Can you guess the most common regret for first-time home buyers? It's not underestimating how much time and money home ownership requires, not saving enough money before purchasing, or even choosing the right neighborhood. No, the most common regret of first-time home buyers is buying a home that's too small.
According to Porch.com, an online network that connects homeowners and professionals, in a survey of just under 1,000 people 22% of baby boomers, 20% of Generation X, and 15% of millennials all reported that buying an abode too small was their biggest regret in the home-buying process.
Why was the size of the home the biggest regret of buyers? Amanda Woolley, Porch spokeswoman told Realtor.com that first-time home owners "bought homes in neighborhoods they could afford at the time," and that "As time passed, their circumstances changed- [their] family grew or incomes increased-and [they] could now likely afford more/different types of home."
So, how does one remedy the mistake of buying a small home? There are a few options, depending on your budget.
Why was the size of the home the biggest regret of buyers? Amanda Woolley, Porch spokeswoman told Realtor.com that first-time home owners "bought homes in neighborhoods they could afford at the time," and that "As time passed, their circumstances changed- [their] family grew or incomes increased-and [they] could now likely afford more/different types of home."
So, how does one remedy the mistake of buying a small home? There are a few options, depending on your budget.
High Budget Option: Sell Your Home
If owning a two bedroom home was great until you bought a puppy and found out you're expecting twins, sometimes the only option is to sell. Your first home may have been within budget and in a great location, but it's not impossible to find something similar on a larger scale. Talk to your real estate agent and be prepared to find your new forever home.
Mid-Range Budget Option: Renovate
If you don't have the means to buy a home with more space, but have some money to work with, consider renovating your current home. Some options include putting an addition on your home, creating a new layout with a more open floor plan, transforming the basement into a bedroom, or transforming a porch into a sunroom.
Low Budget Option: Make Adjustments
Sometimes you have to work with what you have in order to make space if selling and renovating isn't within your budget. The name of the game here is creativity. Try downsizing your furniture if it doesn't fit your space. Purchasing new or used furniture with storage options makes it more functional. You could also try adding shelves where they're needed, or installing built-ins to make the most of your vertical space..
Problem Solved
If you made the all too common mistake of buying a home that's too small, there's always an option for remedying the situation. To find out first-time home buyers' other biggest mistakes, check out the full Porch article here. If you're looking to buy or sell a home, or have another real estate need, get in touch with us. We would be happy to assist you!
