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The 4 Biggest Challenges You’ll Face When Buying a Home

There are a lot of problems and challenges you’ll face when buying a home, especially if it’s your first time. That’s why it’s always best to know what’s heading your way so you can get prepared.

  1. Finding the Money

One of the biggest problems you’ll face when buying a home is finding the money for the down payment. Mortgage lenders won’t just give you all the money you need. You’ll be expected to provide a down payment of roughly 10-20% of the overall price of the house you’re buying.

It’s best to save for a while before you start browsing properties. It’s frustrating if you find your dream home only to find that you can’t yet afford the down payment. Renting can be a big drain on your income, but do your best to save as much money as you possibly can if you want to buy a home soon.

  1. Compromising On the Property

There’s always compromise involved when you’re buying a house. And it’s even harder if your budget is low. You need to be realistic about the houses that you can afford to buy. There’s no sense in setting your sights too high because you will only end up being disappointed.

Sit down with your partner or family and think about what your main priorities are. If you need a home that will allow you to get to work by bus or you want somewhere that’s family-friendly, the location will be your focus. If location is important, then there will probably be other sacrifices that you have to make in other areas.

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  1. Negotiating a Price

If you’ve never bought a home before, you probably don’t realize how difficult and stressful it can be to negotiate a price for the property you want. You should talk to your estate agent before making an offer and think carefully about how much you can afford to pay before going ahead.

You also need to think about how much you can afford to knock off the asking price of the property. Find out how long the property has been on the market for; if it’s been a long time, the seller will be more likely to accept a lower offer. But you need to be careful not to go too low.

  1. The Day of the Move

Buying a home is stressful, but anyone who has done it will tell you that the day of the move itself is even more stressful. Your packing should be done in advance of the day. You’d be surprised at how many people are still cramming their stuff into cardboard boxes as the removal van pulls up outside.

I’d recommend using a moving company because doing it by yourself will just make the whole day more difficult. The professionals will do a much job of moving your possessions that you would too. It might cost a bit more money, but you get what you pay for.

Moving house is a big event in anyone’s life, so make sure you’re prepared well!

 

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Published on: May 20, 2015

Filled Under: DIY & Home

Views: 2037

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