Short- and Long-Term Plans Collide

We have all heard the adage, “buy in haste, repent in leisure.” It seems that almost 25% of high-net-worth survey respondents who purchased a home in the last two years might fall into this category.

Their reasons for being dissatisfied with the purchase that they made during 2020 and 2021 are multi-faceted, and often depend on why they moved in the first place.

Changing lifestyle needs was among the top reasons for their discontentment. Urbanites who moved to a rural setting may be experiencing culture shock or missing the hustle and bustle of city life. Those who bought a home in the suburbs or exurbs may be second-guessing their commute time now that their employers are requiring they return to the office. Or maybe now that they are spending less time at home, they realize they don’t need that big house and big yard. Short-term considerations eventually bumped against the long-term.

Interestingly, location may actually be a primary driver of their discontent – which could be a byproduct of all of the frenzied moves that were taking place during the pandemic.

Around a quarter of respondents said the reasons for their dissatisfaction were either because the location was too remote, they went back to the office full-time, or there was a lack of community amenities. A sizable portion also said that the property they purchased was either too big or too small.