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11 Lessons Learned from Buying a Home

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If you’re planning to buy a home for the first time, you may be unsure of what to expect. Talking to others who have already been through the home buying process can give you an idea of what to expect and mistakes to avoid. To help, we asked our Facebook community to share their best lessons from buying a home. 

You should budget an extra 20% on top of your monthly payment for unexpected things that happen. Buying a house with a pool will cost you another 10-20% per year on top of that as well. Basically, you can expect many more costs on top of what your estimated monthly payment is for the mortgage and escrow account. – Shawn R.

Make a budget before you go house shopping and start living by that budget before you buy. Once you have a realistic budget, then get pre-approval from the bank for a loan. – Sarah P.

Look at everything in the potential new house, including the yard, neighborhood, schools, traffic, and especially mechanical systems. You can never know too much about the home & property. – Perry S.

The first month you move in there's bound to be something that you didn't count on needing repair. Save some finances for that. – Elizabeth D.

Don't fall so in love with a house, you ignore items on a thorough and detailed inspection - go over every item with a trusted contractor to understand how critical and expensive each item is to fix. – M.R.

Good credit makes a big difference. – Elaine N.

Make sure the total house payment (escrow included) is 25% or less of your monthly net income to leave yourself a nice breathing room to live.  – Kelly B.

Make sure you are specific in the contract about moving dates and what needs to be done by previous owners beforehand. – Rhonda H.

Take the time to find a good realtor who is right for you. – Carolyn P.

Don’t buy on a busy street just because it’s cheaper. – Tony J.

Remember, there will always be household emergencies - plumbing, electrical, appliances, etc. that will need repairs, you need to keep all those in mind when looking at your budget. –Guadalupe M.

Want to learn more about becoming a first-time homebuyer? This Step-By-Step Homebuyers Guide is a great place to start. If you have questions about the mortgage process or are ready to apply for a home loan, Capitol Federal’s Mortgage Consultants are ready to share their expertise. Equal Housing Lender

Have your own home buying lessons to add? Share them here!

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Categories: Your Home , Smart Spending
Tags: Home Mortgages

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