6 Realities of Buying Your First Home

6 Realities of Buying Your First Home

Buying your first home is an exciting experience. Many first time buyers are in the dark with the entire process, expecting one outcome and receiving another. Regardless of your age, the process of buying your first home can be a whirlwind. With your wish list in one hand and pre-approval letter in the other, you might want to hit the breaks for a minute. These six realities of buying your first home are a must read for anyone who is just beginning their home buying journey.


Reality #1: Your First Home Might Need Some Fine Tuning

While you likely have visions of your perfect first home, sometimes it can be a difficult vision to fulfill. Finding absolute perfection in any home doesn’t happen too often, but don’t let that discourage you. Many times, the shortfalls are easy cosmetic fixes. Wallpaper might not be your thing, but it only takes a little time and elbow grease to get your walls looking exactly how you want them.

Reality #2: You Might Have to Prioritize

Cosmetic upgrades are easy enough. However, here are other factors that are difficult, expensive, or plain impossible to change. For example, it’s important to feel safe and comfortable in your future neighborhood. You can’t physically move your house, so be certain the neighborhood in consideration is the right fit for you and your family. Your new home may not have that garden tub you wanted, but trading a tub for a safe retreat should win every time.

Reality #3: You Might Get Outbid

It’s heartbreaking, but it’s definitely reality. Chances are, you aren’t the only one looking at the house you’re bidding on. In fact, you might not be the only one making an offer. Put your best offer forward, but don’t try to pay more than you can afford. If you lose the bidding battle, re-strategize and start your house hunt again. It’s an extremely disappointing experience, but there will always be other houses.

Reality #4: Finding a Realtor You Connect With, Matters

Your realtor will be your best friend in this process. It’s important to find a realtor that you’re comfortable with because you’ll be communicating frequently, and spending a bit of time together as you hunt for your first home. Ask for referrals from friends and family. Once you find your realtor, keep in touch with them often to streamline your process.

Reality #5: You Need to be Patient

Buying your first home is a lengthy process. Finding the right house for you and your family can take a bit of time. Then there’s the appraisal, financing, underwriting process and closing. Depending on your bank, the process can take 21 to 45 days. If you’re buying a short sale home, it can take up to 120 days. The process might take longer than you think, but becoming a homeowner is always worth it in the end. Hang in there!

Reality #6: Closing Day Feels Like Christmas Day

When you finally close on your home, you’ll feel like a kid on Christmas day. You’ve waited a long time to get to this point, and it’s finally arrived. Now it’s time to kick back with the champagne. Invite your friends and family over for a proper christening. Take plenty of pictures and celebrate your home purchase, New Homeowner!

In conclusion, these six realities of buying your first home will keep your expectations in line with real life, and you’ll be well on your way to enjoying life and starting a family in your very own first home!


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