What I Learned in My First Year of Homeownership [Video]

When it comes to owning a home, the pros definitely outweigh the cons. However, familiarizing yourself with the ups and downs of homeownership will prevent you from embarking upon this journey before you’re ready.  See what four millennials say when we ask them to share what they learned in their first year of homeownership.

 

Takeaways:

Down payments are a hefty amount of cash: Most buyers put down 20% which, for example, would come out to $40,000 for a $200,000 home. Put your saving caps on, kids!

You can’t call a landlord: Every aspect of your new home is your responsibility. That includes bills and repairs that you may have never had to consider in the past thanks to a landlord.

For Pete’s sake, use a Realtor: This is a complicated and sometimes overwhelming process. Choose a Realtor you can trust. Consult family/friends and do some research online. The person you go with will be responsible for dream home scouting, defending your honor at the negotiation table and a laundry list of other things that you won’t want to tackle alone.

The mortgage process can be frustrating: Be very upfront with the company you choose. Make sure they are clear about what documents they need and when they need them. Don’t be afraid to ask as many questions as you like. This is a huge moment for you so leave no stone unturned.

You may find what you think is the house of your dreams and then lose it: It’s going to be okay. Trust that it wasn’t meant to be and move on. And hey, you may even end up getting the house after all like Kat and Matt! Just be ready to move with the emotional tides of house hunting and remember that the best home for you is out there waiting.

You probably don’t need every type of insurance that’s offered to you: Do your research. Talk to someone who’s been a homeowner for a while and see what they have to say. There will be plenty of small costs that will come as a surprise but if you’re not careful, they can add up quickly.

Get ready to have the time of your life owning your own home: It’s your place and nobody can tell you what to do! Have fun with it but don’t put too much on your plate at once. You have time to get those projects finished so make sure you’re taking the time to enjoy this monumental purchase. You sure deserve it!

Allie DeCastro

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