There are likely a million thoughts racing through your mind when purchasing your first home. What are the neighbors like? Will my dog like the backyard? How are the schools in the area? Is there lots of road noise at night?
No matter how hard you try to cross off every box and inspect every inch of the home, there’s probably still something that you missed. So to spare others the trouble of making the same mistakes they did, first-time homeowners have been opening up on Reddit about the lessons they had to learn the hard way.
Take note of anything that you want to remember when you’re house hunting, pandas, and keep reading to find a conversation with Jaime Seale of Clever Real Estate!
Any home improvement project, whether DIY or contracted out, will take longer than you expected and cost more than you originally thought.
To gain more insight on what it’s like to be a first-time homeowner, we reached out to Jaime Seale at Clever Real Estate, and lucky for us, she was kind enough to have a chat with Bored Panda. When it comes to the biggest mistakes first time home-owners make, Jaime says one of the most common is buying more house than they can afford. “This is especially common if they’re fixated on finding their ‘dream home.’ About 1 in 4 homeowners (28%) regret spending too much, making it one of the most common regrets,” she noted.
“First-time buyers are usually desperate to become homeowners, and as a result, they’re willing to take more financial risks to own a home,” Jaime continued. “For example, 42% of first-time buyers offered more than the asking price, compared to just 33% of repeat buyers. But nearly two-thirds of first-time buyers (63%) admit they overpaid for their home.”
Jaime went on to note that nearly half of first-time home buyers (45%) exceeded their budget. “That puts them in a precarious financial position. About 65% of first-time buyers have struggled to pay their mortgage on time, and 61% have had to take on additional debt to maintain their lifestyle since purchasing their home,” the expert explained. “Overextending their budget puts first-time homeowners at increased risk of foreclosure and makes it tough to meet other financial goals, such as saving for retirement.”
But spending too much isn’t the only common mistake home buyers make. Jaime says another is buying too quickly, with 30% of home buyers admitting that they rushed their decision. “Although sometimes it’s necessary to move fast, the real estate market is slowing, giving buyers more time to think through their decisions,” she explained. “Homeownership is a big commitment of time and money, and buyers need to be sure they’re purchasing a home that meets their needs and fits their budget.”
Make sure you study your potential neighbors. Buying a house is way different than renting, so you can’t just up and leave. We’ve been here a year and have to file a civil suit against our neighbors.
Go for a house with a simple, straightforward roof design. The more complicated it is, the more expensive it is to fix and maintain it
When it comes to the most important factors first-time buyers should consider before purchasing, Jaime says they need to think about the additional costs of homeownership beyond the mortgage payment. “Annual maintenance, repairs and improvements can cost thousands of dollars each year. If buyers bought more house than they could afford, they may not have much money saved for emergency repairs, causing them to go into debt.”
“Maintenance and repair costs are no joke, and one-third of homeowners (33%) say they regret buying a home that requires too much maintenance — making it the most common regret,” Jaime continued. “Although older homes and fixer-uppers might seem like a bargain for first-time buyers who are strapped for cash, they need to consider if the costs to repair and maintain them are worth the lower listing price.”
“Buyers should also know that the market is cooling and shifting slightly back in favor of buyers, but it’s still a tough environment, and 46% of first-time buyers said purchasing a home in 2023 was more difficult than expected,” Jaime continued. “Home prices remain high because of the housing shortage and there’s more competition for lower-priced homes that often attract first-time buyers.”
Location -not just the neighborhood but the actual spot the home sits on- is important. My first home a great starter place, and I got lucky with no major issues until I’d been there for a few years. But I was on a main road, and it was noisy and DIRTY from the traffic. That was not…
Read More: “Study Your Potential Neighbors”: Homeowners Share 48 Things They Wish They Had