Similarities between Buying a First Home and the First Day at College

Do you remember your first day of college? The excitement, setbacks, and anxieties you experienced? Remarkably similar emotions are experienced by first time homebuyers. 

Buyers are always looking out for a perfect home. The sky is the limit as far as expectations are concerned. They hope to find an affordable home with the best schools nearby, a huge yard, and many more things.  

New college students have great expectations. They’re motivated to use money judiciously, tackle the challenges of higher education, attain high scores, and work hard to subsist. 

There are some additional similarities in the experiences of first-time homebuyers and first-time college goers:

Milestones

Students beginning college move out of home into new environments away from friends and family.  They take on additional responsibilities and get set to enjoy their freedom.  It’s a huge transition phase.

New buyers consider purchasing a home as a transition into adulthood.  Homeownership involves a major commitment with regards to money and time.  With a home purchase, buyers get set to plant roots in a new community.  They can now finally unpack all boxes and settle into a place called home.  They get ready to accept responsibilities related to home payments and maintenance.

Buying a home and going to college are both major accomplishments which represent maturity.

Lengthiness

The process of getting admission into a suitable college sometimes takes months.  Teenagers are required to prepare for qualifying tests, apply, and wait for acceptance.  Then there’s paperwork and orientation. On the day college begins, they’ve got to move around an unfamiliar campus in search for their classes. Getting into college and adjusting to it can be a really stressful process likely to test both confidence and patience.

Buying a home is a time-consuming process too which requires a lot of patience.  Buyers need to get their loan pre-approved before beginning their house hunt.  Focusing on the correct home requires great persistence in attending to open houses, searching online, and staying connected with realtors.

Bids can be turned down.  Even after the offer is accepted, a lot of work is required to complete the buying process.  There are inspections, loads of paperwork, and a lot of communications with the lender.  Buyers feel quite exhausted and long to hold the keys of the home in their hands.

There are hordes of stressful steps involved both in getting into a home and into a college. Both processes require tremendous persistence.

The Learning Curve

Students new to college struggle to remember acronyms which refer to classes, departments, buildings and books and keep referring to their orientation manuals. They face many other newbie challenges. Eventually they get familiar and then things aren’t quite as tough.

First-time homebuyers also often get tied up in knots when they meet their lender to discuss loan options and interest rates. All the numbers and real estate jargon can be truly mind-boggling. Making long-lasting decisions without being clear can be a real challenge. It takes a while for everything to get sorted out smoothly.

When you’re new to college or to the home buying arena, it’s of utmost importance to study the topics and processes as best as you can. And ask questions – lots of them. Speaking to experts is one of best ways to get the right direction pointed out.  This helps in getting the confidence to move forward.  

Be sure to consider the advantages of knowing the true value of your home. You can obtain a free home valuation report from Neighborhood IQ to find out how much a property is worth, especially after your fall and winter home improvements and maintenance projects are completed. Also, the Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, and match you with potential lenders.