When my husband and I bought our first home at the end of 2024, we quickly learned that homeownership involves many unexpected expenses and challenges. Here are three key lessons I wish I had known before starting our search:
1. Budget for ongoing and unexpected costs
Beyond the mortgage, owning a home means paying for maintenance and replacements. In just a few months, we installed gutter guards, replaced our refrigerator and dishwasher (which together cost over $1,000), and got quotes for exterior painting. These costs add up fast. Understanding all these financial factors upfront helps you set a realistic budget and avoid surprises later.
2. Leverage your personal network
Don’t hesitate to ask for advice from friends and family who have already bought homes. We were fortunate that my sister-in-law had purchased a house in the same town two years earlier. She connected us with a trusted real estate attorney and mortgage broker who helped us secure the best interest rate. They also shared valuable insights about the neighborhood, such as traffic patterns that aren’t easy to find online. While buying a house isn’t only about connections, having a knowledgeable network can make the process much smoother.
3. Prepare for the emotional rollercoaster
Buying a home is an emotional experience that can cloud judgment. It’s easy to fall in love with a house and overlook flaws or ignore budget constraints. Being mindful of this emotional high and staying grounded in your financial and practical needs can help you make better decisions.
By keeping these lessons in mind, prospective buyers can approach the homebuying journey more confidently and avoid common pitfalls that cause stress and overspending.