What are first time home owners surprised about after they are no longer renters?

Asked by Trulia Huntington Beach, Huntington Beach, CA Thu May 2, 2013

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6
Kawain Payne, Agent, Seal Beach, CA
Sat May 4, 2013
Great question!!!!

The main thing I was surprised/shocked about when I transformed from renter to owner, was when my sink got clogged and my garbage disposal would not work..

I realize "I" had to call the plumber and pay his fee, OUCH!!!

After he came out a made the repair, and I was a few hundred dollars lighter, I did not use the garbage disposal for months.. I was afraid I could not afford the cost to repair it if it broke again:)

Kawain Payne, Realtor
Prudential California Realty
0 votes
Frank Codisp…, Agent, Huntington Beach, CA
Fri May 3, 2013
How easy it was to become a homeowner! So many renters think that they can't afford a home of their own for whatever reasons, yet make monthly payments that are equal to or above what they would be spending for a home. Take for example a $1,200 per month payment. Even if it was a condo with a $300 per month HOA fee, the buyer would still be able to buy a place for roughly $188,515. That's at 4% over 30 years ($900) plus the $300 HOA.

Ah, but you say what can I buy for under $200,000? Well, I'm glad you asked. I'm doing a search for one of my clients now and there are 66 properties available right now under $200,000! If you are a renter that wants to stop renting, visit http://www.StopMyRent.Info.

Have a great day!

Frank Codispoti
714-584-5509

ReMax TerraSol
http://www.FrankCodispoti.com
0 votes
James Melton, Agent, Newport Beach, CA
Fri May 3, 2013
It's an exciting new world for first time homebuyers, once they've moved in and start enjoying huge tax breaks and painting their walls colors that they like. Usually the landscaping, often not very nice, and never a concern for tenants in a rented house, becomes a beautiful garden as the new owners spend time at the local nursery or Home Depot equivalent. Many first time homeowners sucddenly realize that they are now responsible for having to repair and maintain everything around the home, and pay property taxes while doing so. But, the feeling of security in owning your own home is like nothing one can experience in a rental, paying someone else's mortgage by paying rent every month.

Sincerely,

James Melton, Realtor & Mortgage Broker, CA DRE Broker #01222353, NMLS #300133
President, Victory Mortgage & Real Estate Home Loans & Sales Since 1979, NMLS #366399
2901 W. PCH, Suite 200, Newport Beach, CA 92663
cell(714)318-4664, phone(949)939-9676 or (714)374-0022, fax(714)844-9094
web http://jamesmelton.listingbook.com
email jamesm@socal.rr.com
0 votes
Terry Farnsw…, Agent, Lisle, IL
Fri May 3, 2013
Agreed with below. Simply put, it's the costs involved.

You'll likely find that especially at first, there is ALWAYS something you didn't budget for every week/month. Get used to saying and hearing the following:

"This isn't working"

"This broke"

"This is burnt out"

"We really need to get this"

"I wish this house had this"

"Something's leaking from (insert the celing, a pipe, the toliet, the faucet, etc.)"

"I don't feel cold/warm air coming out"

"What's that noise"

The good news is - typically the equity you build outpaces the money you spend, and when you sell it you've essentially not only "lived for free", but also made some money. Unlike renting, you have something to show for the work and money you've put in when it's all said and done.

Hope that helps!
0 votes
Cyndi Mino, Agent, Huntington Beach, CA
Fri May 3, 2013
Most new homeowners I know were surprised by the true cost of homeownership. After years of having someone else (landlord, owner, etc) pay for repairs, a new roof, leaks.........having to, all of a sudden, pay for that yourself can be overwhelming. I always recommend that they have enough funds to put aside after that purchase for the little items that come up that could be unexpected.

My buyers have home warranties to cover a lot of problems the first year, but they need to be prepared thereafter. I also have buyers that thought they only wanted a single family detached home decide a condo was what they wanted......after thinking about the roof, painting, landscaping, and other items like these. They felt they were not ready to tackle everything on their own and were fine paying with the HOA to do exactly that.

I have always told buyers, family and friends that the first year is always the hardest - but it gets easier every year.......but always expect the unexpected!
0 votes
Barbara Arri…, Agent, Huntington Beach, CA
Fri May 3, 2013
I posed this question to our team of agents who work with first time home buyers and leases. They said what surprises previous renters the most is the true costs they encounter. Some, who have always rented are surprised by the maintenance of the home and that they are now responsible for its care and not a management company. We always recommend a home warranty to our buyers which helps defer costs when things break the first year. Many continue the home warranty for years after the initial year expires..

We always recommend the new home owners set up scheduled maintenance on the home and property so they do not get overwhelmed. Plus, they have our great real estate team on their side for questions and recommendations of plumbers, etc. Our new homeowners are very excited to be in their own home and very grateful to the people who helped them achieve their dream. That sense of pride and accomplishment outweighs the surprises.
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