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Experience is simply the name we give our mistakes.  – Oscar Wilde

If someone could have given you (or did give you) one piece of advice before becoming a homeowner… or if you could give someone that advice yourself (hint: you can)… what would it be?

Everything costs $1,000. That's what I wish I knew.

Quote for getting trees trimmed: $1,075

Quote for interior painting: $1,000

Quote to fix my fireplace: $1,000

Deductible for my hail-damaged roof: $1,000 

That could buy a lot of vodka.
 

1.  Every change/repair is going to take two to three times as long as estimated, cost 25% more (wouldn't you rather have it THIS way?) and be ten times as frustrating. 

2.  Get three to five estimates. Pick the guy you like best and ask him to meet a price within the range you got and that you feel is reasonable. 

Kasandra

I loved Kimbelina's reply, it made me laugh.  However she does have a point.  If you are a first-time buyer of a home there is a lot more to think about than, "can we afford the mortgage?"

I read somewhere you should estimate an additional 45% in cost, and while I'm not sure that number is correct, there are a lot of costs to deal with.  I've tried to list some items you might want to think about.

Homeowner's insurance, a lawn mower, weed cutter, rake or leaf blower, edger, maintenance and upkeep on your wood fence/deck/exterior of your home, window/roof/ and furnace repair/replacement.  If you choose to keep up your own yard, you will need several different kinds of cutters for flowers, bushes and tree limbs; lawn maintence products, or you can choose to hire someone.  If you choose to do this yourself you may possibly require a shed or somewhere to put all your items. 

Moving inside you will need appliances if you don't have your own.  You may wish to paint or need to fix kitchen or bathroom drawers, toilets, sinks, showers and/or bathubs.  Hopefully your floors and ceilings are in good condition, but what about the electrical and plumbing?

My intent with this is not to discourage but to be sure you have a realistic feel for what it may cost you.  Before purchasing a home use a realtor with a good rep that has been in the business a long time.  They can recommend someone who is in the business of inspecting the inside and outside of the home you are interested in.  It will save you thousands in the long run.

Oh, and Kimberlina my preference is Tequila!    

The one thing that would have saved you a lot of anguish or at the very minimum given you knowledge is to have hired a professional independent inspector to give you a rundown of the condition of the house.  If the seller would not have permitted it, then RUN!!!!!  With this report you then have a tool to negotiate with, could be about price, them paying closing costs, seller paying for a  home warranty, etc etc.

 Thats what a realtor does, its a business to them and they do not become emotionally involved like often times sellers & buyers do when they negotiate face to face.  And the buyers could have hired a realtor to walk them through the process for a much reduced price from an ordinary commission.

 With each of lifes experience we gain knowledge

Here's the advice we got and followed.

Get the house inspected every 5 years. You go to the doctor regularly and catch small problems before they get to be big expensive ones - why not the house?

When you are ready to sell and move on, it is so much easier to get the house ready for market.

Great advice from all!

 My advice:

Before settling on the initial offer, be sure that you look over everything carefully...Sure, you can negotiate after the inspection, but the "unwritten rule" is that you can't ask for things that you should have noticed on your own. As for Inspector--be sure the guy has carpentry experience. If you do find things in the inspection, get your own estimates and negotiate the $ amount the seller is willing to forego at closing.

 
During the time between the initial acceptance and closing, make as few requests of the seller as possible. It's a thorny time and everyone is anxious and every comment/request is likely to be misinterpreted. Rely on your real estate agent to be the voice of reason of what to ask for and what to expect. 

Don't buy a FSBO if you can help it...having a professional "middle (wo)man" reduces the stress level (in my opinion).

 
Oh, and the golden rule, "Treat others as you would like to be treated," works well for buying, maintaining, and selling your home.

Don't go with the lowest price inspector. They are worth it. pay for a *REAL* Inspector
 

your_pal_chris:

BE TOUGHER ABOUT CREDITS AND FIXES!!!

My point is we should have legitimately gotten a few thousand in fixes and/or credits that we didn't get because we were starry-eyed first-timers. Which gets back to the math of "Does an agent make sense or not?" Would the fixes cost less than the commission paid to someone to negotiate them for you? Not sure. For us and the price house we were in, we probably still came out a little bit ahead. Next time, though ...

You didn't need a real estate agent, you only needed a good inspector.

 We also have been battling lots of repairs on a house we purchased in March - but, we had an agent and an inspector. The inspector didn't do a good job. The agent had nothing to do with it.

What everybody has said is great advice.  What hasn't been said...

There is nothing like the feeling of having your own nest to feather and snuggle into (can you tell I am getting ready for winter?).  It is a place that you can truly make your own.  I don't mind investing in my hobby, gardening, because it increases the beauty and value of my home.  My husband discovered a previously unknown talent for garden design and has spent many wonderful hours enjoying the yard (it's also cheaper and more rewarding than therapy!).

We have remodeled and added touches that have made our home a delightful sanctuary for us.  We now work out of our home and enjoy the many improvements we have made every day.  It is also a joy to share special times with family and friends in our very own home.

It is also an investment tax shelter. Even if the value doesn't rise as fast as it has in previous years, I have never seen home values go down (unless someone or something ruins the house through neglect or act of nature).  At the very least, you aren't throwing away rent money every month.

I LOVE owning our own home.  I hope you will too!

You have little or no recourse. My state Mass. ( a blue state ) is the only state that makes it a criminal offense for a real estate salesperson to recommend a home inspector. Guess why??? YOU yes YOU should have hired a home inspector who is a full member of The American Society of Home Inspectors. He would have found and reported to you most of the problems that are now costing you.

However, most, if not all of the problems that are costing you now were known by the seller. In my state you can bring suit against the seller and get 3 times the cost of their repair as compensatory and punitive damages if they knew or probably knew of the problems you encountered in your brief ownership. And why on earth would you even consider trusting a salesperson???  Fox guarding the hen house??

My titbit (and forgive me if this was already mentioned) is DO NOT purchase American Home Sheild .... expecially from your realtor / agent.  They get commission and it's a BIG rip off.   Just put theis money in a high earning savings account annually (bi annually?) and use it if/when you need it.