Buying Your First Home: What to Expect and What No One Tells You

Buying your first home is an exciting milestone, but let’s face it—it can also be a little overwhelming. While there’s plenty of advice out there, there are some things no one tells you until you’re in the thick of it. From the paperwork to the emotions, here’s what you can expect during the journey, and some of the behind-the-scenes truths that might surprise you. 

What to Expect: The Process of Buying Your First Home 

1. Your Budget is Just the Beginning 
   When you start looking at homes, it’s easy to get caught up in the excitement of finding the perfect place. But before you fall in love with a property, you need to know how much you can afford. Your budget isn't just about the house price—it also includes things like your deposit, monthly repayments, insurance, and any potential maintenance costs. Getting pre-approved for a mortgage will give you a realistic sense of what’s within your reach. 

1. The Home Loan Application Process Can Be Lengthy 
   Applying for a mortgage is often more time-consuming than people anticipate. There are plenty of forms to fill out, and your lender will need to review your income, debt, credit score, and other factors to determine your borrowing capacity. Be prepared to provide proof of income, bank statements, and personal identification. The process might take weeks, so it’s best to plan ahead and be patient. 

1. The Deposit Might Be Bigger Than You Expect 
   In New Zealand, the minimum deposit for a first home is typically 10-20% of the house price. However, the more you can put down upfront, the better your chances of securing a good deal on your mortgage. It’s not just about the number—it's also about the source. Lenders often want to see where your deposit is coming from and may ask for documentation to verify it. 

1. There’s More Than Just the House Price 
   While the house price is the biggest factor, don’t forget about the additional costs involved. You’ll need to budget for things like: 
   • Legal fees – Lawyers are crucial for reviewing contracts and ensuring everything is in order. 
   • Building inspections – A building inspection is a must to identify any hidden issues with the property. 
   • Insurance – You’ll need home insurance, and it’s often a requirement from the lender. 
   • Moving Costs – Don’t forget to budget for moving expenses and any furniture you might need. 

1. The Emotional Rollercoaster 
   There’s no denying that buying a home can stir up a lot of emotions. You may feel excitement one minute and anxiety the next. You might face some disappointment if your dream home slips away, but it’s important to stay focused on your goals. With the right guidance and preparation, you’ll find a place that works for you. 

What No One Tells You: The Hidden Truths of Buying Your First Home 

1. The Paperwork Never Ends 
   The process of buying a home involves a lot of paperwork, and it can feel like you’re signing forms for hours on end. From mortgage documents to contracts and disclosures, there’s a lot of reading involved. It’s important to take your time and read everything carefully—even if it feels like a lot. Having a mortgage adviser and solicitor to guide you can make all the difference. 

1. The “Pre-Approval” Isn’t Always Final 
   Just because you’ve received pre-approval doesn’t mean your mortgage is guaranteed. The lender will still carry out a final assessment of the property, and if the house value doesn’t meet expectations, or if your financial situation changes, it could affect your loan. Pre-approval is helpful, but you need to stay in close communication with your lender throughout the process. 

1. The Market Can Be Competitive 
   In a seller’s market, homes can be sold in a matter of days, often above the asking price. This is especially common in larger cities. You might find yourself competing with other buyers and facing multiple offers on the same property. The key is to stay flexible and keep your expectations realistic. Sometimes, your first offer won’t be accepted, but that doesn’t mean the process is over. 

1. The Long-Term Costs Might Surprise You 
   Owning a home isn’t just about paying the mortgage. As a homeowner, you’ll be responsible for ongoing maintenance and repair costs. From lawn care to leaky taps, things will break, and you’ll need to have the funds to fix them. It’s important to have a “home maintenance” budget, so you're not caught off guard by unexpected expenses. 

1. It Can Take Longer Than You Think 
   You may have heard that buying a home takes time, but it’s easy to forget how long everything can take—especially when it comes to closing the deal. Between negotiations, inspections, and paperwork, the process might take months. Patience is key. The good news is, every step brings you closer to your new home! 

Ready to Take the First Step? 

Buying your first home is a huge achievement, but it's also a process that requires careful planning, research, and the right support. Having an experienced mortgage adviser by your side can help you navigate the complex steps involved, saving you time, money, and stress. At Boost Brokers, we specialize in guiding first-time buyers through every stage, from pre-approval to settlement. 

Book a free consultation today, and let’s get you started on the path to homeownership.