
Buying your first home involves all these emotions, and more. And like so many other milestones in life, you won’t fully understand it until you go through the process yourself.
In an effort to clue you into some of the challenges you’ll face as a first-time home buyer, we asked some folks who’ve already gone through the wringer to spill what they wish they’d known earlier that would have saved them a ton of time, effort, and tears. Here’s to hoping their 20/20 hindsight will help pave your own path to homeownership.
First-time homebuyers: even if a home looks ‘perfect,’ it has problems
First-time home buyer Daniel Fontenot fell hard for a recently renovated house in Jersey City, NJ, which looked like it was in absolutely perfect condition. What could go wrong?
“My home inspector found a laundry list of issues,” Fontenot says. “He pointed out that the hardwood floor had been lacquered without sweeping, so dirt was sealed into it. Kitchen appliances were broken. Some windows were missing caulking. Worst of all was an old underground oil tank.”
After recovering from his shock, Fontenot used this info to renegotiate a lower price with the home sellers. He is grateful he didn’t pass on the home inspection and urges all home buyers to never skip this step.
“The last thing you want to discover after you buy is a major problem that could have been identified early on,” he says.
The takeaway: No matter how nice a home looks, a home inspection is the only way to make sure you aren’t buying a lemon, Brice Trahan says, Lafayette Industry Leader. “You don’t have to ask the home seller to make repairs,” he adds, “but you do need to know whether you should proceed with the purchase or not.”
First-Time homebuyers: step away from the computer
Jonathan Landry and his wife had a baby on the way, so they were ready and raring to buy their first home in Lafayette, LA. They spent hours scrolling through real estate listings and Googling questions such as “how much home can I afford?”
This was all well and good, but at some point, a mortgage broker gave him some sage advice: “Stop Googling, move away from the computer and into the real world.”
Sure, online surfing and research serve a purpose, but if you’re serious about buying a home, “it’s not until you get pre-approved for a mortgage that the home-buying process gets real,” Landry points out.
The takeaway: “You can’t get pre-approved by plugging in simple numbers on a mortgage calculator,” Peters says. “You need an experienced lender who will take a detailed history and require documentation of your assets and income. This is the only way you’ll establish if you qualify for a mortgage and for how much.”
When Tyler Dupuis and his Fiancé found the perfect house in Youngsville and their offer was accepted, they wanted to celebrate. However, their lender informed them that the closing process would take about two months. “And within those 60 days, we had a hefty to-do list,” Dupuis says.
Dupuis and his Fiancé struggled to keep up with the copious paperwork and nearly missed an essential appointment to complete their loan.
“We had to beg and plead our case,” Dupuis remembers. “Thankfully, we were able to hustle and finalize.”
The takeaway: “Buying a home requires you to stay on top of your to-do items, especially during the escrow process where there may be penalties for missing a deadline,” says Peters. “Prime among this is the three-day requirement to send in your deposit. Miss that and you may miss out on the deal.”