Seasoned homeowners weigh in on what caught them off guard, what delighted them and what lessons you can learn from them.
Talk to any homeowner and they’ll probably tell you how excited they were when they first bought their home. After they’ve lived there a while, they’re likely to tell you about the things they didn’t expect — for better or worse. Things like embracing the freedom of owning their own property and building memories there, to unexpected costs and what seems to be an endless list of maintenance tasks.
We recently asked first-time homeowners on Facebook to tell us about “the unexpected aspects of homeownership everyone should know” More than 4,600 people responded. Their answers provide useful guidance for first-time buyers looking for a realistic picture of what to expect.
What surprised homeowners after they bought their first home?
1. The amount of maintenance a home requires — especially if it’s a single-family house
The one thing that seems to take first-time home buyers by surprise more than anything else is maintenance. This includes the amount required to keep a home functioning, the cost of it and how it never seems to end.
About 32% of buyers surveyed by Zillow in February 2022 expressed having buyer’s remorse after purchasing a house that needed more work or maintenance than they expected.
“Everything breaks down,’’ home buyer wrote about her first few months of ownership. “The washing machine was broken, water came into our sliding door in the lower level when the snow melted. The worst part was the driveway sunk into a 3-foot hole.”
The amount of maintenance required depends entirely on the home. For instance, a condo is likely to have far less maintenance because a homeowners association takes care of common areas like the exterior, landscaping and shared hallways. (Condo owners’ responsibility usually consists of maintaining and repairing appliances inside the unit and taking care of the unit’s interior.)
Some things you may learn: how amazingly fast grass grows, why it’s important to clean your gutters regularly, and how to clear a clogged drain.
Home buyer tip: Have a cash reserve to deal with emergencies. If your appliances are old or certain parts of your home, such as the roof, have been neglected, the costs could be substantial. Know your limits and what you’re willing to take on.
2. The added — and changing — costs of property taxes and homeowners insurance
When you buy your home with a fixed-rate mortgage, you may think that the amount of your initial mortgage payment will remain the same for the life of the loan. But the monthly payment almost always includes property taxes and property insurance, which the mortgage servicer collects in an escrow account and pays for you. Those costs change over time.
“Taxes will go up, as will insurance,’’ wrote an experienced homeowner. ”It's a given. Make sure you can afford MORE THAN you are approved for, as even with a fixed rate mortgage, costs will increase steadily — and often quicker than you may be prepared for.”
Home buyer tip: Pay attention to your escrow statement both at closing and as you make payments over time. The escrow accounting that comes with your statement shows you the share of your mortgage payment that is going to things other than paying for your home.
3. The degree to which neighbors can affect the quality of your life
As much as you love your home, life there can be gloriously elevated or horribly impacted by the people living around you.
Check out the neighbors! Not just a quick drive by. Walk through the neighborhood, talk to them, visit with them. Nothing worse than buying the house of your dreams in the middle of Hades!
Before you buy, meet the neighbors! They can make or break your experience, and impact the value of your equity. For me, it’s the neighbors. Not just the neighborhood itself, but who you are going to have to look at and listen to when you walk out your door.
Home buyer tip: Visit the home you’re considering and the neighborhood during a time when neighbors are likely to be out and about. Visit during different times. If you’re a night owl or early riser, take note of the noise or quiet during the evenings and mornings. You don’t want to come off a Friday night swing shift only to find that everyone on your block likes to mow their lawn first thing Saturday morning.
