Don’t be an overzealous first-time homebuyer.

January 19, 2009 at 11:25 am 1 comment

When we bought our place, we were so eager to move out after living with my dad for a year and a half that we jumped at every opportunity that presented itself. And, when you have excellent credit and a boatload in savings, opportunities come out of the woodwork. But, they’re not all good.


I’ll be honest, we made some mistakes. We settled for a realtor who we felt was lazy and did not have our best interests in mind (The Masiello Group, that’s you. You get no link love and you do NOT get my referrals). We settled for a mortgage broker that was a partner to our realtor, instead of researching the best person that would give us the best rate because we felt bad about inconveniencing everyone involved (note: it’s about you, not them. They are paid to do what YOU want to do. If it means they have to work a little harder, so be it). We put 10% down when – if we had lived with my dad only 6 months longer – we could’ve put 20% down (How much do you need for a down payment?) and probably could have gotten a better overall deal on a condo, since real estate prices continued to plummet.

I’m telling you this because maybe, just maybe, you’ll listen. Here’s the thing: friends, family, and people who’ve been there, told us to wait. They told us to hang back, do the research, and learn from their mistakes. Still, we were on our own accelerated timeline, and when gambling and bargaining don’t really appeal to you, you settle. Financially, we settled.

Don’t get me wrong – I am pleased as pie that we bought our condo. It’s exactly what we envisioned, and it was the first big step in building our lives together. We’re so incredibly fortunate to be able to afford our place at such a young age, but I know that we made many typical first-time homeowner mistakes. I may not have it all together domestically, but we went through the home-buying process quickly. It forced me to take responsibility for my decisions, whether they were split-second or well thought out. I cannot wait for my friends to begin the home-buying process, as I’m hopeful my experiences – and the advice of those who went through this before me – will help them avoid our mistakes.



Entry filed under: Buying a Home. Tags: , , , , .

Hi, my name is Sandra, and I’m forgetful. Thanks Dad, for keeping the thermostat at 60.

1 Comment Add your own

  • 1. Refinancing? Already? « Domestically Disabled  |  April 4, 2009 at 4:05 pm

    […] 4, 2009 I didn’t really think we’d consider refinancing so soon. I’ve mentioned before that we had a feeling we were taken for a ride and settled for a 30-year fixed rate that was […]

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