Real Lessons Learned When Buying a Home It's easy to find lists of all the things to expect when buying your first home because there's a lot of information out there for first time homebuyers. But the reality of buying a home is that there will always be things that a buyer will overlook or disregard because they're often realized after the sale, when hindsight is 20/20. Below are some real lessons homeowners have learned after buying their first home. "Move-in ready" isn't a reality There are many homes out there touted as "move in ready," meaning a buyer will be able to move in immediately without having to do any work. For brand new homes, this may be the reality, but for homes that are not new construction, it's very likely there will be things that need to be fixed, changed or altered in some way. When looking at homes, pay attention to whether the showers have doors or curtains (even new construction may be missing these items), and be sure the contract states what appliances and window treatments stay or go; be sure to test the faucets to see if the hot water works, and if the sinks drain. While a home can look perfect, it's very rare it will be move-in ready with absolutely no work needed. Shop around for a mortgage before getting pre-approved Sometimes finding the right home can take precedence over how or who will fund the home. While a mortgage loan doesn't sound all that exciting (and, let's be honest, it's not), what is exciting is knowing you got the best mortgage you could get. Not all loans are equal, and not all lenders are equal. You are more than able and should shop around for the best lender, rate, loan amount, and everything else before the home search begins. It actually benefits you to look at more than one lender (you're not going to look at just one house, are you?), because, if you need a mortgage, it will likely be one of the biggest financial decisions of your life, and finding a great lender and an even better loan is incredibly important. It's essential to look beyond the house alone Finding the perfect home can feel like a monumental success, and if the house checks off all your needs and wants, it certainly is something to celebrate. But the reality is that you're not just buying a house - you're buying a lot of other things that come along with it. Many home buyers realize after the fact they didn't spend enough time on things beyond the house: the location, access to amenities, growth (or non-growth) of the area, and even the neighbors. While a house may be perfect, if the area isn't, you may consider moving sooner than you anticipated. It can be hard to resist the urge to pounce on a house as soon as possible, so do your due diligence and really get to know the area before you begin your home search. Neighbors know everything If you can, get a relative (parent, sibling, etc.) to interview the neighbors in the area(s)you're looking to buy in. The neighbors will be clued into what happens on the day-to-day within the neighborhood, know the local schools, what the local traffic is like, and anything else that may be important about your potential new neighborhood. They live there; they have the experience you're looking for, and it's likely they'll be able and want to provide information. You can look online at different websites, but nothing beats actual information from someone living in the area. Pay attention to staging When a seller stages a home, it's meant to highlight or showcase the home for greater appeal to buyers. A well-staged home can make a dud look like a diamond, and for that fact alone paying attention to what's behind the smoke and mirrors of staging is a big must for any home buyer. Look at the windows and behind the nice window treatments. Don't be afraid to lift up a rug and look at the floor below it. If the house smells unusually clean, don't hesitate to ask if the current owners have pets or if there are any smokers in the home, and make sure to visit the house several times before closing. Staging can sometimes hide issues - don't let a pretty room fool you into thinking everything is perfect. Figure everything into your budget Many home buyers have the notion that the down payment is the only item to save for, and while it certainly is important, when it comes to figuring out your final home budget, you have to include the other items that come along with owning a home: a mortgage payment, monthly home insurance and utilities, private mortgage insurance (if your loan requires it), maintenance costs, possible monthly or annual HOA payments, and all the other little things that come with homeownership. It's also important to remember that if you're saving, you need to save additional funds for closing costs, inspections, and any other surprises that may come up.