The act of buying a first home is often framed as a wonderful, life-changing experience. And to be sure, it almost always is. But it’s the process of buying the home that’s not always so picture-perfect, and in fact usually comes with an odd set of juxtaposed emotions: joy and frustration, surprise and shock, relief and anxiety, a feeling of stability but then also a feeling of uncertainty. In short, it’s somewhat of a wild ride for first-time homebuyers!
Much of the ‘negative’ side of the emotion equation stems from a common source: unexpected costs. Many first-time homebuyers simply aren’t aware of the extensive list of fees and costs associated with buying a home, which is why a recent survey by TD Bank found that nearly 50% of homebuyers incurred more than $2,000 in unexpected charges during the home buying process. 10% of those surveyed said they spent at least $5,000 more than expected.[+] Read More