Rocked by stay-at-home orders and facing a tight home inventory, a few people snapped up houses without fully considering options. Now some have buyer’s remorse.
NEW YORK – Homebuyers shouldn’t rush into a purchase because, unlike expensive jewelry or clothing, homes can’t be returned if they’re unhappy.
However, millions of Americans made home purchases last year during the pandemic that they now regret, according to an article in The Wall Street Journal. Some left behind small apartments, bought vacation homes, or just wanted a change of scenery during lockdown.
Now, however, some of the people rushing to get out of town are regretting that quick decision.
Many now feel buyers’ remorse or financial strain, or they’re forced to contend with unexpected issues.
“Buying a home is a huge commitment. You have to be thorough,” says Priscilla Holloway, a Douglas Elliman agent in the Hamptons. “But people were getting all crazy, and they weren’t as thorough as they usually are.”
Fran O’Brien, division president of Chubb Personal Risk Services, says Chubb has seen large, non-weather-related losses rise in frequency and severity over the past two years. She attributed these losses partly to hasty home purchases.
“People are moving to places that they don’t know a lot about,” O’Brien says. “They’re thinking, ‘This looks like a nice place to live’ for amenities it may have. They don’t understand what risk there could be with that home.” However, when rushing to buy a home before someone else does, she said, “You run into this lack of awareness and lack of time, which is not a good combination.”
According to HomeAdvisor, Americans performed an average of 1.2 emergency home repairs in 2020, up from 0.4 in 2019, and emergency home spending surged to an average of $1,640, up $124 from the 2019 average.
Source: Wall Street Journal (02/11/21) Taylor, Candace
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