4 things to know about owning a home
It’s a question always on the minds of potential first-time homebuyers – no matter what’s happening in the market. “Is it better to rent or own right now?” You can probably guess which side of this debate our teams normally end up on.
However, this article featuring a couple who recently bought their first home is a great primer on the lessons learned by new homeowners after they close on their dream.
Make a list of must-haves, but be prepared to be flexible. You’ve probably heard this before, but we’re repeating it for good reasons.Everyone wants to find their dream home – and that’s exactly what our fellow real estate professionals want for you, too. But it’s also important to have an open mind. Don’t automatically disqualify a home because it doesn’t check all your boxes. Plus, once you start seeing listings, you may want to add other must-haves to your list. Finally, if your preferences change as you see more properties, that’s fine. Just be sure to communicate with your buyer’s agent.
Owning a home costs more than the down payment and monthly mortgage. Listen, we know it’s often a positive in the owning column that a mortgage payment often seems cheaper than monthly rent. But that’s not the full picture. When you’re an owner, you’re also responsible for maintenance costs, home repairs, taxes and insurance – among other fees to consider. In fact, the amount of home maintenance required was the top reason buyers regretted their purchase in 2023. It’s also good to remember that you’ll likely need more stuff in your new home than in your old place. Buying new furniture and decor can be exciting but that gets expensive, too.
You’ll need a service provider for a variety of jobs. Speaking of maintenance and repairs, who you turn to do this kind of work matters once you own your own home. Unless you’re a home improvement guru, you’ll likely need an electrician, plumber, HVAC service company and more to help with the upkeep of your new home. Luckily, neighbors will likely have some recommendations for you – either in person or in social media groups (neighborhood Facebook pages are a huge thing.) You can also look at online reviews and ask other sources.
In the end, “owning a home is worth every penny.” We borrowed that quote directly from the article. First-time homebuyers have always faced obstacles on the journey, especially over the last couple of years, but it’s still a worthwhile trip, especially if you do some planning and ask the right questions along the way. After all, there’s a good reason why 94% of people say owning a home is still part of the American Dream. Buying the right property can be a source of pride, security, stability and flexibility for years to come.
We love working with all groups of people on their commercial and residential real estate transactions, but there’s always something special about helping one of our customers into that first home. Thank you to all of you who have trusted our teams to help get you to that finish line, and we can’t wait to help out more of you in the future.