Being able to afford your first home is no doubt exciting. It stirs a high sense of accomplishment that can increase your self-assurance and confidence. If you’re still young, then your life will feel so much put-together, and you’ll have a sense that your future is secured.
But buying a home and moving into the new property aren’t always rainbows and butterflies. Scouring the market for the perfect home isn’t easy, and the costs can still be a burden, even with enough budget. The home that you bought may also turn out to have a lot of undisclosed issues, causing another round of expenses.
That said, let’s detail all the common challenges in buying a home and being a first-time homeowner.
Finding a Mortgage Lender
10% of home-buyers reported facing problems in getting a mortgage. This could be because of bad credit, hefty down payments, or other issues affecting the buyers’ ability to secure the loan.
Thankfully, experienced mortgage brokers can be relied on to mitigate this challenge. They help home-buyers find the ideal mortgage plan for them, and in turn, buyers can be ensured that they can afford all the payments without hassle.
Finding the Perfect Property
We all have our ideals when it comes to the perfect home. We want it to be in a good location, where workplaces and recreational areas are near. A quiet and private neighborhood is also desirable, with low crime rates. As for the house itself, we most likely prefer one with ample backyard space, charming curb appeal, and an airy space inside.
But finding a home with all the exact specifications that we want is almost impossible. You’ll most likely end up with a property missing one or two of the qualities you’re looking for. So unless you can afford to build, then you really can’t expect perfection in the market.
Issues with the Property and Its Previous Owners
When you move in, your immense happiness can instantly vanish upon realizing that your new home is poorly maintained. Or, you might be surprised that the previous owners haven’t finished moving out yet. You’ll find broken fixtures, furniture left behind, and other maintenance issues that’ll cost money to repair.
These problems often stem from buyers being forced to make a decision quickly. And because they thought the property is suitable, they may be eager to bid for it and spend above their budget. This impacts both the seller and the buyer, as they’ll both put up with the pressure of closing fast, even if existing issues haven’t been dealt with yet.
Home Inspection Issues
It is highly crucial to have your prospect home professionally inspected. But oftentimes, buyers skimp on this to save money. However, you can end up spending more money without it, because your new home may turn out to be in a state of disrepair, as pointed out above.
Even if the home’s finishes look good, there might be problems lying within, such as the plumbing system, sewer lines, etc. Or, pests may be lurking in the crevices of the foundation. Hence, don’t skip inspection to avoid unpleasant surprises.
These home-buying challenges may sound daunting, but if you consider them early on and employ solutions right away, you’ll avoid a lot of stress. You can move in knowing that a well-maintained and beautiful place is waiting for you, and you’ll enjoy the rest of your time living in the new space.