A Bankrate survey reveals that close to two-thirds of millennial homeowners are regretful of their purchases, which happens to be the highest number of any generation.
"When you buy a house, you can’t call the maintenance company or a landlord to fix major issues; it’s all on you,” says Luis Rosa, a certified financial planner in Henderson, Nevada, according to the report.
Rosa believes that expenses such as needing a new air conditioner, furnace or water heater, often come as a surprise to first-time homebuyers.
“I always advise homebuyers to create savings buckets and open a savings account that can collect interest that’s set aside specifically for housing repairs.”
Some of the regrets millennials in the survey had included: maintenance costs, the size of the home, the location and high mortgage payments to name a few.
There are ways to help prepare yourself for such expenses. The report offers stern advice on saving for homeownership now. Dana Scanlon, a realtor with Keller Williams Capital Properties in Bethesda, Maryland, says a financial lockdown is key and should happen at least six months before purchasing a home.
Scanlon advised against buying new furniture and stated that those planning to buy a new home should be more cautious about your spending habits within that period of time.
Meanwhile, the report also suggests purchasing a home within your budget and steering clear of being persuaded or falling in love with a home outside of it. Buying a home outside of your budget would come with a higher mortgage payment, taking up valuable money that can go towards some of those needs that often surprise first time homebuyers.
To learn more about some of the regrets that millennial homebuyers are having with their purchases, click on the image above.