Buying a home is a major milestone, but many first-time buyers face unexpected challenges. From financial pitfalls to emotional stress, the experience often proves more difficult than anticipated. Guardian Service surveyed 1,005 homeowners to uncover the most common regrets and mistakes. These insights can help future buyers navigate the process with more confidence and preparation.
Key Takeaways
- 31% of first-time homebuyers experienced buyer’s remorse after buying their first home, and 9% felt they shouldn’t have bought it.
- 38% of first-time homebuyers felt pressured to make a homebuying decision quickly, and those who felt pressured were nearly 3x more likely to experience buyer’s remorse.
- Overwhelmed (34%), stressed (28%), and nervous (25%) buyers are the most likely to regret a financial decision driven by emotions.
- 17% of first-time homebuyers skipped a home inspection; those earning under $50,000 annually were the most likely to do so (23%).
- 66% of first-time homebuyers experienced unexpected home issues after buying, costing them an average of $5,356.
- Over 1 in 4 first-time homeowners rated their financial knowledge as inadequate when purchasing their first home.
The Weight of Buyer’s Remorse
Buying a home is a major commitment, and for many first-time buyers, the experience comes with regrets. From feeling rushed into a decision to unexpected financial burdens, many found homeownership more challenging than expected.
Nearly one-third of first-time homebuyers (31%) regretted their purchase, with 9% believing they shouldn’t have bought their home at all. Buyer’s remorse was especially common among those who purchased within the last two years, as 44% felt regret. Younger buyers also struggled the most with buyer’s remorse, with 35% of Gen Z and millennial first-time homeowners experiencing it.
Income played a role as well. First-time buyers earning less than $50,000 per year were 50% more likely to regret their home purchase than those earning over $100,000. Pressure to make a quick decision also increased the likelihood of regret: 38% of first-time homebuyers felt rushed, and those who did were nearly three times more likely to regret their purchase.
Unexpected costs and poor decision-making left many first-time buyers wishing they had done things differently. The top regret was underestimating repair costs (22%), followed by choosing the wrong home size (19%) and feeling they had rushed into the decision (15%).
Younger buyers were the most likely to feel they had made financial missteps — 18% of Gen Z and millennials felt they rushed, 15% believed they didn’t negotiate well, and 11% thought they had overpaid.
When asked what they would do differently, 25% of first-time homebuyers said they would buy a different home, 22% would be more financially prepared, and 21% would negotiate more aggressively. Gen X first-time buyers were the most likely to want a do-over on their home choice, with 29% saying they would have bought a different home.
The Emotional Side of Homeownership
Buying a home isn’t just a financial decision — it’s an emotional one. First-time buyers navigated a mix of excitement, pressure, and stress, with many feeling their emotions influenced their choices in ways they later regretted.
The primary motivation for first-time homebuyers was the desire to stop renting, with 63% making the leap to homeownership for this reason. Peer and social pressure played a role too, especially for Gen Z and millennial buyers who were the most likely to purchase a home due to these influences.
Most first-time buyers viewed their homes as more than just a financial asset. When asked how they saw their home, 65% considered it primarily a personal space, 7% viewed it mainly as an investment, and 28% saw it as both.
Emotions ran high throughout the process. Those who felt overwhelmed (34%), stressed (28%), or nervous (25%) were the most likely to believe their emotions led to a decision they regretted. Even after moving in, adjusting wasn’t always easy. For some first-time homeowners (16%) it took over a year to truly feel at home.
The Hidden Costs of Homeownership
For many first-time buyers, the financial reality of homeownership was more challenging than expected. From unexpected repairs to budgeting miscalculations, the costs of owning a home often exceeded initial expectations.
More than two-thirds of first-time homebuyers (66%) faced unexpected home issues after moving in, with an average cost of $5,356. Younger buyers were hit the hardest — 72% of Gen Z and millennials reported unexpected issues, as did 78% of those who purchased within the last two years. While some faced major expenses, 45% dealt with cosmetic or minor repairs.
Some first-time buyers bypassed a home inspection, leaving them vulnerable to costly surprises. In total, 17% skipped the inspection process, with lower-income buyers earning under $50,000 annually being the most likely to do so (23%).
Budgeting for homeownership also proved difficult. While half of first-time homeowners spent what they had originally planned, 45% paid more than expected. Similarly, 56% budgeted accurately for ongoing homeownership costs, but 41% underestimated how much they would need. Over 1 in 4 first-time buyers felt unprepared in terms of financial knowledge, and those who did were the most likely to experience buyer’s remorse (42%).
Key Takeaways for Future Homebuyers
For many first-time buyers, homeownership comes with surprises, regrets, and financial challenges. Rushed decisions, unexpected costs, and emotional pressures often led to missteps that could have been avoided with better preparation. Understanding these common pitfalls can help future buyers make more informed choices, whether that means budgeting more accurately, taking the time to negotiate, or prioritizing a home inspection. With the right knowledge and planning, first-time buyers can feel more confident in their purchase and avoid the regrets many homeowners face.
Methodology
We surveyed 1,005 homeowners about their experiences buying their first home. Of the respondents, 56% were Gen Z or millennials, 32% were Gen X, and 12% were baby boomers.
About Guardian Services
Guardian Service provides homeowners with expert insurance solutions, comparing quotes from top-rated carriers to ensure the right coverage for every need. From auto and home insurance to utility line warranty plans, Guardian Service helps protect what matters most while making the insurance process simple and stress-free.
Fair Use Statement
Noncommercial sharing of this information is permitted with a proper link to our original article.
