Think you're ready to buy a home? Odds are that after you do, you'll wish you'd been more prepared, particularly in regard to the financial aspects.
A recent survey by Chase Research found that while nearly all recent homebuyers said they went into the process feeling well-prepared, the majority said afterwards that they wish they'd known more about the finances.
"While consumers said they felt prepared to buy a home and were satisfied with their home purchase, our results found that there are challenges and areas for improvement," said Lisa Foradori, chief marketing officer for Chase Mortgage Banking. As a result, the company has developed a new SmartPhone app and other educational materials for buyers.
Issues with closing, price negotiation and financing
Fifty-six percent of buyers said they wish they'd known more about the financial aspects of buying a home. Overall, 22 percent of all buyers said they wish they'd understood more about the closing process, while 19 percent said they wish they'd been more informed about price negotiations and making an offer. Fifteen percent said they wish they understood more about financing.
The total adds up to more than 56 percent because some people identified more than one area where they felt their knowledge was lacking.
Two in five would not buy the same house again
Separately, 39 percent of buyers said that if they knew going into the process what they know now, they would bought a home at a different price, or one of a different size or in another neighborhood than where they ended up buying.
Fully one-third said the cost of maintaining their home turned out to be more than expected, a figure that increased to just over half for first-time homebuyers.
Buyers also tended to be surprised by the time it took them to buy a home; 40 percent said that the process took longer than they expected. By contrast, 16 percent said they thought it went faster than expected.