The most frequent homeowner regret about their home is not purchasing a bigger one

A good number of Americans regret features of the homes they purchase:

More than half of all buyers have regrets about their purchase of a home, Trulia reports, and the No. 1 mistake buyers feel like they made is choosing the wrong size. Forty-two percent of those polled by the real estate site say that they picked a place to live that was either too large (9 percent) or too small (33 percent).

Almost the exact same number of renters, 41 percent, “wish they had bought instead.”

Twenty-six percent of buyers also wish they had done either less or more remodeling.

What might explain these regrets?

Buying a house is often the biggest purchase a person will ever make, so it’s natural that many experience some buyer’s remorse…

Home size has been a common gripe over the years, especially as housing gets more expensive and people have to settle for smaller spaces, said David Weidner, managing editor for Trulia’s housing economics research team.

Or are Americans so embedded within consumerism that they are always wishing for more? At the same time, expressing regrets about a major purchase doesn’t necessarily mean that people would have done it differently. If I like my home but wish the yard had more space, am I dissatisfied with owning my home? Not necessarily.

It is too bad we don’t get more information about how much bigger homeowners wish their home would be. Perhaps the average homeowner just wants another room to two to handle all their stuff as opposed to all Americans wishing to live in giant McMansions.

 

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