Top 5 First-time Homeowner Lessons


Owning your own home feels like a dream come true, right?

However, once the novelty factor fades away and reality kicks in, you may find that you’ve got a little more than you bargained for. It’s not always the case, especially if you’ve owned a home before, but it can be quite a reality check for first-time homeowners.

So, if you plan to buy a house in the near future or you’ve already bought one and it starts to feel a bit overwhelming, here are a few lessons from fellow homeowners to keep in mind.

Use a Reliable & Open-Minded Realtor

The right realtor can help you discover the house you’ve been dreaming of and he/she may get the right price for you. Moreover, they will know how to make the experience of looking for and then buying a house pleasant and fun.

On the other hand, a realtor who is only interested in selling for the maximum profit may invest less in your overall experience. They will still get you a nice property, but they may not bother showing you the downsides or the issues of the neighborhood. This puts a lot of pressure on you, the customer, to do research and check if everything is right.

Lastly, keep in mind that paper processing takes a lot of time (depending on the number of institutions involved). Additionally, mistakes happen all the time when the processing is done manually or via outdated software. Therefore, it’s best to look for a broker who uses specialized real estate transaction management software (like Paperless Pipeline) in order to keep accurate track of their customers. This way, the mistakes will be reduced to a minimum, and when they do happen, it’s easy to identify and correct them.

Don’t Rush It

From the burning desire of owning your own home to the arrival of a new baby in your family, there are lots of factors that may cause you to rush the decision. However, if you plan on living in the new house for the foreseeable future, it’s best to take your time (if possible).

Instead, focus on researching the neighborhood and consider any development plans in the area. Also, think about your needs five to ten years from now – will you be happy you chose this location then?

A good price and a good-looking property may have you eager to pull the trigger on the purchasing process, but before you do, make sure to run an in-depth analysis of the house and the neighborhood. In real estate, just like in life, if things seem too good to be true, the reality may be a bit different than what you can see on the surface.

Inspect the Property Yourself

Of course, you will have an authorized home inspector who will inspect the property and assess the overall value of the house. However, they won’t see the property in the same way you do.

So, before agreeing with the price, run your own inspection and check for things that don’t fit your standards. When you find them (and you will) run an analysis to understand the costs and see if you can get the owner to lower the price. While it’s true that it may not work, it’s still a method to assess the costs you’ll have to support after buying the property.

Don’t Invest Too Much from the Start

Unless you have a generous budget, it’s best to tame down your desire to invest in things for your new home. We know, it’s hard to stop yourself from buying those trendy outdoor furniture pieces, but it’s best to restrain yourself until you’re done with the repairs and replacements.

Also, once the house is ready to move in, you will have to buy furniture, appliances, and all sorts of other items before you can even start thinking about the garden.

Quick tip: try to buy used furniture items, tools, and anything else you don’t need new. You’ll save a lot of money and the chances to find interesting pieces are quite high.

Learn to Prioritize

You’ll quickly learn that home improvement projects never stop. If today you want to make space for a fitness area tomorrow you may start to think the kitchen needs remodeling (and so on). Not to mention that there will always be something to repair and do around the house.

However, you need to learn to prioritize the things that must be done now or in the near future from the things you’d like to do but are not necessary. This way, you’ll save your budget and get things done in time. 

Wrap Up

At the end of the day, having your own home is a lot of work but it can also be a lot of fun, especially when the entire family participates in a project. So, take things slow and enjoy the time spent in your sanctuary!


Latest Issue

BDC 311 : Dec 2023