Learn from the Regrets of First Time Homebuyers
First time home buying is an emotional process. As per a recent survey conducted by Zillow, a prominent real estate information portal, nearly half of first time homeowners felt that they made a mistake in choosing their first home. They felt that given a chance to do it again, they would make a different choice.
Let’s take a look at the lessons learned and regrets of some first time home buyers:
- In the Zillow survey, 62% of the respondents said that they were not happy with their first home’s size or layout. In particular, they would have liked more space in general, a bigger kitchen, or storage areas.
- More than a quarter of respondents said they did not like their neighborhood.
- Nearly one in every four homeowners complained about not having as big enough yard.
- Around 17% of respondents did not like the parking arrangement as they were too caught up in dreaming about wall paint and kitchen remodeling.
- 40% of the respondents believed they paid too much for their home.
- 38% of the respondents said they were surprised to learn the cost of maintaining a new home. 20% were surprised by their mortgage closing cost.
- 14% people regretted that they missed out on easier terms for a mortgage, and felt that they should have shopped around more.
Even in Texas, where the housing market has not suffered as badly from the last market crash as other major states, first time home buying can be an overwhelming experience To ensure that you don’t have the same regrets after buying your first home, make sure you consult with a reliable mortgage company.
A reputed mortgage company can provide you assistance by aligning a specialist home loan officer who is expert in devising a home loan to fit your requirements. A Texas first time home buyer can get state-backed convenient home loans, which allow lower monthly payments. Moreover, down payment assistance, home buyer grants, tax credits are also available for the first time home buyers in this state.