smaller home, or one in a neighborhood that isn't quite ideal, or one that doesn't have a desired amenity like a deck or pool.

    A recent survey by the mortgage information site HSH.com says such compromises inevitably lead to homeowner regrets, ranging from mild disappointment to major second-guessing. Eighty percent of respondents said they had at least one significant regret about their home, with only 20 percent saying they were completely happy with their home.

    Marcie Geffner, writing for HSH.com, says more than 37 percent of respondents said they thought about their regrets frequently. These regrets crossed the mind of 22 percent of respondents at least once a day. Another 16 percent said they were only mildly disappointed with their property's shortcomings.

    Space was a common concern, with 16 percent saying they thought their home was too small and nine percent saying they didn't think it had enough closet or storage space. Others said they were disappointed with things such as their neighbors, the quality of the community's schools, the size of their yard, the number of bathrooms, the lack of natural light, or the high cost of maintenance.

    Fewer than three percent of respondents were annoyed by a "First World problem:" having too big of a house.

    Respondents also expressed regrets about their level of preparation before making the purchase. More than 60 percent said they looked into factors such as commuting distances, the quality of the neighborhood, and property taxes before buying their home. Many said they overlooked issues that became important to them later on, but 10 to 14 percent said one or more of the issues was not relevant to them.

    One in four said they wished they had done more research on the neighborhood or their neighbors. Other areas respondents said they should have looked into more thoroughly included the cost of homeowner's insurance (22 percent), property taxes (20 percent), and the local schools (14 percent).

    About half of the respondents-47 percent-researched the proximity of sex offenders. Twenty-three percent said this information was not important to them, but 30 percent said they had not researched this information and later wished they had.

    Geffner says buyers don't realize some of the issues until they've lived in the home, sometimes for several years. People might find a home inadequate for their needs if they start a family or have an aging relative move in. Buyers also won't realize some deficiencies, including a lack of storage space, until they actually start living at the site.

    Geffner says people should consider what their needs and circumstances might be several years down the road, look into what issues may be related to the home's neighborhood, and factor this information into their research and requirements for a home. People should also visit the property in person rather than trusting listing information alone.

    The survey was given to 2,000 people in the United States who were at least 25 years old and had a driver's license.

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