What I Wish I Knew Before Buying My First Home

Lessons from my first home purchase—and what I now understand differently as a Realtor.

I wasn’t a real estate agent when I bought my first home in Lake View. I was just a 25 year-old, first-time home buyer excited about the opportunity to own the vintage Chicago three-flat of her dreams. I was fortunate enough to have an agent I knew and trusted, a family friend who explained each step in the process and answered every question I had. So this isn’t a story about what my agent should have done differently. It’s a story about the leg work I wish I had done before I started.

Story written by
Lauren Hammett

Now that I’m an agent myself, I look back at that experience with a completely different perspective. There are things I understand today that would have made me feel more prepared, more confident, and less overwhelmed as a first-time buyer.

Here are the things I wish I had known:

I Wish I Had Focused More on The Property and Not “The Pretty”

Before finding my dream home, I almost fell in love with a condo in Lake View East. It was beautifully designed with high-end furniture and styled like my favorite Pinterest board, but when I looked beyond the trendy, mid-century modern furniture and pretty paint colors, I realized there were some major issues.

The kitchen was updated, but missing a dishwasher. The rooms were small. The layout was unusual. The floors were creaky. The ceiling was cracked and slanted, with one area that raised concerns about potential water damage. And despite being in an older building, the condo itself didn’t have the character I thought I was seeing. What was making it feel special came from the furniture and decorations the sellers had chosen, not the home itself.

Beautiful furniture can make a small room feel larger. Thoughtful décor can make an ordinary space feel unique. Great photography can make a property look completely different from the way it feels in person. There’s nothing wrong with loving beautiful interiors, but I wish I had been better at separating what I was seeing from what I was actually buying.

Today, when I walk through a property with a client, I encourage them to look past the stuff, and remember: You’re buying the property, not the styling.

Questions to consider:

• Do I actually like this property, or do I like the things in it?
• Would I buy this home if it were empty?
• What can this property give me?
• Would I be heartbroken if I didn’t get this home?

I Wish I Tuned Out The Noise

At this same Lake View East condo, the “private showing” proved to be more of an open house. When the listing agent opened the door, we were greeted by 20 other potential buyers and their agents admiring the beautiful interior design and unique touches.

If everyone else likes this property, then it must be good… right? Before I knew it, I was caught up in the What-Ifs: What if everyone else puts in an offer? What if this is the best condo I’m going to see and I miss my chance? What if I’m being too critical?

Don’t let the mob of eager and anxious buyers throw you off. Instead, focus on what really matters to YOU in your future home.

Questions to consider:

• Do I love this property or do I want to love it because everyone else does?
• Can I see myself in this home?
• If this showing/open house wasn’t so busy, would I still think this is a great buy?

I Wish I Had Researched My Lender More Carefully

As a first-time home buyer, I knew I needed financing. My agent recommended a couple loan officers her clients had worked with before and trusted, but I instead went with a loan officer I was randomly assigned by a large retail mortgage lender. Though communicative and helpful at the beginning, the further through the deal we got, the less I heard from him. When I did hear from him, I’d barely get a full, comprehensive sentence or the figures didn’t make sense. Although the deal ended on a high note, working with this lender added frustration and stress where it wasn’t necessary. 

Picking your lender is an extremely important part of your home-buying team, and I now understand why that relationship matters, especially for first-time home buyers.

Here are some questions to consider:

• Who has my agent worked with before?
• Who is communicative and responsive?
• Who do I, and my agent, trust to help keep a transaction moving?

I Wish I Had Understood the Cost of Owning a Vintage Home

There is something incredibly special about a vintage Chicago three-flat: original woodwork, architectural details, tiled fireplaces, pocket doors, and quirks. But old homes require maintenance, and sometimes more than you expect.

As a first-time buyer, I was focused on buying the home and making it my own. I wasn’t thinking as much about what it would take to maintain an older property over time.

I wouldn’t trade my vintage Lake View home or the character it holds for anything, but I wish I had better understood that vintage charm comes with vintage responsibilities.

Questions to consider:

• What maintenance will this property require?
• What systems or features may need repairs or replacement?
• How much should I budget for unexpected expenses?
• Am I comfortable taking on the responsibilities that come with this type of home?

I Wish I Had Understood the Timeline Better

The home-buying process has a lot of moving pieces, and when you’ve never done it before, it can feel overwhelming and stressful.

My agent explained each step along the way, but I wish I had understood the overall roadmap before I started. Knowing what happens, when it happens, and what decisions I’ll need to make would have made me feel much more prepared and confident.

Here are some questions to consider:

• What should I expect after my offer is accepted?
• What deadlines should I be prepared for?
• Who should I go to when I have questions?

What I Wish I Had Known Most of All

If I could go back and give myself advice before buying my first home, I wouldn’t tell myself to be less excited, or to not fall in love with a property, or that I need to become a real estate expert. I would simply say to educate myself first.

Learn the terminology. Understand the timeline. Research your lender. See beyond the pretty. Think about maintenance and future expenses. Most importantly, know what matters to you before you walk through the door.

Now, as an agent, I know what it’s like to be on the other side of the transaction. I know what it feels like to be excited about finding your first home, to have questions you don’t even know how to ask yet, and to wonder whether you’re seeing the home, or simply seeing a really good presentation of it.

Buying my first home taught me how important it is to be an educated buyer. Now, that’s something I want to help my clients become.