First-Time Homeowner Regrets

I found the results of a study of recent homeowners conducted by NerdWallet fascinating. Their Home Buyer Reality Report divided answers to a number of questions about the homebuying process into different generations, which clearly shows different experiences. One thing I found very interesting were the two highest regrets for Millennials…

Millenial homeowner regrets

… "things I valued changed"… and "should've purchased larger home".  These seem to me to be related, just as "mortgage rate too high" and "should've waited longer" seem related.

An important question to ask when you purchase a home is how long you plan to stay and how your life will change while you are living in the home. Often first-time homebuyers are just thinking about now… either living alone or with a significant other and loving a vibrant, urban neighborhood.

As people settle down and start to raise a family priorities usually change… which often also results in outgrowing space. This doesn't mean you shouldn't buy a smaller home in an exciting urban neighborhood if you are buying your first home and that is where you want to live… just do it with an awareness that your life may change in the future and this home may no longer fit your lifestyle.

With interest rates among the lowest in history, some buyers are looking ahead and purchasing the most home they can afford so they can grow into it and not need to sell and buy again because of outgrowing the space too quickly. It costs you money each time you sell and buy… interest rates will likely be higher the next time you sell… and payments that seem like a stretch now may seem low as your income grows… all compelling reasons to stretch a bit now as you plan for the future.

Sharlene Hensrud, RE/MAX Results – First-Time Homebuyer Realtor

HomesMSP Team - SharleneJohnAngela Minneapolis-St. Paul Buyer's Agents


Written By

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

Related Posts

My Property Taxes Increased, But I Disagree With the Assessed Value. Now What?

🖨 Print ArticleAccording to the Minnesota Department of Revenue, “Each spring your county sends you a Notice of Valuation and Classification. Three factors that affect your tax bill are: The...

Essential Real Estate Knowledge for Millennials

đź–¨ Print Article If you are a Millennial and it seems like all your friends are suddenly buying homes you are not alone, especially if you are an Older Millennial...

Subscribe to Our Newsletter for Market Updates & Mid-Century Modern Listings

Our weekly HomesMSP Update includes current local market information and a curated list of mid-century modern properties for sale, plus posts from an inspector, a lender, a stager, info about neighborhoods, life in the Twin Cities… even recipes!


Blog Categories


Sharon and John Hensrud

About Us

The HomesMSP Team is committed to meeting you where you are and listening… really listening to understand you so we can use our extensive knowledge of the market and local neighborhoods to give you personalized service.