Buying a home is both a dream and a nightmare. Home ownership is something most people aspire to, providing a safe haven for your family which can be passed down to the next generation. It provides a certain stability in the knowledge that you have assets which can later be sold or rented in hard times. Plus, you have total creative freedom over your own home, and can build a life in a secure environment.
Home ownership, on the other side, is a huge financial responsibility which provokes high anxiety in many people. Taking the plunge and buying a home is a risk which takes a large chunk of your finances, and forces the homeowner into debt to a mortgage lender. Here are some common problems which arise when buying a house.
The Debt Conundrum
If you are already in debt, you may be refused a mortgage by a lender. Debt is carried by so many people due to college loans, job loss, and health problems. This is nothing to be ashamed of, but unfortunately, buying a house requires proving to a lender that you are not a risk to their finances either. This process demands a high enough credit score to be seen by a lender as low-risk. Your credit score will be adversely affected by debt accumulation. Plus, if your mortgage application is accepted, you will be plunged into further debt.
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Many potential buyers are put off by the wrong things when viewing houses. If you are searching for a new home, you should take care not to be deterred by previous owners’ choices which are easily changeable or disposable once you move in. For example, the size of the rooms, the natural light of the house and the yard space are things you cannot realistically change without extensive refurbishment. However, aspects such as wall color, design choices and cleanliness can all be rectified by you if you did choose to make an offer. Don’t let yourself be deterred by trivial choices of previous owners!
Particularly in the time of COVID-19, moving home can be incredibly stressful, particularly if the move is across a country or even abroad. These moves take time, money and careful organization, to avoid extra costs and hiccups along the way. If you have children or pets, it is beneficial to try to have them taken care of by a family member or friend who offers to help. This will allow you to move quickly and without any distractions, settling in faster and speeding up the entire process.
Similarly, taking time off work if possible will help iron out any problems that arise during a house move. It is very common that a house move takes more time and is more tiring than the homeowner originally expects. Taking as much time off as possible speeds up the process and helps a more stress-free move for you and your family!