Just because the vast majority of us say we’d like to be homeowners doesn’t mean we necessarily understand what it takes to get there. The buying process can be stressful – and the challenges don’t end once you’ve closed and have keys to your new place. Just ask recent first-time buyers. According to a new survey, first-time home buyers say they found the process stressful, even more so than finding a job or planning a wedding. They also reported challenges. Among them, almost half said understanding the full scope of what buying a home entails was difficult, as was finding a home that matched their wish list. Recent buyers said they had to compromise, including commuting farther to work, buying in a location that wasn’t their first choice, and purchasing a home with fewer amenities (e.g. no backyard, no garage, no pool). They also said unexpected repairs and hidden costs were an eye opener. But despite the challenges and surprises, first-time buyers are glad they did it. In fact, 80 percent said the experience gave them a greater sense of control and boosted their financial confidence. (source)
