In Pennsylvania, homeownership evokes feeling of pride and comfort in the majority of property owners.
According to a recent report from Clever Real Estate, security and happiness are two other popular answers, while only 22% of homeowners in the commonwealth feel stressed about owning a home.
However, the stress for some homeowners may come from their high mortgage payments. Nearly half of buyers surveyed put less than 20% down on their home, leading to higher mortgage payments in some cases. Thirty-one percent of buyers felt at least somewhat remorseful for their home purchase, and the main reason was due to a high mortgage. Twenty-five percent said they were surprised of the cost of maintaining a home.
Homeowners in Pennsylvania are primarily buying because they think it is a good investment, according to 53%. Buying is cheaper than renting, said 45% and 38% wanted to stop wasting money on renting.
“Homebuyers should be aware of the all the costs involved in purchasing a home. While your monthly PITI (principle, interest, taxes and insurance) provides a base number to work with, always follow up with the homeseller about the details. Ask questions about utilities, annual maintenance, HOA fees, etc. Also, be sure to read the seller’s disclosure,” said Tommy O’Shaughnessy, head of research at Clever Real Estate. “This document contains important information on the history of the home, and the seller is required by law to put all the issues in this document. Read it carefully with your agent, and ask questions as needed.”
Once in their own home, most Pennsylvania homeowners are looking for change. More than 80% of owners are planning some kind of renovation in the next five years. Landscaping is the most popular to-do project at 62%, followed by bathroom remodeling at 43%, new flooring at 35% and kitchen remodels at 31%.
Despite plans, nearly one-third of homeowners in the commonwealth have less than $500 saved for home projects, while 57% have less than $1,000 saved.