{"id":242,"date":"2015-07-10T19:06:04","date_gmt":"2015-07-10T19:06:04","guid":{"rendered":"https:\/\/clarksvilletnrealestateforsale.com\/?p=242"},"modified":"2015-07-10T19:06:04","modified_gmt":"2015-07-10T19:06:04","slug":"5-unexpected-lessons-when-buying-a-home-from-people-whove-done-it-before","status":"publish","type":"post","link":"https:\/\/clarksvilletnrealestateforsale.com\/?p=242","title":{"rendered":"5 Unexpected Lessons When Buying a Home (From People Who\u2019ve Done It Before)"},"content":{"rendered":"
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BUY<\/a><\/span><\/div>\n<\/header>\n
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5 Unexpected Lessons When Buying a Home (From People Who\u2019ve Done It Before)<\/h1>\n<\/div>\n
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By<\/span>
\nRachel Stults<\/a><\/i><\/span><\/p>\n

<\/div>\n<\/div>\n
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\"Five<\/a>
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Ashley Walker<\/a><\/p>\n<\/figcaption><\/figure>\n<\/div>\n

Around here, I\u2019ve developed a bit of a reputation. As \u201cRachel the Renter<\/a>\u201d I entertain my co-workers (and you!) with a variety of\u00a0renting anecdotes and horror stories. But the truth is, I\u00a0do<\/em> want to eventually break up with my landlord and explore a monogamous relationship with a mortgage broker. I know \u201cRachel the First-Time Homeowner\u201d doesn\u2019t\u00a0have the same alliterative ring, but I\u2019m sure we\u2019ll all survive.<\/p>\n

Thing is,\u00a0there\u2019s lots more at stake than just a change in status from renter to homeowner. Like so many (if not all!) first-time home buyers, I have no earthly idea what I\u2019m doing. Sure, I can read up on all the buying<\/a> and finance advice<\/a> we offer here at realtor.com\u00ae. Of course, I can consult with my real estate agent and my mortgage broker. But if there\u2019s one thing I keep hearing from those who\u2019ve forged the path ahead of me, it\u2019s that when you buy a home for the first time, you\u2019re constantly faced with things you didn\u2019t know you didn\u2019t know<\/strong>.<\/p>\n

So, before I embark, I thought I\u2019d minimize some of those surprises and take advantage of my home-owning co-workers\u2019 experience. They shared these personal anecdotes of surprises they encountered on the road to homeownership. I hope this will help prepare you\u2014and me\u2014for what lies ahead:<\/p>\n

Mortgage meltdown<\/h2>\n
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Mortgage uncertainty<\/p>\n

Ashley Walker<\/p>\n<\/div>\n

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\"5-things-learned-mortgage\"<\/a><\/figure>\n<\/div>\n<\/div>\n

\u201cI thought our mortgage loan was approved and ready to go, but at the last minute the originating bank balked at the purchase price of our home\u2014they thought it was too high. This was in 2008 in Silicon Valley\u2014we thought we were getting a bargain! The bank was based somewhere in the Midwest, though. They assigned an assessor to come check it out, but fortunately the assessment supported our purchase price. It was a suspenseful few days, though.\u201d\u00a0\u2014Cicely Wedgeworth<\/a>, senior editor.<\/strong><\/p><\/blockquote>\n

Takeaway:<\/strong>\u00a0Don\u2019t count on your mortgage until it\u2019s signed. And make sure you double-check your property assessment.<\/p>\n

Count your costs<\/h2>\n
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Keep track of your mounting costs<\/p>\n

Ashley Walker<\/p>\n<\/div>\n

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\"Keep<\/a><\/figure>\n<\/div>\n<\/div>\n
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\u201cI might have experienced short-term memory loss during my loan approval process. All the closing costs were a mystery to me, and my loan officer or Realtor had to explain each expense every single time I saw them in updated loan docs.\u201d \u2014Oie Lian Yeh, copy editor<\/strong><\/p>\n<\/blockquote>\n

Takeaway:<\/strong>\u00a0Go over the closing costs with your real estate agent and take notes on what to expect. You\u2019ll see these costs itemized again and again, so best to get familiar fast.<\/p>\n

Budget time and money for repairs<\/h2>\n
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Repairs will cost you time and money<\/p>\n

Ashley Walker<\/p>\n<\/div>\n

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\"Repairs<\/a><\/figure>\n<\/div>\n<\/div>\n
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\u201cI was surprised and worried about the problems that the home inspector found. How serious are termites? How about mold? Can these things be fixed\u00a0and will the house be safe? Or will we regret buying a house with possible structural and health-related issues?<\/p>\n

\u201cAnd how much money will it cost for us to do roof repairs ourselves when the seller is selling \u201cas-is\u201d and it\u2019s a competitive market where we lost out on two previous houses we bid on? Related question: How long could we put off doing roof repairs, since we were raiding our savings to fund the down payment for the house?\u201d \u2013Kim Moy, managing editor<\/strong><\/p>\n<\/blockquote>\n

Takeaway:<\/strong> You can\u2019t foresee problems that might arise during the inspection. You might be able to negotiate with the sellers, but you\u2019ll want to have enough money left over after closing for any unexpected repairs. Be prepared to walk away from your dream home if needed.<\/p>\n

Multiple visits are OK!<\/h2>\n
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Don\u2019t be shy about visiting and revisiting the house<\/p>\n

Ashley Walker<\/p>\n<\/div>\n

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\"couple<\/a><\/figure>\n<\/div>\n<\/div>\n
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\u201cWhen we were buying our first house, I didn\u2019t know I could go back to look at the house again before we placed a bid. I was also shocked that I was able to meet the sellers, which ultimately put our bid over the edge and got us the house.<\/p>\n

\u201cWe saw the house on a Saturday and bids were due on Monday. The open house was\u00a0full of potential buyers and I felt like I hadn\u2019t spent enough time really seeing<\/em>the entire house. Our agent\u00a0arranged for us to go see the house one more time on Sunday afternoon. I assumed the house would be empty, but the sellers were home and welcomed us in to take another look around.<\/p>\n

\u201cThey were so friendly and walked us\u00a0through the house, explaining little nuances\u00a0along the way. We submitted our bid the next day and found out the house was ours a few days later. Our agent\u00a0told us there were seven bids and ours was the same price as another couple\u2019s, but because the sellers met and remembered me, our bid won. I firmly believe it was meant to be, but I\u2019m\u00a0glad I went back for another peek.\u201d\u2014Erik Gunther<\/a>, senior editor<\/strong><\/p>\n<\/blockquote>\n

Takeaway:<\/strong> Look as many times as you need. This is the place you\u2019ll call home, after all. Even in a competitive market, a second look could end up giving you the edge. (And while you certainly don\u2019t want to harass the seller, don\u2019t be afraid to personalize your offer with a letter describing any details about you, your family, and why you love their home. It could be enough to sway the seller in your favor.)<\/p>\n

Learn (and love) thy neighbors<\/h2>\n
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Neighbors can make or break your living situation<\/p>\n

Ashley Walker<\/p>\n<\/div>\n

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\"Neighbors<\/a><\/figure>\n<\/div>\n<\/div>\n
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\u201cMaybe this is a very urban issue, but I didn\u2019t realize how neighbors can make\u2014or break\u2014a home. When my wife and I moved to our small co-op in Brooklyn, we knew we could get along with the three families living on the floors below us, but over the years they\u2019ve become more than just neighbors. They\u2019re good friends: We all had children together at about the same time, so our kids have grown up together, we babysit for one another, and we regularly get together for barbecues in our common space.<\/p>\n

It\u2019s what people always say about \u201ccommunity\u201d\u2014you really do want to be in a place that not only welcomes but embraces you, that you look forward to being a part of. Maybe I was just a cynical New Yorker before my wife and I bought this place, dismissive of the idea of community in a city where people cherish their anonymity, but once it happens, you realize how good it is. If I\u2019m ever foolish enough to move away from here, I\u2019ll definitely consider my potential neighbors on equal (or greater!) footing with the bathroom fixtures and the price per square foot.\u201d \u2014Matt Gross<\/a>, former editorial director<\/strong><\/p>\n<\/blockquote>\n

Takeaway:<\/strong> Your community is often as important as the home you\u2019re living in. Take a good look at the neighborhood, and don\u2019t be afraid to ask the neighbors questions. These people could become your babysitters, your carpool buddies, and your closest friends over the years.<\/p>\n<\/div>\n<\/section>\n<\/article>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

BUY 5 Unexpected Lessons When Buying a Home (From People Who\u2019ve Done It Before) By Rachel Stults 8:55 am ET July 9, 2015 Ashley Walker Around here, I\u2019ve developed a bit of a reputation. As \u201cRachel the Renter\u201d I entertain my co-workers (and you!) with a variety of\u00a0renting anecdotes and horror stories. But the truth … Continue reading 5 Unexpected Lessons When Buying a Home (From People Who\u2019ve Done It Before)<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-242","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts\/242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=242"}],"version-history":[{"count":1,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts\/242\/revisions"}],"predecessor-version":[{"id":243,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts\/242\/revisions\/243"}],"wp:attachment":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}