What are some surprises that first-time buyers encounter when purchasing a home?

Asked by Trulia, San Francisco, CA Thu Mar 1, 2012

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Chris & Michelle Spalding’s answer
Chris & Mich…, Agent, Glendale, AZ
Sun May 6, 2012
I remember clearly moving into my first 1200 sq ft home when I was 25. This may not apply to you, but heres some things that applied to me over 16 years ago. I realized I didnt own much furniture, and certainly not enough for a single family home! I had not planned for additional expenses after I had moved in, the first shock was window coverings, I had to spend over 2k on blinds. The next was landscaping, my home was new and I soon found out how easy it is to drop 5-10k even on a very basic yard. As far as the purchase itself, I had 5% down payment saved, and the transaction itself was very smooth, it was the after move in shocks that got me! Hope this helps!
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Tina Lam, Agent, San Jose, CA
Mon May 7, 2012
First, it's probably the complexity of the purchasing process. Real estate is a notoriously complicated product that's tangled up in multiple layers of laws and rules.

Second, it's likely the high cost of financing (typical of non-cash, first-time buyers). All the closing and financing costs add up quick. Suddenly, property taxes and HOA dues become very real expenses when they need to be pre-paid.

Third, it's definitely the large initial cost of transitioning into a new home. With a brand new home, there's landscaping and basic window treatments necessary, as Chris mentioned. With a pre-owned home, there's lots of cleaning and maintenance items that start from the day you move in and never seem to end.

But, the privilege of customizing a home to exactly how you want it just makes all the trouble and expense feel worthwhile.
Web Reference:  http://www.archershomes.com
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