RELATED: You Should Never Clean Your Toilet With This, Experts Warn. By a large margin, the biggest regret among homebuyers was being ill-prepared for the cost of maintenance. In a survey done by YouGov and commissioned by Bankrate, more than 20 percent of millennial homeowners said they felt the costs of homeownership were too high. When you zero in on younger millennials, ages 25 to 31, that number jumped to 26 percent. “This is such a common regret because prior to owning a home, people are used to these costs being the responsibility of their landlords,” explains real estate broker Kris Lippi. “This is most especially true for first-time homeowners.” He adds that people often expect that maintenance is something that will come up down the line, so they aren’t prepared to deal with it soon after moving in. Lippi says that in order to prevent having this regret, “arm yourself with information” by doing a ton of research before investing in a home. He recommends talking with existing homeowners for advice, because they can share first-hand insight. RELATED: For more up-to-date information, sign up for our daily newsletter. “Many homebuyers don’t add maintenance expenses into their budgets and end up financially unprepared for them,” says Laura Adams, a real estate expert with Clearsurance. “It isn’t easy to know precisely how much ongoing maintenance will cost. It depends on your amenities, such as a large yard, swimming pool, or aging appliances.” Even if you’ve budgeted for your assumed maintenance costs, unexpected repairs often pop up. Adams suggests keeping a reserve of at least 1 to 3 percent of your home’s purchase price in your savings account for home maintenance and repairs. Of course surprising maintenance prices aren’t the only thing that causes homebuyers anxiety. Read on for the four other biggest money-related regrets buyers had, broken down by generation. RELATED: This Home Necessity Is Disappearing From Store Shelves. Millennial homebuyers: 13 percent Gen X homebuyers: 5 percent Baby boomer homebuyers: 3 percent Millennial homebuyers: 13 percent Gen X homebuyers: 5 percent Baby boomer homebuyers: 2 percent Millennial homebuyers: 12 percent Gen X homebuyers: 7 percent Baby boomer homebuyers: 4 percent Millennial homebuyers: 9 percentae0fcc31ae342fd3a1346ebb1f342fcb Gen X homebuyers: 3 percent Baby boomer homebuyers: 3 percent RELATED: The One Cleaning Product That’s Ruining Your Countertops, Experts Warn.
