Buy a house they say… It will be fun they say…

I decided today would be the day that I talk about being a homeowner. Yup, today! why you ask? Well its simple I just had to change my sink faucet and ran down my neighbor to remove a dead groundhog in the back of my house for me (may he rest in peace). Let’s talk about some of the things not discussed when on the path to homeownership.

We are currently in a buyers market. Interest rates are currently at its lowest and so it entices people to buy. In case some may not know, purchasing a home is considered to be an investment as most properties tend to appreciate in value over time. However, if you’re not careful or do enough research you can potential end up with a cash cow you know similar to a car that you keep putting money into non stop.

Let’s start from the beginning… looking for a home is fun you see homes you like and homes you don’t like. The staging for some of these homes are so good you become obsessed with buying it ( I know I was). Staging when done right will have you trying to buy more house than you can afford. Let’s also be real all these HGTV shows got me! It got me thinking all the homes should and will look like the ones on TV or else I’m not buying.

My initial thought when I was purchasing was I wanted a home where I wouldn’t have to put any sweat equity into it (Turn key home). Turns out even if you buy a turn key home there will likely be some minor work that might be needed. Homes that have not been lived in, only renovated tend to have minor issues like forgetting to put outlets in the bathroom or not realizing there is a leak from the way the plumbing was installed.

Here are some of things I wish I prepared for prior to buying my home.

• Estimated cost associated with closing.
• Unexpected renos
• Insurance
• Savings

Alright let me run through this real quick… My closing cost the day of closing was about 1K more than what I was told earlier in the process. When notifying the lender how much money you have set for this purchase leave 1-2k for a little wiggle just in case.

After moving into the house little nuisances appeared that needed to be repaired. It may not have been something really costly but I didn’t have any money left. I should thought of that.

I find Homeowners insurance is not the only insurance I should have when being a homeowner. I have purchased additional insurance for my appliances and I believe one for my sewage pipe. I know, I know! Why do I need that? I love a good DIY, however given my lack of experience in fixing pipes, I rather have little to no cost if something were to happen.

My savings was depleted after this purchase and my goal was to get it back to a healthy state but that took some time. Make sure your savings don’t have a big ol goose egg in it. In the end buying a home will require some sacrifice as well patience just make sure this is what you want. Don’t rush into it and certainly don’t do it to keep up with people on the gram. Remember the gram is just a highlight reel no one really post how much it took for them to get that great pic of them holding keys! Live for yourself not for the satisfaction of others!

I don’t regret my home purchase, I regret not being better prepared!