For generations, the idea of buying a home has been intrinsically tied to the American Dream. A new Bank of the West study reveals that homeownership is still a priority for millennials but many may not be asking the right questions before taking the leap to homeownership. According to the report, 68% of millennial homeowners have buyer’s remorse, wishing they had been more prepared or had better inspected the home before purchasing it.
The main complaints millennial homeowners have about their homes is that they are costly to maintain (approximately 20% feel this way) or that they found damage after moving in (20% also feel this way). So how do you avoid buyer’s remorse? We asked Yelp’s Home Editor Lauren Makk for her tips on how to be confident in your home buying decision.
Lauren, are home inspections worth the cost? How do you find a home inspector?
LM: Absolutely! Often times, you can negotiate your home inspection fee to be paid for by the seller. If your seller is covering the cost of the fee, make sure the inspector is neutral and not a family friend of the seller or anyone else involved in the process. You can find a neutral home inspector on Yelp and can request a quote instantly to find someone in your budget.
What are overlooked areas of the home that can cost the most if they are damaged and you don’t know it until after you’ve signed?
LM: When it comes to damage, everything that will be expensive to repair or update is in the walls or under the floors of a home. From the foundation to plumbing to electrical issues, you want to do a thorough walkthrough for any potential issues in a new home.
- Check for cracks in the wall that go up to the ceiling. This could be a larger structural problem.
- Look for mold in and around the heating or ventilation system or any moldy smells in the house, as that can potentially result in health problems.
- Be on the lookout for exposed wires or dripping water, because those could lead to water damage or leaking pipes.
- A slipping foundation can easily be revealed by a door that doesn’t close properly. It can often be a sign that someone repaired a crack and not the larger problem
Interior design and life stylist, Lauren Makk is Yelp’s new Home Editor. You may recognize Lauren from TLC’s “Trading Spaces,” ABCs “FAB Life” and OWN’s “Home Made Simple.” Now as a part of the Yelp family, she’ll be sharing how you can use Yelp to create incredible, affordable transformations in your home. You can find more tips from Lauren here.