Thinking about buying a house? Here is everything I wish I knew before buying a house.
You might think buying a house is fairly simple. I mean, how hard can it be?? You just sign a few papers, get your keys and VOILA! You’re a homeowner! Yes, that’s all great and exciting and all, but boy are there some things I wish I knew before I signed on the dotted line.
I’ve been in my house for almost one year now, and there’s a lot to reflect on. In this post, I’m going to tell you all of the things I wish I knew before buying my first house so you don’t make the same mistakes.
BEST ADVICE I WISH I KNEW BEFORE BUYING A HOUSE
1. Your starter home doesn’t need to be your dream home
Now, if you can afford your dream home and you find it, absolutely go for it! But don’t wait until you can afford your dream home to purchase a house. If you can afford a house that may be a little smaller than you hoped or doesn’t check every box you had in your mind, do it.
Becoming a homeowner is the first step to building financial stability. It’s okay if it takes three, five, even ten years to afford your dream home. The important thing is, you took the first step and you’ve set yourself up for success.
Remember, paying each month to rent an apartment or house is like dumping money in the garbage. When you purchase a house, you’re making an investment and each month you pay into that mortgage, you are building equity. Make the best of the home you can afford and before you know it, you will be signing on your dream house in no time.
2. Just because you qualify for the house, doesn’t mean you can afford it
My husband and I did everything we could just to barely get qualified to buy our house. We lowered our income to debt ratio by selling some of our cars, we saved up as much as we could to put 20% downpayment, and we barely met the demands before closing time.
It was number one stressful, but number two, the economy hit hard immediately after we shook hands and got the keys.
No joke!
Our business practically came to a total halt. The economy crashed and what went from a booming car rental business, we were suddenly getting no business at all.
Just remember when you’re choosing a house to purchase, don’t think you can afford it just because the bank approves you. Make sure you really understand the finances of it and how much you will be spending on other living expenses.
Basically, don’t go house broke.
It might be your dream home, but if you can’t afford it, start small and work your way toward that dream home. It’s better to be ready financially than to force yourself into a situation that leaves you putting your whole paycheck every month towards the mortgage. Believe me, it’s not fun.
So keep dreaming, but remember to stay within your means and one day you will work your way to your dream home.
3. Don’t spend all your savings on the downpayment
This point tails on the last one. Don’t put all your eggs in one basket, even if it means not putting down 20%.
We worked so hard to put 20% down because we didn’t want to be locked into extra fees. We realized after there are so many things the house needed work on or extra things we wanted to improve or renovate. But we depleted our savings almost completely dry so we haven’t been able to do nearly as much as we hoped.
Consider the deck, is it in good condition? Do you want to replace it? Do the walls need painting? How is the grass/landscaping? Also consider furniture. Are you starting from scratch and need to furnish the entire home? How big is your home, are there a lot of rooms? Calculate all of this into your budget before making any offer on a home. It could save you down the road.
4. The seller pays for your realtor, so find the best one
I had no idea who pays for what or how any of it works. Thankfully, I got a really good agent, but it’s not because I was looking for one.
So do your research and get your dream realtor. Interview your realtor, ask about market analysis and market data. You want someone who has been doing this for years, will do their homework, and can really give you good insights on homes in your area to get you a good deal.
5. Consider location
Location can say a lot about a home. Is it in a flood zone? How far is the nearest school? Is it a high traffic area? Is it near water? Being near water could mean lots of mosquitos and paying big bucks for bug services. I still love our property and the privacy of it and would probably still buy the house knowing this, but we get a TON of mosquitos in the summer.
I would also check the sex offender registry in the neighborhood and surrounding area. This is particularly important if you have or plan to have kids.
Ultimately, decide what is worth compromising to you and what’s not. It’s always good to know what you’re getting into and to plan accordingly.
6. Get the carpet professionally steamed BEFORE moving in!
You will THANK yourself 100 times over for doing this! Trust me!
I actually already knew this because my grandma told me to do it, but I think this is something a lot of people would overlook when purchasing their first home. Start fresh with a clean carpet, you don’t know who lived there before and what that carpet has been through.
7. Paint walls, replace carpet/floors and other big repair items BEFORE moving in
It will be a pain in the butt moving furniture…AGAIN if you don’t. And you might even put it off for months or even years to avoid the hassle.
I only got a couple rooms painted and now I wish I had done a lot more than that. Plan ahead so you can save yourself in the long run.
8. Check under rugs!!
You never know what the home seller might be trying to hide. We discovered under the living room rug was a big pee stain from their dog! Professional cleaners couldn’t even get it out, so check everything!
Read the Top 15 things you need need to know before buying your first house for even more great insights and tips.
This post is about everything I wish I knew before buying a house.
Other Posts You May Like:
New Home Checklist | 13 Things You Need To Do Before Moving Into Your House
Top 15 Things You Need To Know Before Buying Your First Home