When we bought our first home in 2007, we had no idea what we were doing! We had a good friend that was a realtor that basically had to hold our hand through the whole process, and that is probably pretty common for first time home buyers.
The second time around, we were prepared with more experience and knowledge about the home buying process.
For the most part, buying a house follows a standard process. While there may be different complications between offers and timelines along the way, you know you are going to need to put in an offer, apply for a mortgage, exchange and complete – alongside some other steps, of course.
These things are easy to research and find out – whether you talk to your friends, or financial experts or read about it online. But what about the things that people don’t prepare you for? Those things are often a surprise until you find out for yourself.
Here are three things that nobody prepares you for when buying a home to help you to get ready for different possibilities as you buy.
1. The additional costs
People think that they are as prepared as they can be with their budget when you buy a house. They know how much they are paying for the property, but unfortunately, new homeowners need to prepare for some additional costs that may come their way.
These include things like additional fees, moving costs, and even that first increased mortgage payment! It’s good to have some additional funds in your budget to help cover these costs.
And then there are the costs that happen once you’ve moved in. You might find yourself dealing with termite control, damp-proofing and more – things you weren’t aware of before you signed on the dotted line! Be cautious with your spending when you first move in, you never know what problems you may need to solve.
2. How long work takes
When you first move into a property, you will likely have grand plans for any changes you want to make. Even if you have the money ready to pay for them, the work can take a long time.
Contractor availability is still low following the pandemic, and even once you’ve got them in, you can expect delays that will leave you waiting weeks or even months for a completed project.
While some jobs can last a lot longer than desired, you can put some effort into the quick fixes. It’s possible to update your kitchen without a full reno or carry out a budget bathroom makeover. You may need to get creative, but it will be worth it.
3. How much you will fall in love with it
Finally, despite all the stresses that come with buying a house, nobody tells you just how much you’ll fall in love with it. Having your own space is a wonderful feeling, and it’ll become even more special once you put your own stamp on it. Once you’ve got the keys, you can allow yourself to indulge in the latest home trends and start getting to work on really making your house a home.
Yes, buying a house can be stressful, but there are also a lot of good things that come with it – so try not to get bogged down in the doom and gloom. Be prepared for the unexpected and keep some budget to one side – you never know when you might need it! But just know, it’ll all be worth it in the end.