7 Biggest Problems Faced by a Home Buyer in 2021
Buying a home is not as simple as it sounds. It needs a lot of homework and negotiation of mind and money to be done. If you are one of the buyers and planning to buy a new home, you need to learn from the common problems every buyer faces. These are obstacles that can make your life tougher in terms of decision. Eventually, you buy your home, no matter what. Is there a better way to deal with these problems?
There definitely is a solution for every problem. First, let us maneuver the problems of buying a new home.
Problems every home buyer faces
- Finding the right real estate agent: In a highly competitive market of real estate, there are so many agents sitting out there to sell you your dream home. It gets difficult for anyone to choose the right person out of the many available. A few agents won’t give you the clear picture and lack the professionalism while a few have just joined the venture. With time, it gets difficult for anyone to find the right person to guide you. All you need is to follow the word of mouth and reviews left by customers if any.
- Location: You don’t want a home that is away from schools, colleges, hospitals etc. unless you have a car. If you have a car, settling for a home within the natural surrounding is a great idea. Otherwise, you need to find a home in the area where you are close to all the important landmarks. The choice is yours; however, ensure that you have a list of the positives and negatives of the location selected.
- Delay in the paperwork: While you are in a hurry to buy a home, the agent is delaying the process. This can take a toll on you and stress you out. You can’t even ignore this aspect as you’re the documents of a property makes it a legit deal. On not having that, you may be in thick soup. This can hamper your ability to take a rational decision.
- Budget: When you choose a home, either the budget is too high for you or you don’t like the property. At times, home buyers give up on their dream home only for the reason that they have no budget to materialize the purchase. It happened with me initially when I wanted to buy my first property. I had only a few lakhs and the bank had approved Rs 10 lakhs. Combining my capital and the bank’s too, I was not in a position to buy. I gave up on that. That’s how your budget plays an important.
- Bad credit score: You have the dream to buy a home but you may not have the credibility unless you have your own money to invest in. If you had a bad credit score in the recent past, it can be quite difficult for you to buy a home irrespective of the fact that you have been paying on time now. You need to get rid of that bad credit and scrap the bad reputation. This will help you apply for a home loan later. Check home loan eligibility calculator before to apply for home loan.
- False promises: There are agents who would show you of stars and moons but on the final day, you get nothing as promised. They will tell you about the positives of the property, your dream home but never about the negatives. This is how they will try to manipulate my mind. You should be careful and check on the facts provided by them personally rather than going with the words of the agents.
- Time: At times, it may happen that you don’t have the money but you have the best deal. On the other hand, when you don’t have the capital, you hear about the best home. This is a problem that a home buyer faces frequently. You can’t change the situation but you can try to have the capital ready before you invest so that you are not disappointed. Time and tide waits for none but we can definitely make things go in our favor if the planning is accurate.
If these five problems are taken care of with a meticulous way of planning and research, you will be at ease in the long run. Have all these problems taken care of before they appear and win the situation. You write your own fate and you can buy your home with a little planning.
Buying a home is not a decision that people make frequently but once in a lifetime decision. Getting it right by tackling these problems will make you a winner. Take help of a specialist or a financial advisor in case of a problem. You can also seek help of a relative or friendly who owns a property.