Survey: The Most Common Home-Buying Regrets
KEY POINTS
- Home condition issues: The most common home-buying regret is the need for unexpected repairs and maintenance.
- Regret timing patterns: Homeowners who bought one to two years ago are most likely to regret their purchase as initial excitement fades.
- Renovations as solution: 81% of homeowners with regrets address them through renovations and repairs.
Buying a home is the largest purchase most people will ever make -- but 25% of homeowners still have regrets about their decision. And that buyer's remorse makes homeowners more likely to be dissatisfied with their purchase even if the issue is fixable.
To discover the most common type of home-buying regrets, Motley Fool Money surveyed 2,000 homeowners. The condition of the home and need for repairs and maintenance after moving in is the most common regret among homeowners.
Scroll on for a deep dive into home-buying regrets
Buyers remorse: 25% of home owners have regrets about their home purchase
A quarter of homeowners surveyed by Motley Fool Money have regrets about their home purchase.
Those who made their purchase one to two years ago are most likely to have regrets as the honeymoon period of homeownership wears off and defects with the home that may have been missed during the buying process become apparent.
| Years Ago Purchased Home | Percent That Have Regrets |
|---|---|
| Less than 1 year | 25% |
| 1-2 years | 52% |
| 3-5 years | 27% |
| More than 5 years | 22% |
| All respondents | 25% |
The percentage of homeowners with regrets about their home purchase drops back to around 25% for those who bought three or more years ago. That could reflect initial frustrations, like high costs or the need to fix up certain features, being remedied or becoming less important.
The most common home buying regret is the condition of the home and need for repairs
Thirty-two percent of homeowners with buyer's remorse said the primary source was the condition of the home when purchased and that repairs were necessary.
| Which of the Following Best Describes Your Primary Regret? | Percent With Regret |
|---|---|
| Home condition/repairs needed | 32% |
| Too small | 13% |
| Paid too much | 11% |
| Increasing property taxes | 8% |
| Bad neighbors | 7% |
| Increasing HOA fees | 6% |
| Not close enough to family | 4% |
| Fishbowl backyard | 3% |
| Not close enough to work | 3% |
| Other | 12% |
The home being too small was the second-most common source of regret among respondents, followed by having paid too much for the home and rising property taxes. Shopping around for the best mortgage lender can help reduce home purchase costs.
Home-buying regrets generally don't change significantly across generations, with one exception. Millennial respondents are more likely to regret the cost of their home purchase than other generations. Sixteen percent of millennials with a home-buying regret said they paid too much for their home compared to 10% of Gen X, 7% of baby boomers, and 6% of Gen Z.
The home purchase price is also a more common regret for homeowners that bought their house in the last two years. Among those with buyer's remorse, 31% percent that bought in the last year and 24% of those who bought one to two years ago said the price was their primary regret compared to 7% of those who bought three to five years ago and 8% of those who bought more than 5 years ago.
Those trends are likely driven by the house prices significantly increasing over the past decade, just as most millennials entered the historically typical home-buying age range.
That nearly a third of homeowners with buyers remorse have regrets over the condition their home was in when purchased highlights the importance of not skipping or skimping on a home inspection as part of the closing process. A good inspection can catch existing issues and flag ones that may arise in the near future before the home purchase is finalized.
Regrets over home size increase the longer the home has been owned, which shows that buyers initially focus on cost and condition then shift to space as family size and lifestyles change.
| Primary Regret | Home Owned for Less Than 1 Year | Owned for 1-2 Years | Owned for 3-5 Years | Owned for More Than 5 Years |
|---|---|---|---|---|
| Home condition/repairs needed | 36% | 29% | 20% | 37% |
| Paid too much | 31% | 24% | 7% | 8% |
| Increasing HOA fees | 7% | 9% | 12% | 4% |
| Other | 7% | 3% | 7% | 16% |
| Not close enough to family | 6% | 6% | 4% | 3% |
| Fishbowl backyard | 6% | 1% | 2% | 4% |
| Bad neighbors | 4% | 9% | 12% | 6% |
| Too small | 3% | 7% | 19% | 13% |
| Not close enough to work | 0% | 2% | 5% | 2% |
| Increasing property taxes | 0% | 11% | 12% | 7% |
Most regretful home buyers feel moderate disappointment
Among home buyers with buyer's remorse, just 4% said their level of regret was "minor." On a scale of 1 to 5, with 1 being minor regret and 5 being major regret, 5% said they had major regret and 20% scored their regret as a 4.
The average regret score among respondents with buyer's remorse was 2.9 and the median was 3.
On a scale of 1 to 5, how significant is your regret? (1 being minor, 5 being major)
| Significance of Regret | Percent of Home Buyers |
|---|---|
| 1 - Minor | 4% |
| 2 | 30% |
| 3 | 41% |
| 4 | 20% |
| 5 - Major | 5% |
Looking at the separate measure of how satisfied respondents are with their home purchase, those who had home-buying regrets were more likely to be neutral or dissatisfied. Among respondents with buyer's remorse, 10% are dissatisfied with their home purchase and 17% feel neutral about it. Seventy-three percent say they're satisfied. On the other hand, 95% of those without home-buying regrets are satisfied with their home purchase and just 1% are dissatisfied.
| Level of Satisfaction With Home Purchase | Regrets | No Regrets |
|---|---|---|
| Satisfied | 73% | 95% |
| Neutral | 17% | 4% |
| Dissatisfied | 10% | 1% |
Renovation or repairs are the most common action taken to address home-buying regrets
Nearly half of homeowners with buyer's remorse have taken steps to fix their primary regret, with 81% of that group undergoing renovations and repairs.
Other remedies, like refinancing or relocation are far less common. That's probably because mortgage rates haven't changed much in recent years and relocation would likely involve a home sale, which could be difficult in the current market.
| Action Taken | Percent of Homeowners |
|---|---|
| Renovation or repairs | 81% |
| Financial restructuring/refinancing | 17% |
| Relocation | 14% |
| Legal action | 4% |
| Other | 8% |
More recent homeowners are less likely to have undergone renovation or repairs than those who've been in their home longer. Those who bought in the last year are much more likely to have refinanced or otherwise restructured their financing.
No respondents who purchased in the last year opted to move in response to a home-buying regret.
| Action Taken | Home Owned for Less Than 1 Year | Owned for 1-2 Years | Owned for 3-5 Years | Owned for More Than 5 Years |
|---|---|---|---|---|
| Renovation or repairs | 66% | 78% | 80% | 83% |
| Relocation | 0% | 16% | 15% | 14% |
| Financial restructuring/refinancing | 73% | 37% | 10% | 9% |
| Legal action | 0% | 7% | 5% | 4% |
| Other | 8% | 1% | 14% | 7% |
How to spot and avoid the most common sources of home buyer's remorse
Home buyer's remorse is not uncommon -- 25% of homeowners surveyed by Motley Fool Money said they have regrets about the home they purchased. While home buying does require compromise, there are ways to prevent that from turning into regret.
The most common source of regret among homeowners is the condition of the home and need for repairs. A thorough home inspection can spot hidden issues and potential trouble spots down the road, like roof wear, plumbing issues, and foundation cracks. Reviewing past maintenance records and checking for permits related to recent repairs and renovations is important for level setting as well.
To avoid space constraints, having a solid understanding of storage space, room sizes, and layouts is important. Perhaps more important is understanding future needs, like a growing family or whether a home office is necessary, and perhaps buying slightly bigger than immediate needs.
Preventing overpaying can be done by comparing recent sales in the area -- not just the listing prices -- and avoiding getting sucked into bidding wars that can take you over budget. Real estate agents can help determine fair market value and project long-term appreciation of a property.
Ultimately, it may not be possible to fully regret-proof a home purchase. Balancing emotions with practicality, accepting that compromises are likely necessary, thoroughly researching potential properties, and planning for the future can help minimize any buyer's remorse that does come up.
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Methodology
Motley Fool Money distributed a survey via Pollfish on Feb. 19, 2025 to 2,000 adult homeowners. The age of respondents are as follows:
- 18-28: 3%
- 29-44: 25%
- 45-60: 34%
- 60+: 38%
Results were post-stratified to generate nationally representative data based on age and gender. Pollfish employs organic random device engagement sampling, a method that recruits respondents through a randomized invitation process across various digital platforms. This technique helps to minimize selection bias and ensure a diverse participant pool.
Our Research Expert
Jack Caporal is the Research Director for The Motley Fool and Motley Fool Money.
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