House Blog #3: THINGS PEOPLE DON'T TELL YOU ABOUT BUYING A HOUSE: Losing the dream home, Biding War, Waitlist, Feeling discouraged

 

Happy Friday!

You all know my lifestyle blog has been heavily focused on my home buying journey.

I have published many blogs that have highlighted milestones and exciting parts of this journey.

But, what I failed to display are the challenges and issues that arise when buying a home.

Below are some things that people don't disclose about the house hunting journey.

1) The Saving Game

This year, my partner and I have decided to save around $60-$80k for our down payment on our future home. We are so blessed to have the incomes to even work towards saving that much money but quickly came to realize that we might have to save more or put down less money. It becomes very confusing when saving, because you never want to wipe out your bank account and have nothing once your savings goal is complete. You need to find balance especially when making a huge payment. You must work towards having extra money after you make your purchase. For us, a big expense will be furniture and appliances so we have to factor that in when saving money. 

2) Percentages

I have found stress and discomfort with deciding how much money we want to put down for our down payment. Do we put down the minimum 10% but have a higher mortgage payment by $400? Do we put down 15% but lose $60k+ of our savings, or do we just put down 20% have a low mortgage, don't have to pay mortgage insurance but lose over $80k of savings? These are stressful questions you have to ask yourself, how much do I want in my account post purchase? How much do I want to pay monthly? How much do I want to invest? All very stressful questions to ask yourself throughout the house purchasing process.

3) The Waiting Game

This is a recent challenge that I have experienced, especially waiting for new builds and trying to get in during Phase One. Having to be patient and wait for builders, sales reps, signing days, lot decisions and more is extremely stressful and can be very discouraging as you are left in the dark for many weeks and sometimes months. You must be prepared to play the waiting game; wait for responses, timeline's and communications on your future home.

4) The Biding War

This is another challenge that will arise as people bid on your dream home. The biding war sucks but is a part of the reality. Your dream home is also someone else' and as housing prices increase people will try to get in as early as possible and may bid higher than you.

5) Feeling Discouraged

The journey may be filled with another wait list, lost home, saving adjustment or lack of balance. It is so easy to feel discouraged and disappointed especially with the current housing market prices. During your hunt it's important to stay optimistic, focused and ready for anything. In a day your dream house can be gone and the next day you may find another place you love. The journey is not linear but its worth it! Its worth having ownership, control and access to generational wealth.

So as discouraging as it gets, I hope this blog helps you stay motivated, focused and sits as a reminder that these challenges are worth it and we all experience them.

All the best,

-Coll