Maybe you’ve rented all your adult life to this point and you’re finding yourself thinking: What now? Is it time for you to consider buying your first house? Diving into homeownership looks different for everyone. If you are on the path to ownership, the journey starts here. The reservations regarding the leap from renting to owning are enough to scare anyone away (i.e., fixing a leaky faucet or the running toilet). You might grumble your way through calling a plumber and searching for a wrench. That’s one of the realities of owning any home. It just so happens your first home is where you learn the ropes and learning curves of owning a home.
According to an article on Bloomberg.com, at the end of 2019, the median age of first-time homebuyers was 33 and on the rise. The cost of affordable housing is surely a contributing factor of this statistic, not to mention the overall burden of saving tens of thousands of dollars while paying thousands of dollars in rent. Buying a home for the first time can be difficult and the additional responsibility of home ownership is enough to stress anyone out. Growth in any form can be a bit scary, but it can also be rewarding.
Buying your first home is electrifying in the best and the worst way for a myriad of reasons. Two questions you will ask yourself “can I afford to buy?” and “How much house can I afford? How much down payment do I need? Maybe you’re listening to podcasts and asking your friends and families questions about equity and the pros and cons of homeownership. Information, conflicting opinions, and statistics surrounding buying a house are hard to navigate – and that’s why you need a great team to help guide you.
It’s important to know what’s realistic and what’s not and also what homes are worth and what they’re not. A great network of those who’ve made real estate their field of expertise can help you differentiate between what’s a smart investment and what’s sure to haunt you for years to come.
Seeking the counsel of professionals yields a lot of value. Odds are, you’re in a different place in your home buying journey than others around you. Depending on your profession, your rate of savings, your current living situation, if you’re purchasing your home alone or with a partner, etc. — the variables are endless and they all make your own home buying journey unique to you.
The Positives of Home Ownership
Having a home that’s all yours is something to be proud of! Take comfort in that accomplishment; even on the days your home seems to be swallowing you whole with its needs. Think of the relationship you have with your home as transactional; it shields you from the elements (or it should) and offers you shelter and you offer it the occasional nail, hammer, and new shiny appliance. The trade off, most of the time, seems more than fair. As you hang new pictures on the wall, or add ticks to the height measurements of your children behind the laundry room door, or add new magnets to the fridge from your experiences and adventures — your house begins to look more and more like a collage of you and your loved one’s lives. Then one day, out of the blue, you realize you’ve made yourself a home that will be filled with memories.
While your house might cost you a pretty penny; the value in the memories it will give back — well, that’s priceless. Your holiday in your new home, decorations, entertaining family and friends – are experiences and memories to look forward to and they’re all that much more special when it’s in your own home. The memories you create in your home are as sweet as they come.
A Few Negatives
If you are buying a home for the first time, I must tell you that it isn’t all sunshine and rainbows in “New Homeowner Land”. There are some cons worth mentioning, but remember it’s all about perspective and there’s very little that time or money can’t fix!
The process of purchasing the actual home is reported to be the most stressful part of actually owning a home. This is great because it means that you get the heaviest lifting over with first; but it also means the beginning can make you want to run for the hills — so buckle up! Getting together all your paperwork with your personal information on it, figuring out what down payment you can truly afford, seeing where your credit score lines up in regards to the loan process — all daunting. If buying a house with your spouse; you have to actually agree on a location and layout and down payment and all. Once you agree, you are not guaranteed to get accepted on any offers you put in.
The process of buying a home is grueling for many individuals and couples. It’s a relentless practice of handling rejection, adjusting expectations, and staying updated with each listing. Throw closing costs in and various last-minute hiccups and many become disheartened and frustrated. But you have to be patient with the process and remember your goal.
Realities
The wonderful thing about owning a home is also what makes it so frightening? It’s the finality of it all and the true ownership. That ownership means that your home is yours to create memories and to build the foundation of your life within — there’s nothing more magic than that. Maybe you’re one of the lucky few and your first home will be brand new and practically perfect in every way. In that case, this too is magic by the very nature of the hard work and opportunity that has come together for you to be in your fantastic new dream home. Of course, the levels of fear vary from situation to situation. The responsibility of it all causes a knot in your stomach. All of the decisions: floors, paint, doorknobs, oh my! The water leak that makes your new luxury vinyl plank floors bubble? Far from ideal, but these are risks you must be willing to take. Wondering about owning a new home and all the thins that come with it isn’t enough — you’ve got to make the leap, despite all of the questions you still have. There is no formula for perfection and definitely not for ease.
As a Coldwell Banker Real Estate Referral Agent, my job is to find the right person and team for you to help guide you through the process from the beginning to the end — and ease all your fears.
So, go ahead – fill out the contact form – and let’s start the process!
Good luck and happy house hunting!