DALLAS -- For many people, buying a home is a big accomplishment that comes with a feeling like you've made it! But, Millennials are saying they regret it.
It always seems to come back to them, doesn`t it? Well, a new survey reveals that as much as 68% of Millennial home buyers are feeling buyer`s remorse.
"The biggest thing is proper preparation," said Real Estate Agent Dr. Randy Bell. "Regret comes from simply not doing your research, not preparing, rushing into a decision."
That`s right. They`ve been sleeping on what it takes be a homeowner, such as underestimating the costs involved in actually maintaining a home. There is no landlord to call when you have a leaking faucet or a clogged toilet. It`s all on you, buddy.
There are also some buyers who are so eager to get those keys that they fail to do a proper inspection, and after you move in, all kinds of damages appear out of the woodwork and say, gotcha!
Our smart phone culture isn`t helping things either. Millennials prefer seeing pictures instead of actually going to see a property, and texting with their realtors instead of picking up the phone or meeting up with them.
"This is an investment," Bell said. "This is something that you're buying for yourself so you want to know everything that's going on, and with a proper inspection it will actually cover what's called the 'Big 5.' That's going to be your plumbing, electrical, heating and cooling, foundation and your roof. Those are like the basic bones of a house."
What's more? The latest numbers released this week show existing home sales have dropped to the lowest level in eight months. That includes the Texas market. Industry insiders say it's not looking like the trend will change anytime soon.
"A low inventory means fewer selections, and with fewer selections, it means you may have to adjust what you're looking for and dial it back just a little bit," Bell added.
The bottom line... wake up and smell the coffee because buying a home isn`t exactly a walk in the park.
Do your homework and pick something that`s in your budget, or you might have to sleep in the park.