Buying your first home is something many Americans work for, but many find it’s also an overwhelming and stressful process. Reaching this milestone is exciting and most who’ve done it say it was worth it, but a new survey has them sharing what they wish they’d known first.
According to a Nationwide poll of new first-time homebuyers, 71% admit the experience was even more stressful than landing their first job. More than half found it more stressful than planning a wedding (59%) or finding a long-term romantic partner (56%).
- Some of the biggest challenges they faced include understanding the full scope of what buying a home involves (48%), finding affordable home insurance (47%), and unexpected costs and fees (47%).
- To afford their home, many first-time buyers had to make tough compromises like commuting further (32%), buying a home that wasn’t in their ideal location (31%), buying a home with fewer amenities (28%), living in a home that needs major repairs or renovations (27%), and getting a smaller home than they wanted (26%).
- The biggest surprise many had? How much their lives changed after moving in.
- A third of buyers agree that owning a home changes everything about the way you spend your time and money.
- Nearly 90% of respondents say owning a home has made them feel more like an adult, but two-thirds say unexpected repairs have quickly become a reality.
- Nationwide asked first-time homebuyers to choose a warning label their house should have come with and the top responses include:
- "There's always a hidden cost lurking around the corner" (28%)
- "The Internet will suddenly become your best friend for ‘how-to’ videos" (28%)
- "Your weekends are now dedicated to yard work and home improvement projects" (27%)
- "Something expensive will break within six months" (24%)
- "A home warranty will not cover your emotional breakdowns" (21%)
Source: Nationwide⠀