Buyer’s remorse. We’ve all been there before. You go to the mall and think you’ve found the perfect sweater. Then you get home and find out you don’t like the way it fits. But unlike other purchases, when you’re buying a house, there are no returns. Buying your first house can be challenging as a first-time homeowner, because you don’t have any experience to draw from. You have to depend on other people’s advice and the advice of professionals, like your real estate agent and lender.
That being said, there’s a lot to say about learning from other people’s mistakes. Below, we’ve shared ten things homeowners wish they knew when buying their first house.
10 Things Homeowners Wish They Knew Beforehand
Homeownership is an experience not to be missed. Owning your own home gives you a place to build a nest and settle down. But the process of buying a home can be stressful. Here are ten things homeowners wish they knew before they started shopping for their first place.
You should get preapproved first.
Many homeowners are shocked to find that they need a pre-approval letter before a realtor is willing to work with them. A pre-approval letter confirms that you’ll be able to receive a loan. Real estates want to see them and so do sellers.
Don’t skip the home inspection.
Especially in today’s market, it’s easy to get caught up in the excitement and dismiss important matters like your home inspection. Home inspections are important because they tell you exactly what you’re getting into. A house may look fine on the surface, but you never know what’s lurking beneath. A home inspector can point out issues and make sure that you’re aware of all potential problems.
There’s no such thing as a “perfect” home.
Even if you get a home inspection, don’t expect the property to be perfect. Even new construction homes have flaws and quirks. All homes do. “Perfect” doesn’t exist. But that doesn’t mean you won’t love your home anyway.
You’ll need an experienced lender to guide you.
You’re going to have a lot of questions. You need someone you can go to so you can get answers when you need them. There’s only so much Google searching that one person can do. In the end, you need an expert on your side.
Deadlines are critical.
Deadlines are not a suggestion. If your lender or real estate agent gives you a deadline, you better stick to it. Missing a deadline could delay the buying process and, in some cases, even cause you to miss out on a home.
Homebuying requires a lot of patience.
Rome wasn’t built in a day. It’s going to take time to find the right home. And it will also take time for you to close on your purchase. Be patient and know that it will all work out in the end.
Your lender matters more than you think.
Choosing the right lender is about more than getting a good mortgage rate. It’s also about finding someone who communicates well, meets deadlines, and follows through. Customer service is equally as important, especially since you’re buying your first house.
You need money for things other than a down payment.
You’ll also need to be able to cover closing costs, home inspection fees, pest inspection fees, and appraisal fees. When saving, keep in mind that you’ll need money for costs beyond a down payment.
Wire transfers need to be scheduled ahead of time.
If you’re paying for closing costs with a wire transfer, you’ll need to schedule it ahead of time. When they give you the information for the wire transfer, ask your real estate attorney when you should send it.
Don’t forget to enjoy the process.
Don’t get so caught up in the stress that you forget to enjoy the process. Remember, this is an exciting time – you’re buying your first house! Don’t lose sight of what prompted you to head down this road in the first place.
Have Questions? Give Us a Call!
Buying your first house can be stressful, but it’s worth it in the end. If you have questions about the homebuying process, please do not hesitate to reach out and contact our office.