The process can be more difficult than expected
Buying a home can be a challenging experience for first-timers but two new surveys reveal just how stressful it can be.
Framework, a social enterprise focused on empowering first-time homeowners, found that many first-timers wish they had more information and education to smooth the process.
Among prospective first-time homebuyers just 41% felt well prepared and 57% worry that they can’t afford homeownership. Almost half of respondents believe that homebuying is rigged against buyers and 44% fear making costly mistakes.
"Buying a home is the biggest purchase we'll ever make and keeping it takes some planning," said Danielle Samalin, CEO of Framework. "Our mission is to offer first time homebuyers access to the tools, knowledge and support they need to ensure they are well prepared throughout the entire purchasing process, thereby reducing the anxiety and stress of homeownership."
More than half of both prospective and recent homebuyers said that homebuying was more difficult than it should be.
Many said they wished they had started their home search sooner and among prospective homeowners, given a choice of eight homeowner challenges, "paying my taxes" was the biggest concern while recent first-time homebuyers found maintenance, both inside and outside the home, to be the biggest challenge.
Discrimination
The surveys among prospective and recent homebuyers also revealed that many homebuyers perceive discrimination based on their race, gender, or another trait.
This was especially noted among Hispanic and African American first-time homebuyers.
"Many minority homeowners are first-generation homeowners. With that in mind, we at Framework view home buying and homeownership through a social equality lens," said Samalin. "We're deeply committed to democratizing the process for first time homeowners to help them navigate a challenging system and take them from 'buyer beware' to 'buyer prepared.’”
