Buying your first home is going to be a process that might be more involved than you think. It’s likely to be the biggest financial transaction you’ve had in life so far. While you might feel like you understand the scope of it, there will be things you need to expect in the process of home buying that aren’t actually aware of.
Your Excitement Will Abate
Excited about the idea of a new home that’s all your own? That’s understandable. However, after a few days of looking over listings and even doing some drive-bys and tours, you’ll quickly start realizing just how long this might take.
Spending Money on Homes You’ll Never Own
One potentially aggravating thing about visiting one piece of residential real estate after another is that you’re going to spend a lot of money seeing potential homes before you find the one that becomes yours. That might start with just gas and snacks, but it could also include covering babysitters or even time off of work. In more serious cases, you’ll actually start trying to buy a home and pay for things like home inspections. It’s usually a good idea to get one done, but you might not wind up owning the first home you have inspected if problems arise or the negotiations fall through.
When you find a home that you think could be your starter home, it’s highly unlikely that you’ll be the only person or family that feels that way. Right now, housing inventory is incredibly tight. The few listings that come available usually wind up seeing bidding wars happen, and you need to be ready to be caught up in one yourself.
You’re Going to Want More
It’s highly unlikely that you’ll find a starter home that’s perfect for your family in a turnkey state. Even if you find one that feels perfect the first time you tour, it won’t be long before you start thinking of projects and home improvements. Be prepared for developing a to-do list and wanting to start knocking them out soon after you move in.
When it’s all said and done, the one thing you should expect when buying your first home is quite simply exhaustion. Saving money, arranging your finances, going through listings, taking tours, making offers, doing negotiations, grinding through the whole process, and then finally moving in is a seriously long process. Stick with it. In the end, you’ll have your first home.