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Here are some insights from the average home buyers on what they wish they knew when buying their first house.
I did a lot of searching through reddit and the net to pull this info together. Here are the bullet points and some anecdotal notes. There is way more info and lessons on the site.
From here you can learn what you need to know before buying a house.
1. Understand Your Budget:
"Oh man, I really wish I had understood my budget better. I thought I had everything planned out, but then closing costs, property taxes, and maintenance hit me like a ton of bricks. It's not just the mortgage payment; it's everything else too. I ended up dipping into my savings more than I expected. If I had known this, I would have set aside a larger buffer."
2. Pre-Approval is Crucial:
"Getting pre-approved for a mortgage before looking at houses is a game-changer. I learned the hard way that it makes you look serious to sellers and helps you know what you can actually afford. I remember falling in love with a house, only to find out I couldn't get a loan for it. Talk about heartbreak!"
3. Location Matters:
"I can't stress enough how important it is to research the neighborhood. We bought our first house in a rush and didn't realize the school district was not great. Plus, the commute turned out to be a nightmare. If I could go back, I'd spend more time visiting the area at different times of the day and talking to neighbors."
4. Inspection is Essential:
"Never skip a home inspection. We almost did because we were trying to save money, but thank goodness we didn’t. Our inspector found a major issue with the roof that could have cost us thousands down the line. It's better to spend a little upfront than a lot later."
5. Future Resale Value:
"Think about the resale value, even if you plan to stay forever. Life changes, and you might need to move. We didn't consider this, and now we’re in a house that's hard to sell because it's on a busy street. It really limits our options."
6. Hidden Costs:
"The hidden costs of owning a home caught me off guard. HOA fees, property taxes, insurance, and higher utility bills – they all add up. I wish someone had told me to budget for these things. It’s not just the mortgage you need to worry about."
7. Negotiate Wisely:
"I was too scared to negotiate because I didn’t want to lose the house. But everything is negotiable, from the price to closing costs. I later learned that we overpaid by quite a bit. Don’t be afraid to ask for what you want – the worst they can say is no."
8. Think Long-Term:
"When we bought our first home, we didn’t think long-term. We ended up outgrowing it within a few years. If I could do it again, I’d consider how the house would fit our needs as our family grows or our lifestyle changes."
9. Understand the Market:
"I didn’t understand the market dynamics at all. Turns out, we bought in a seller’s market, which means we had less negotiating power. Learning about the market can really help you strategize better and maybe even wait for a better time to buy."
10. Professional Help is Valuable:
"I wish we had worked with a reputable real estate agent. We tried to go it alone to save money, but it just added stress. A good agent can guide you through the process, help you avoid pitfalls, and negotiate better deals."
11. Get Everything in Writing:
"I learned the hard way that verbal agreements mean nothing. We had some promises from the seller that weren’t fulfilled because they weren’t in writing. Always, always get everything documented."
12. Patience Pays Off:
"Don't rush the process. We felt pressured to buy quickly and ended up with a house that had more problems than we anticipated. Take your time to find the right home. It’s worth it in the long run."
These points cover many aspects of the home-buying process and include practical tips and personal anecdotes to provide a well-rounded perspective.
