5 Things No One Tells You About the Home Buying Journey

The homebuying journey can have many unexpected moments. Finding the right property might take longer than expected, home inspection issues might crop up, and there may be some last-minute renegotiations or appraisal issues before closing. These can be a surprise when they happen but not that unexpected, provided you’ve done your research. Preparing for them in the event they do happen would be prudent.

There are also some minor things that a first-time buyer may not expect at all. You might already know how the purchasing process will go, but some of these will still blindside you even with the best research. Here are five things buyers never see when buying a house for the first time.

1. What you think you want may not be what matters the most

First-time buyers are often told to clearly understand their needs and want before starting their search. It will help you narrow the search areas and focus on properties that fit your needs and budget.

You spend several weeks looking through listings until you find one that checks all the boxes. For instance, your main priorities might be an open-plan kitchen, at least three bathrooms, and an outdoor private patio or balcony. Your offer is accepted, and it looks like you’ve got everything you wanted. But disaster strikes when the home inspection report finds mold and asbestos issues. The sellers aren’t willing to pay for remediation, and you must decide whether to drop the deal or move ahead?

In the above example (assuming you’re not looking for a fixer-upper), the better course of action is to walk and start your search again. Everyone wants a home with all the features they’ve always wanted, but homes free of any significant issues are more important unless you are prepared to remedy them. This is something many first-time buyers overlook when beginning their home search.

2. No matter how well-prepared you are, there are still going to be a few surprises

A wise first-time buyer should enter the real estate market as well-prepared as possible. Study the steps in the buying process as methodically as possible. Know what you’ll need to secure a mortgage and what type of loan you will apply for. Have a firm grasp of the current market and what you’ll be up against. Forewarned is forearmed, and you’ll be better prepared to handle hiccups if you’ve done your homework.

Experienced real estate agents will tell you that much of what they know is learned on the job. They’ll also tell you it’s rare for a real estate transaction to go off without a hitch. But even with the best research possible, there will still be gaps in your knowledge and surprises. Issues will almost certainly arise. It might be some extra documentation needed in your board package, a problem with the loan you wanted, or a home appraisal that came back lower than expected. You can’t prepare for some of these things and may not know what to do when they happen.

Fortunately, you won’t be alone. Your buyer’s agent will be there to provide advice, explain complicated issues in plain English, and walk you through any difficulties. The same goes for your real estate attorney and loan officer. This is why putting an A-Team together when preparing to enter the market is helpful.

3. The decisions you’ll have to make will be enormous and put a lot of strain on your shoulders

You will have a team of experts there to advise and help you. Ultimately though, they are only advisors. You must be the one to make the final decisions, and that can be an enormous weight to bear. Buying a home is a huge decision, one of the biggest you’ll ever have to make, and there will be dozens of other minor decisions along the way. For instance, does the inspection report include any deal-breaker issues for you? Does the loan you’re being advised to take genuinely suit your needs? Are you prepared to raise your offer price if needed? The weight of these decisions can sometimes put you on a lonely precipice.

Becoming a homeowner is a big responsibility; you’ll get your first taste of that during the buying process. Know what you’re getting into and that the buck ultimately stops with you.

4. Signing the closing documents might leave you feeling no different than before

There’s this idea that you’ll feel a sudden change in the air when you sign the closing documents and receive the keys to your new home. It’s one of the key moments every buyer looks forward to and envisions in their mind, like graduating from college, getting married, or the birth of your first child. These are all significant milestones in our lives that we expect to leave us feeling different than before.

The closing day can be straightforward if there are no last-minute issues. The attorneys will go over the final documents, you’ll sign on the dotted lines, final payments will be handed over, and you’ll receive the deed (for a condo) or proprietary lease (for a co-op). The truth is that signing those closing documents might feel no different from signing a restaurant check. Your agent might call to congratulate you, but that’s pretty much it – No balloons, acceptance speeches, or standing ovations. It can feel rather anticlimactic once all is said and done.

The reality of it all may not set in until move-in day, and even then, it may still be hard to believe this home you’re standing in is yours. Don’t be fooled, though. This is still a big moment and one worth celebrating later with friends and family your way.

5. You’ll learn who your true friends are

Something as significant as buying a home for the first time will consume much of your life while it is ongoing. Relationships and other responsibilities might have to take a backburner for a while. At this time, you’ll see who your true friends are. Those who care will understand and be there to offer emotional support when you need it. Take some time off to meet with friends, bounce ideas off their heads, and listen to what they say. This can do a world of good when you feel overwhelmed and stressed out by the decisions you must make. On move-in day, see what friends are willing to offer some help with moving boxes and unpacking. Be sure to find a way to thank them for any help they can give.

It is not something every buyer expects when deciding to buy a home, but it’s one almost all of them go through. You’ll appreciate those friends who were there to help so much more when all is done. As for those you thought were close friends but didn’t express much interest or help during your journey, at least now you know where you stand with them.

Final Thoughts

Buying your first home can be quite the whirlwind, often in ways, you do not expect. An experienced buyer’s agent can make everything a lot easier, but the more prepared and knowledgeable you are, the better things will be. Keep these five tips in mind as you embark on your journey.