While many Millennials have a strong sense of ownership, many still find themselves with first-home regret. Purchasing a home during a hot real estate market can lead to impulsive purchases. Survey results suggest that many millennials are unhappy with their new home, including the physical characteristics. However, some regrets can be avoided. Read on to learn how to avoid these pitfalls.

Millennials have a greater risk of experiencing post-purchase regret than their baby boomer counterparts. In a recent study, millennials are more likely to have regrets about their purchase than their baby boomer counterparts. The most common reason millennials are unhappy is because they underestimated the costs of homeownership. In fact, two-thirds of millennial homebuyers are unhappy with their homes.

According to Bankrate, 60% of millennial homebuyers express regret. More than half of those surveyed had at least one regret. The survey’s authors noted that a lack of clarity around the issues has contributed to the high rate of millennial regret. Fortunately, this isn’t a sign of impending doom and gloom. It’s a healthy sign, and a good indicator that your first home will be a wise investment.

Despite the housing crisis, millennials have more regrets than their baby boomer counterparts. Their biggest regret is not preparing for the costs of homeownership. Twenty-five percent of millennials who own their first homes have regrets about the cost of homeownership. But, despite the pressure on millennials to buy, most of them still have regrets. They did not make their decision properly, and the price of the home was too high.

Millennials are more likely than older generations to have a post-purchase regret. In fact, the majority of millennials who own their first home express regrets over financial costs and location. Despite the advantages of this generation over their parents, the housing crisis can also result in a Millennial having a second-home-owner’s regret. If the millennial has a previous history of housing regrets, they are more likely to have more.

Millennials also experience homebuyer’s remorse. Not only are millennials less satisfied with their neighborhood, but they also regret the hefty upkeep. Moreover, they’re less happy with their location and the size of their home. Further, they are also disappointed with the price of the house. The property-tax increases and HOA fees are among the hidden costs of homeownership.

Millennials’ regrets are relatively consistent and are similar to those of the past few years. The millennial generation – a generation that represents 50% of the U.S. population – has a long-term preference for a home, and they opted to delay purchasing their first home in a desirable area. Nevertheless, a third of millennials’ first-home purchase is a dream that remains out of reach for them for a majority of the population.