According to a new survey by research firm Compare the Market, homebuyers in Australia, the United States, and Canada have varying degrees of satisfaction with their homes, with some even experiencing regrets. The survey revealed that location, budget overruns, and defects are the most common regrets among homebuyers in the three countries, with buyers of different ages also showing varying concerns.
The most common regrets among homeowners
The survey found that Canadian and American homeowners generally believe they should have chosen a location closer to the city center when they bought their home. 36% of American homeowners and 34% of Canadian homeowners said they should have chosen a more convenient location. Secondly, about 30% of respondents (29% in the US and 27% in Canada) regretted not carefully inspecting the home for defects, while 28% in the US and 27% in Canada felt they were over budget.
In contrast, Australian homeowners' main regrets were related to the condition of their homes. 32% of respondents said their biggest complaint was not discovering more defects before purchasing the property. Next on the list was 29% who regretted sacrificing room size for budget, while 28% felt the location wasn't ideal.
Notably, Australian buyers were relatively satisfied with their home purchase decisions, with 48% respondents expressing no regrets. This compares to 39% in the US, while Canadians were the least satisfied of the three countries, with only 34% homeowners expressing complete satisfaction with their purchase decisions.
Age affects home buying regrets
The survey also showed that buyers of different ages have different views on home purchases. Younger buyers in Canada and the United States place more emphasis on "location convenience," while older buyers regret not carefully inspecting the condition of the property.
The picture in Australia is more mixed: Australians aged 35-44 and 55-64 believe they should choose a location closer to the city centre, while those aged 45-54 and over 65 believe they should be more careful about inspecting for defects.
Tenants also have similar regrets
The survey also interviewed respondents who rent properties. The results showed that the most common regret among tenants in Australia and Canada was "not carefully inspecting the condition of the property", while the main regrets of tenants in the United States were more evenly distributed, involving location, budget and property defects.
However, despite the fierce competition in the rental market, about half of tenants said they had no regrets, with the figures for Australia and the United States both at 521, and Canada at 491.
The most common wrong home buying advice
The survey also asked respondents about the worst home buying advice they had ever received. The results showed that the "worst advice" varied across countries, but many people made poor decisions due to following bad advice.
In Australia, the most regretted following the advice to "wait for property prices to fall" was reported. Many respondents said they were warned of high property prices and advised to wait for them to fall before entering the market. However, years later, property prices continued to rise, and they missed the optimal time to buy a property.
In Canada, the most common misguided advice is the opposite: "Buy quickly, prices will continue to rise." Some respondents were even advised to "buy beyond their budget because prices will appreciate in the future," only to regret their decision when they later discovered that prices didn't rise as much as expected.
In the United States, the most common misadvised advice is "Don't worry about the home inspection." Some buyers are told that an inspection isn't necessary or are advised that even if there are problems with the home, they can fix them themselves. As a result, serious defects are discovered after purchase, leading to higher costs.
Other error suggestions
- "Buying a two-story house will give you a higher resale value."
- "Buy the most expensive house, only the one with the potential for appreciation"
- "You have to buy an apartment. There's no room for appreciation in a detached house."
- Buying a property is the best investment
- DIY renovation is the most cost-effective
- "Buy the house you fall in love with at first sight, don't hesitate"
- "Never buy the first house you see. Always compare more."
- "It's more cost-effective to buy an old building and renovate it than to buy a new one"
- "Budget is not important, the most important thing is to buy the house you like best"
This survey shows that whether you're a homeowner or a renter, choosing the right place to live is a decision that requires careful consideration. In the current real estate market, how to make the right choices and avoid making the wrong choices remains a question every buyer should consider.
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