Buying a new home can be exciting, but also quite challenging, especially if you encounter some problems along the way. Unfortunate as it may be, surveys conclude that 2 out of 3 people buying a new home actually face some problems in the process. Knowing more about what to expect can potentially help you overcome the problems quickly, or steer clear from them in the first place. In this guide, we will list a number of common challenges that home buyers often need to deal with.
Getting a mortgage
When you buy a new home, you will most likely rely on a mortgage. That is never a straightforward process, as many have found out in their attempts to secure a property. Delays are always possible and they cause some serious headaches, especially since lenders tend to tighten up their criteria. If you are aiming to get a mortgage, make sure you can prove that you can easily address mortgage payments. Having a clean credit report goes without saying, but you can also aim to save a bigger deposit if you wish to avoid potential issues with your mortgage.
Finding a property that meets your requirements
This is often a problem for people who have many requirements for their property. If you can wait, then that is cool – perhaps your dream home will pop up on the radar. But, if you are in a hurry to buy, it is a good idea to revisit your list of criteria and expand your search in neighbouring areas, whenever that is applicable.
Delays within the chain
Most commonly buyers will encounter delays in the property chain. A property chain is essentially when the seller is also getting a new property and so there are more than one transactions present. The longer the chain, the more frequent delays can be and in many cases even complete collapse of the chain, which leaves everyone in it back to square one.
Issues with the conveyancing process
You may have trouble with your property solicitor or conveyancer. The process of conveyancing essentially includes all of the work that takes place in the period between the seller accepting your offer and completing the sale. A conveyancer manages all of the things from stamp duty to drawing the contracts and addressing matters with the Land Registry. Finding the right person for this job is crucial to ensuring that you don’t encounter any bumps on the road.
The seller getting cold feet
The seller may suddenly pull out of the sale, which is no small issue to overcome. People change their mind all the time, and the worst part of it is that you, as a buyer, can hardly do anything about it. One possible solution before exchanging contracts is to keep an eye out for more than one property out there, just so that you have options in case this scenario plays out.
Gazumping occurs when the seller first accepts an offer on their property but then accepts another higher offer from a different buyer. Gazumping hurts so much because you waste time and money on solicitors, mortgage applications, etc. Combating gazumping is very difficult, so you need to be mindful of the seller and their honest intentions on the matter.
The seller leaving a mess
Finding the property in poor condition is yet another disappointment buyers experience. Getting rid of large items or cleaning up a mess is not a pleasant thing. Avoid it by making a point in your purchase agreement that the seller should leave the place in an acceptable condition.
These are just a few of the most common troubles buyers face on the market. The knowledge of them will allow you to deal with them easily or prevent them in the first place.
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