The 5 Most Frustrating Things About Buying a House

buying a house

1. Saving for the down payment

It can be tough for many buyers to save enough for a practical down payment while paying their rent or mortgage on their current home. Nearly everyone has a hard time-saving money, and it can feel even more insurmountable to save the several thousand dollars needed for a down payment. About 62% of Americans can’t come up with $1000 in savings, so you are not alone if you are struggling to get a sizeable chunk of cash together. Many renters say that the down payment is the biggest obstacle to homeownership. Additionally, a home buyer will need to be prepared with enough money for closing costs and other fees involved in buying a house.

2. Applying for a mortgage

Many people who are buying a house are tripped up by the process of applying for the mortgage. Many buyers need to improve or repair their credit to reach the 700 mark before many mortgage programs will work with them. Just like saving for your down payment, improving your credit rating takes time. If home ownership is in your future, start now to make sure your credit report is accurate. Make a plan to pay down debt, starting with anything that is delinquent or past due. Be sure to pay current bills on time to establish a recent history on consistent punctuality for payments. You can call creditors to work with you and to update your credit report as you go. Carrying too much debt as compared to your income can also make lenders uncomfortable with taking you on as a borrower. Just like building your savings account, becoming a safe borrower can take some time and effort.

Some buyers are confused or intimidated by the mortgage application process. Many people don’t know how to make sure they get the best interest rate available to them, or even where to start. Some buyers find it most convenient to use a real estate agent to help them step by step through financing with someone they can trust. An expert is useful and comforting when someone is making a purchase as large and important as a home.

3. Finding the right home in the right location

As you hunt for the perfect place to live, you may find that landing the home of your dreams with all of the bells and whistles is more difficult than you initially guessed. If you are buying a house in a new city or state, it can be even trickier to make sure you find a home that fits your needs in the kind of neighborhood you desire. Being unfamiliar with a city or area can often raise unforeseen issues for a buyer. It is often hard to know about everything that may affect day-to-day life in a particular home until you live there. Things like traffic noise, utility costs, and neighborhood safety often need to be taken into consideration. Combining a home of the right size and style with the right location can be an obstacle for many people who are buying a home.

4. Competing with other buyers

Once you find the home of your dreams, some say the hard part truly begins. You may make your best effort putting in a reasonable and affordable offer on the property you want, only to find that other buyers want it just as much. Buying a house can boil down to a bidding war with other interested buyers. This competition leads to a higher price that may even take the home out of your price range. Many buyers enjoy using a real estate agent for handling all negotiations and simplifying the process of making an appropriate offer.

5. Selling your old home (if applicable)

If you already own a home that you plan to sell as part of your moving process, the sale of your current house can sometimes throw a wrench into your plans. The key to selling to buy is mainly in the timing. As you find your perfect home, your old home must sell so that you can move forward before your offer expires. It is very common for peoples’ next home purchase to be completely contingent on the sale of their current one. Selling your home before working on buying a house can make both transactions a little easier.