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New home buyers list multiple regrets, survey shows

By Mike Wheatley | April 27, 2022

Over two-thirds of new home buyers have revealed they have some kind of regret over the deal. Indeed, for 26% of survey respondents, their regret is so strong that they wished they’d bought an existing home instead, according to Clever Real Estate.

Clever Real Estate surveyed 1,000 Americans who purchased a new-construction home or were in the process of building one. New-home buyers described feeling stressed, anxious, and frustrated during the construction process of their home.

Their top regrets about the homebuilding process included conflicts over decision-making, cited by 36% of respondents, premature maintenance, cited by another 36%, and overstretched budgets, as noted by 35% of new home buyers.

Overall, 88% of new-home buyers say they wish they made different decisions during the construction process. Thirty-nine percent wish they spent more on luxury upgrades. On the other hand, 30% wish they had spent less.

About 85% of new-home buyers said they experienced a delay in the building process. About half said they waited three months longer or more for their homes to be completed, according to the Clever Real Estate survey. More than one-third—or 35%—of buyers even experienced delays that lasted longer than six months.

New-home buyers also said the process was more expensive than they had planned. They cited the effects of inflation and soaring building material prices.

But even with the higher costs, regrets, and stresses during the process, 64% of respondents said they would still buy a newly built home again, according to the survey.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
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