In November 2014, my spouse and I joyfully took possession of our first house, marking the fulfillment of a long-held aspiration. As sociable individuals who enjoy hosting, we eagerly anticipated welcoming family and friends to our new space. We also found pleasure in enhancing our home through continuous refurbishment projects, adhering to the ideals that homeownership instills within us. Nevertheless, it is unfortunate that, merely 18 months later, we’re already contemplating selling, either in the upcoming summer or the year after. What led to this?
Inexperienced as we were, we encountered various pitfalls common to first-time homeowners. But the good news is that we swiftly distilled lessons from these blunders to avoid repeating them in the future.
First and foremost, we overlooked the importance of long-term planning. We considered our first house, although small, as an opportunity for growth, with grand plans for expansion. However, the reality of spiraling costs due to the property’s age rendered such expansion schemes impractical. Hence, we anticipate moving out well before our initially projected five-year lifespan. Purchasing a home necessitates long-term vision: how will it fit your evolving life stages?
Second, we urge you to save for a 20% down payment. Eager to ride the property market wave while still affordable, we hastened our move with just a 10% down payment. Although this accelerated approach secured us an economical property in a costly locale, it led to exorbitant monthly mortgage payments. Nevertheless, thanks to the equity built up over time and continued savings, we are optimistic about meeting the 20% mark the next time around.
Third, invest time to find an exceptional realtor—someone you trust. In hindsight, we could have forged a better deal had we been more assertive and pursued a more qualified realtor.
Fourth, pay meticulous attention to detail. Don’t be swept away by the overall charm without inspecting every corner and calculating the costs of necessary repairs.
Lastly, avoid letting emotions overshadow practical considerations when making a purchasing decision. Buying a home is a business transaction, even though it often feels intensely personal.
So, what are the lessons you took away from your first home purchase? What would you do differently next time?
