Yes, I’m a homeowner. Got my own condo, not far out of town. I’ve been here for over 2 months now, and it’s been great. The place didn’t need any major changes, so the biggest tasks I had to do was install some blinds, install a couple window AC units, and clean up.
Oh, on top of buying all the things you need for a home. WOW. That ended up being a shocker. I spent nearly $10k to purchase furniture and all the necessities of a home. I really didn’t have much before moving in, except for a bed, dresser, and clothes. So the move in checklist was huge.
Lessons learned:
- If you can afford an interest rate when you go in for your loan, lock it. Don’t press your luck and hope the rates go down. When I got my pre-qual, I had the opporunity to lock in a rate of 3.875%. When I did lock, about 5 days later, I locked in at 4.125% and had to pay 1 more point to get that rate.
- Make sure to put aside a good budget for post-purchase items, more if you need to renovate/change out major items.
- Make sure your loan officer and realtors are on top of things and good communicators.
- I decided not to go with the improved title insurance, although maybe I should’ve. It would’ve costed me 10% more for the premium title insurance…still not sure if I should’ve gone with it.
- Wait for the right place. Of course it’s only been 2 months, but I’ve been looking for someplace for over 2 years now. I’m really happy with the location, price I paid, condition of my home, and the neighbors. I do have some minor concerns, but the pros heavily outweigh the cons.
- Make sure to run lots of bleach/water in the washer after moving in. My clothes smelt like mildew because I didn’t, until I realized I needed to clean out the washer.
- Make sure to run the hot water to empty out the tank.
- During the inspection, check everything including the blinds, washer, dryer, windows, stove, fridge, etc. Try to be thorough.
- During the offer period, the property had 2 additional offers. I decided to come in at the top of my budget and hope for the best. I didn’t want to get into a bidding war. I don’t know what would’ve happened if I came in at the lower offer I had in mind, but I do know I have my place now, and I’m comfortable with the mortgage.
I’ll write more in the future as I think of things, which I’m sure I will as time goes on.