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Owning a house with an inappropriate area is the biggest regret of young people

Home is one of the biggest assets in life and of course, before deciding to own an apartment for yourself, most people have carefully calculated it. However, it is understandable that at some point and for some reason, you may regret your own decision.

A common reason young people regret their own home is buying an apartment that doesn’t fit their needs.

According to the US Census Bureau, about 1 in 3 millennial groups of young people under the age of 35 owned a home at the end of 2018. That number is 8 to 9% lower than previous generations, according to research from China. Urban Institute’s Housing Finance Policy Center (HFPC) in this country.

However, nearly two-thirds of them, or 63%, said that they regret buying their current home.

Owning a house with an inappropriate area is the biggest regret of young people: Ways to minimize this problem - Photo 1.

A common reason young people regret their own home is buying an apartment that doesn’t fit their needs.

Another 18% of Millennials are unhappy with the size of their home, saying they regret buying an apartment that is too small. According to a survey from the National Association of Realtors in the United States, about 2/3 of people buy house The price factor has forced them to compromise on some other features, such as size.

According to a recent survey by YouGov – a data analysis and market research company, up to 28% of young real estate owners realize that the newly purchased house is not suitable for them. This number means, 3 out of 10 homebuyers for this reason regret their home. Among them, 14% think the house is too big and 14% think its area is too small; More specifically, all of these people are Gen Y.

As for gen X, this number seems to be less. Only about 16% are unhappy about it. However, both generations said that the house was not spacious enough as the reason why they felt the most regret.

The pandemic and the lockdown have increased buyer awareness, said Emily Olson, a senior officer at real estate brokerage Redfin.

“Buyers are more educated than ever about what they need in a living space,” Emily Olson added.

Here are 4 questions experts encourage those planning to buy a home to know and grasp to minimize regrets after owning their own real estate:

How long do you expect to live in this house?

This is the most important thing that most people who intend to buy a home have not really thought about it seriously.

“What role does this house play for you? Is this a 5-year plan? Or a 15-year plan, or more…?”Emily Olson said.

Clear planning will help you determine exactly what you need: A large or small house and how you design the space accordingly.

For example, a couple planning to have more children and bring grandparents over to take care of them may not just need an extra bedroom. More than that, they may need another solution where all rooms are planned on the same floor…

Owning a house with an inappropriate area is the biggest regret of young people - Photo 3.

If you are thinking of doing a renovation to add more living space, the most important thing you need to know is the cost and feasibility of the construction before you buy.

Can you renovate more space if needed?

According to a recent survey from real estate site Clever, nearly three-quarters of millennials (71%) are ready to upgrade and renovate their residential space.

But if you are thinking of doing a renovation to add more living space, the most important thing you need to know is the cost and feasibility of the construction before you buy.

According to HomeGuide.com, the average cost to complete a basement ranges from about 550 million to more than 1 billion depending on other factors, including: the size and layout of the space… and by So, if you buy a house without a basement but then want to build more for parking, think carefully. The cost for it is not small at all!

What is the fit between your financial budget and the size of the house?

According to the results of the Bank rate survey, the high maintenance and other expenses are also the reason why 21% of young millennials feel regretful about owning real estate.

Mark La Spisa, a financial planner and president of Vermillion Financial Advisors in South Barrington, Illinois, points out that the bigger the home, the higher the mortgage, utility bills, utility bills, and more. .

“Be careful! Don’t buy a house that is too big for your budget and limit, or you will get poorer and poorer.” – Mark La Spisa warned.

What doesn’t really work with your home’s space?

After more than a year of spending most of my time at home, this question is probably easy to answer.

Emily Olson says: “After the pandemic, many homebuyers really have very different needs for housing space. Most people ignore rooms with cramped space, lack of light, little functionality and capacity. ability to meet their bare minimum needs.”

It’s easy for most real estate agents to figure out what apartments are right for you. Don’t trust the pictures or videos though, go see it in person.

https://afamily.vn/so-huu-mot-ngoi-nha-co-dien-tich-khong-phu-hop-la-dieu-hoi-tiec-lon-nhat-cua-nhung-nguoi-tre- 20220414150649228.chn

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