8 Things I Wish I Knew When I Bought My First Home

When I first decided to buy a house, I had no idea where to even begin. I asked friends and family who’d recently purchased a home as many questions as they’d let me. But looking back, there’s still a lot that was left unsaid — including a lot of stuff I really wish I would have known. So I’ve rounded up the top eight things I wish someone would have told me.

1. You have options

I knew that I’d have a ton of choices when it came to choosing which house I wanted to buy, but I had no idea there were so many options in addition to the that. Your lender, real estate agent, insurance company/policy, title company/attorney — they’re all your choice. Before you begin your house hunt, you can talk to multiple lenders and compare current rates, origination costs, and discount points. And after you find the house, you can compare them again. You’re under no obligation to one particular lender, even if you’ve been pre-qualified or conditionally approved. Once you choose to lock your rate, that’s when you should make your final choice. However, keep your credit in mind when shopping around for a loan. Getting your credit pulled from a lender is considered a hard inquiry, which may negatively impact your credit score. Make sure to keep the various credit pulls within a 14-45 day window. Credit bureaus can typically recognize that these multiple inquiries are actually grouped together as a single inquiry. That way you’ll only receive the negative impact once. As far as real estate agent are concerned, make sure you ask for recommendations. Then feel free to interview multiple people to choose someone you’re comfortable with. And if they’re not performing to your standards, you have the right to change agents. As long as you haven’t signed a buyer’s broker agreement, you can switch agents if you prefer. Never let yourself feel trapped in the home buying process.

2. Research neighborhoods first

Finding the perfect house that checks off all the items on your wish list can get challenging. Finding it in the perfect neighborhood? Well that’s even tougher. But it’s possible! Do your neighborhood research before you start house hunting, instead of doing what I did — searching for a house and neighborhood simultaneously. My husband and I looked at houses all over the place. We’d really like a house, and then finally do the research on the surrounding area — only to find out the neighborhood didn’t fit our lifestyle. Make sure to consider nearby activities, walking paths, parks, crime rates, culture, and school districts. It will be much easier for your real estate agent to find you the perfect home if you already know your perfect area.

3. Don't fall in love with finishes

This next point goes hand-in-hand with the previous one. While looking for homes in a the wrong area, I found one home with an interior I loved. The kitchen was updated with gourmet features, the hardwoods were pristine, and the crown molding was perfect. I could go on and on. But the house was on a busy street, the school district was bad, it had no yard, and the surrounding homes were not well-maintained. So I had made a pretty big mistake — I’d fallen in love with with the inside of a home, but the rest was not a good fit. From that point forward, I compared every house to that one’s finishes. But once we moved into nicer areas, those high-quality finishes were no longer in our price point. When you’re looking for houses, think of the home holistically. Consider the exterior, the yard, the houses nearby, etc. You can always add high-end finishes later, but you can’t change the lot size and surrounding area.

4. Don't look at houses out of your price range

Have you ever heard on those wedding shows that women shouldn’t try on wedding gowns that are out of their price point, because inevitably they’ll fall in love with something they can’t afford? Well the same is true for houses.

If you’ve set a budget, don’t even look at homes outside of that price point.

Because if you do, chances are that you’re going to love it, and then you’ll be disappointed when you ultimately decide that it’s not financially feasible. And just like I mentioned before, you’ll probably compare every home to that one. Remember that there are additional expenses associated with homeownership to consider as well, such as lawn maintenance, utilities, and cosmetic updates. Bonus: Buy a house you can truly afford. I know it’s tempting to get that house slightly out of budget. Even if you think a job raise is coming soon, get the the house you can afford now, not later.

5. It's ok to take an extra look

I had always heard that once you find “the one,” you’d immediately know it. Well that wasn’t the case for my house. My husband loved it right away, but I just saw a poorly decorated (hello dark brown walls) house with fixtures I’d never choose. I completely ignored its potential. But after looking at 10+ other homes, I had to revisit my must-have list. When I did, I realized that dark and dingy home actually checked off every item on my wish list. So I asked my REALTOR® to give us a second tour a few days later. When I looked at it from a new perspective, I realized that this home was actually a great fit; it just needed some cosmetic changes to suit my style. Just because a home doesn’t immediately feel like “the one,” don’t be scared to look at it a second time with a fresh perspective.

6. Locking your rate is important

Another thing I really wish someone had told me was the significance of locking your rate.

A rate lock is an agreement between you and your lender that your interest rate will be reserved on your behalf, for a certain amount of time.

Interest rates change frequently, sometimes multiple times in a day. And your rate is not guaranteed until you lock. I wish I had educated myself more on the process before I even starting house hunting.

7. Home buying is time consuming

Seriously — why did I think buying a house would be so simple? HGTV had me fooled. First, you have to carve out time to look at homes. You may get lucky and only need a to see a few, but I saw around 20; I know plenty of people who have seen much more. You need to gather all of your mortgage application documents. There’s communication between you and your agent, as well as with your mortgage banker. If you want to be present for the inspection (which is a good idea), then that’s some extra time you need to carve out. And closing takes an hour or so as well.

8. Everything feels like a rush (hint: it doesn't need to be)

From the moment you make the decision to buy a house, everything seems like a mad dash to the finish line. In my situation, we put pressure on ourselves to find a house quickly. Then we felt like we had to beat all the other potential buyers by putting in an offer right away. And then stressed until the day we locked our rate. Buying a house is not a race. While there are timely aspects, it doesn’t need to be a constant rush.

So much of the pressure associated with home buying is self-inflicted.

Don’t get caught up in the stress. Choose a mortgage banker and real estate agent that you trust, and then do that — trust them. They’ll help keep the process moving along behind the scenes, and they’ll let you know if you need to act quickly. Owning a home is truly a joy, and the buying process can be too with a little preparation and patience.