85% of Homeowners Wish They Had Known These Things Before Buying

National Homeownership Month is a celebration of the dream of owning a home. But it’s also a good reminder that buying a home is one of the biggest financial decisions most people will ever make, and many wish they’d had more information before they got started.

A recent survey of more than 1,000 homeowners found that 85% say there’s something they wish they’d known before beginning the homebuying process.

The good news? You don’t have to learn these lessons the hard way.

Here are five things today’s homeowners wish they’d known, and what you can do differently if you’re preparing to buy your first home.

1. You probably don’t need a 20% down payment.

This is one of the biggest myths in homebuying.

Many prospective buyers delay purchasing because they believe they need to save a 20% down payment before they can qualify for a mortgage. In reality, the survey found that nearly three-quarters (72.6%) of homeowners put down 10% or less when they purchased their homes.

Depending on the loan program, you may qualify with a much smaller down payment, and in some cases, no down payment at all.

The key is understanding your options before you decide you’re not ready.

2. You may qualify for down payment assistance, even if you think you won’t.

More than 20% of homeowners said they wish they’d known about down payment programs before starting their home search.

Many buyers assume these programs are only for first-time buyers or households with very low incomes.

That’s not always the case.

Across the country, thousands of homeownership programs help eligible buyers with down payments, closing costs, or both. Many programs serve middle-income households, and eligibility varies by location, occupation, military status, income, and other factors.

In fact, every county in the United States has at least one homeownership program available, and many areas have dozens. Whether you’re buying your first home or returning to the market after several years, it’s worth checking what programs may be available before you make an offer.

3. Buying the home is only part of the cost.

The purchase price isn’t the only expense you’ll face.

When asked what surprised them most after becoming homeowners, respondents pointed to:

• Maintenance and repairs (37.2%)
• Property taxes (25.4%)
• Utility bills (22.3%)

These ongoing costs are an important reason to avoid stretching your budget too thin just to make a larger down payment.

Keeping money in savings for unexpected repairs or life events can be just as important as getting the keys to your new home.

4. Don’t be afraid to ask about your options.

Many buyers assume the first loan they’re offered is the only one available.

But there are often multiple ways to structure a home purchase.

The survey found that some homeowners wished they had known they could negotiate with sellers, while others wished they better understood mortgage qualification requirements before beginning the process.

When you meet with a lender or real estate professional, don’t hesitate to ask questions like:

• What loan programs do I qualify for?
• Are there any down payment or closing cost assistance programs available?
• How much should I realistically plan to save after closing?
• What monthly housing costs should I expect beyond my mortgage payment?

The more informed you are, the more confident your decisions will be.

5. Homeownership is still worth it.

Reading about unexpected costs might sound discouraging.

But here’s the encouraging part of the survey.

Despite everything they learned along the way, nearly 73% of homeowners said they would buy the same home again if given the chance.

That doesn’t mean the process is easy.

It means being prepared makes a difference.

The more you understand about financing options, down payment programs, and the true costs of owning a home, the better positioned you’ll be to make decisions that fit your financial goals, not just today, but for years to come.

Start Your Homebuying Journey with Better Information

You don’t have to figure everything out on your own.

Before you start shopping for homes, take time to learn about the financing options and affordability programs that may be available to you. Understanding what’s possible before you begin could save you money, reduce stress, and help you buy sooner than you expected.

A conversation with a knowledgeable lender or real estate agent—and a quick search for homeownership programs in your area—could reveal opportunities you didn’t know existed.

Because the best homebuying decisions start with the right information.