Following Bankrate and YouGov survey in 2021, buyers can be set to purchase a home that is beyond their budgets due to a competitive real estate market! They found that recent home buyers, including 64% of millennials, had regrets about their home purchase, and the main reason was they were not prepared for homeownership-related expenses. It is obvious that in every home there will always be something to fix, so the rule of thumb is to put aside a budget for potential maintenance. 

According to a NAR report on home staging, the other reason home buyers may go over their budget is the influence caused by beautiful homes on TV since they can create unrealistic expectations. Therefore, it is better to work with a realtor as early as possible in the home buying process and make sure that the agent knows your budget, so they can help you set expectations and stick to them.

All in all, when you’re house hunting, don’t lose sight of your budget and the risks. That way, you can own a house without home buyer’s remorse. And you'll have money left to enjoy things like new furniture, entertainment, and just plain having fun.