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45% Of Homeowners In The US Have Regrets About Buying Their Home

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Right now in America, it’s harder than ever to buy a home. For those who are able to make a purchase, they often have regrets about it. According to a recent survey from Bankrate, around 45% of homeowners have regrets about their current home. So what is the reason for so much regret in what is meant to be a milestone moment for Americans?

The survey cited that one of the most common complaints among individuals who regret their home purchases is frustration over the price of maintenance costs and hidden fees. 

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According to Bankrate’s June 2024 Hidden Cost of Homeownership Survey, the average American homeowner spends over $18,000 on non-mortgage home expenses annually. They also estimated that in some states like California, the fees can reach up to $29,000 a year. 

When someone’s purchasing a property, things like internet bills and routine maintenance costs aren’t at the front of their minds. It’s important to place expected costs into one’s budget when shopping for a home. 

“It’s important to factor ongoing homeownership costs into your budget, as well as any offer you make on a property, lest you ‘get out over your skis,’” says senior economic analyst at Bankrate Mark Hamrick.

“Without a significant financial buffer, you could end up with surprise costs that force you to forego necessary home upgrades or repairs, or even cause you to fall into debt,” he stated. 

Popular real estate platform Zillow recommends that prospective home buyers should be diligent about their research when it comes to properties they’re looking at, specifically getting a thorough accounting of the home’s potential defects, and looking into past maintenance done.

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“At the very least, completing a home inspection will help you enter homeownership with a more complete understanding of what work your home may need. Your inspector may find small, non-deal breaker repairs like plumbing drips or loose handrails, but it’s also possible that they uncover bigger issues like foundation cracks. In that case, you’ll likely need a second inspection from a specialist,” Zillow says.

The company says that paying extra for inspections also gives buyers the power to negotiate repairs within the sale price which could in turn save them money down the line. 

Upkeep and maintenance costs to your home is inevitable, and while some may think that it’s best to wait until things are truly broken to get repairs, getting more regular maintenance on your home is more cost effective, Zillow says. 

“We live in a highly competitive society and economy, and I think all too often people are being overly severe with their judgements about themselves,” Hamrick stated. 

“They should give themselves some grace and time if the time currently isn’t optimal for buying a home.”

harvard

Harvard University Announces Free Tuition For Students From Families Making $200,000 Or Less 

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Harvard University announced this week that undergraduate tuition will be free for students that come from households making $200,000 or less as their annual income. The university said this move is in an effort to offer an Ivy League education to everyone without the worry of a financial burden. 

Harvard will be free for students to attend if their families are making $100,000 or less with the university also committing to cover student housing, health insurance, and travel costs from their home to campus. 

“Putting Harvard within financial reach for more individuals widens the array of backgrounds, experiences, and perspectives that all of our students encounter, fostering their intellectual and personal growth,” Harvard University President Alan M. Garber said. 

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“By bringing people of outstanding promise together to learn with and from one another, we truly realize the tremendous potential of the University.”

According to Harvard’s financial aid website, undergraduate tuition for Harvard College, an undergraduate institution at the university, was $56,000 this year with a total cost of $83,000 for attendance. 

This recent pledge from Harvard is a part of its Financial Aid Initiative. The initiative was launched in 2004 as a means of making tuition more affordable for students of all economic backgrounds. Throughout the past 20 years the initiative has given students whose families have an income of $85,000 or less free tuition. 

“Harvard has long sought to open our doors to the most talented students, no matter their financial circumstances,” said Edgerley Family Dean of the Faculty of Arts and Sciences, Hopi Hoekstra. 

“This investment in financial aid aims to make a Harvard College education possible for every admitted student, so they can pursue their academic passions and positively impact our future.”

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This specific announcement from Harvard is to entice middle-income families in the US. In the university’s statement, they claimed that 55% of their undergraduates receive some kind of financial aid, with an average family contribution of around $15,000.

“We know the most talented students come from different socioeconomic backgrounds and experiences, from every state and around the globe,” said William R. Fitzsimmons, Harvard College’s dean of admissions and financial aid. 

“Our financial aid is critical to ensuring that these students know Harvard College is a place where they can be part of a vibrant learning community strengthened by their presence and participation.”

The scholarship funding will come from “a variety of sources, including Harvard endowment funds, gifts from alumni, general tuition revenues, and federal and state grants,” according to Harvard’s financial aid website. 

“Our team works closely with each student to ensure full inclusion in the Harvard experience,” said Griffin Director of Financial Aid Jake Kaufmann. 

“The financial aid program is designed so that Harvard students can study, train, research, create, and fully engage in the Harvard experience with minimal constraints.”

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Australians Experience 50% Rise In Airfare Travel Costs To Europe 

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According to data collected by travel booking site Kayak, Australians looking to travel to Europe are seeing fares around 50% higher than what they cost last year, despite the fact that there’s also been an increase in available seats this summer and fuel prices improving within the past few months. 

Kayak used data from early January, up until this month, to conclude that the average price for return economy airfare from Australian cities to Europe would be around $2,500. This marks a 46% increase on average airfares for 2022, as well as a 63% increase when compared to pre-pandemic pricing. 

In general, this summer travel season is already gearing up to be increasingly expensive as well as busy for many major destinations around the world, but especially in Europe. 

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David Beirman, an adjunct fellow professor at the University of Technology in Sydney, Australia who also specializes in tourism, stated that this increase, while jarring, isn’t exactly surprising. 

“Airlines for a long time were making next to no money on international flights, especially for economy passengers. Most carriers were still working to financially recover from the steep losses of Covid, even if some such as Qantas have been posting record profits of late. Those two years of lost revenue is what consumers are paying for now,” Beirman explained. 

“Covid was an extreme lesson in what could happen when things go wrong. So they have been forced to be more realistic about their pricing now, as irritating as it is to the traveling public,” he continued. 

“Sadly what has happened since Covid is that travel has gone from being something very democratic that just about anyone earning even a modest salary could afford to being a plaything of the elite or for people paying huge amounts of money just to see loved ones.”

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“They’ve had to recruit staff and pay them much more money than they used to get. Maybe by 2024 or 2025 people will be a bit more choosy, less eager to travel, and prices will come down but at the moment it’s very much a sellers market and airlines are, rightfully or wrongfully, taking advantage of that,” Beirman said.

Simon Elsegood, head of research at the Center for Aviation, said “while fuel prices have come back down substantially [and] we’ve seen a portion of the leisure market move up to premium economy and other classes, it’s not been enough to compensate airlines from lost business travel.”

“Air fares are a sore point because they are so much more expensive than 12 months ago but I don’t feel like people are getting a raw deal. It’s very difficult to price gouge between Europe and Australia because there are so many route options.”

“It’s just the way the market has to be at the moment. Yes, they’re making money now but they also lost billions during the pandemic. They’re not a charity and they have to make sure their shareholders are also taken care of,” he concluded.