5 home-buying obstacles and how to overcome them

Finding a home and submitting an offer is an exciting process, but that is not all it takes to purchase a property. There are home-buying obstacles that need to be overcome before you can hold the keys to your new home. You should know how to deal with the home-buying obstacles. Otherwise, you risk failing and starting all over again, from the first step.

Home buyers are dealing with many obstacles during the purchasing process. Housing prices are just one of them; there are many more obstacles you should learn to overcome. From the booming housing market to poor credit history and defects in the home, homebuyers are facing different challenges during the homebuying process.

If you are not sure you can overcome all homebuying obstacles yourself, consider hiring professional help. Utilizing the services of an experienced and reliable real estate agent can be of great help when finding your dream home! When I was buying a home, I searched for the support of a professional. I saw a real estate agent who knows NYC best. I heard about Imma, Broker Owner of Tyler Vincent Real Estate Inc. who is more than capable of helping you handle any obstacle during the home-buying process. A professional like Imma can determine the price of the property and negotiate the offer for you. Plus, a real estate agent will guide you every step of the purchasing process. But, still, if you want to buy a new home, you should be aware of home-buying obstacles and methods to overcome them.

Five home-buying obstacles you should be aware of

Armed with the right information and knowledge, you can deal with even the most prominent home buying obstacles. Soon, you will hold the keys to your new home! Be aware of all the challenges, and you will find the solution for each one.

1. The pain of high home prices

When you start the home buying process, the reality can hit you right in the face. Every home buyer soon realizes that the housing market is booming and the prices are continually raising. In NYC, the cost of living, just like home prices, has a tendency to increase. But, with the right real estate agent, you will find a home that fits your budget. Also, do not despair, consult with mortgage brokers. They can help you find nonbank mortgage lenders who have fewer requests than the banks you have already asked for a mortgage.

The affordability of homes in today’s real estate market is not just about the price of a house; it is also about being able to make the down payment. If you are buying a home for the first time, apply to the Federal Housing Administration to get a loan. With the FHA, you will have a chance to pay 3.5% of your mortgage loan instead of the 20% that banks are charging.

2. Poor Credit History – another home buying obstacle

If you want to get a loan from a traditional bank, there is a big chance you will have to deal with the poor credit history as one of the most common homebuying obstacles. Banks have strict rules and very few mortgage options. That’s why I suggest you talk to the mortgage brokers, to find the nonbank mortgage lenders who can give you better loans that can work out for you. There are two most popular types of mortgages. Besides conventional loans, FHA loans require down payments from 3 percent to 15 percent of the sales price.

3. If you are Self-Employed
 

Many self-employed individuals have a fear of starting the home buying process. In many cases, they have been denied by traditional banks. If you are self-employed, do not despair. Contact mortgage brokers because they have helped many people. With mortgage brokers, you are expanding your chances to find a nonbank lender who can be the perfect match for your specific situation. With the right mortgage broker who has the knowledge and connections, you will quickly become a homeowner. So, being self-employed isn't a big obstacle - you need a good mortgage broker who can help you find many good non-bank lenders.

4. A home inspection shows the significant defects in the home

After you pick a home, before you sign the contract, make sure to arrange a home inspection. In many cases, houses have a lot of defects and damage. This is one of the biggest home-buying obstacles. You don’t want to risk buying a home that requires a significant improvement and investment in remodeling. In the contract annexure, the seller should declare the condition of the property. In case you have closed the deal and accepted the contract, you can bring the proof of the defect to the mortgage bank. In this case, the bank will not grant finance, so, the deal will be broken. If the flaw isn’t that big, you should hire an attorney to negotiate a lower price of the property.

But, remember, this is only possible when the defect is already in the home before you move in. If you accidentally damage your property, for example, when trying to move a billiard table into the house, you cannot ask for a reduced price since the error was made while you were trying to settle down.

Conducting a home inspection before you move in, is the best way to find the house’s flaws, so you can negotiate for a better price. So, a defect in the home does not have to be just an obstacle, it is an opportunity to buy a house at a lower price.

5. The availability of homes

Today, it can be hard to find a house that is your perfect match at an affordable price. But, when you have a realtor who knows the real estate market well, it will be easy to find your dream home. A good realtor is never out of smart ideas. With a professional real estate agent and knowledge about the market and home buying obstacles, you are one step closer to your new home.

And, remember, when you close the deal, find a reliable moving company which can help you relocate your household items. Decent moving assistance is as essential as a dependable real estate agent if you want a safe delivery to your new home. If you have overcome all the home buying obstacles, hire Big Apple Movers NYC to help you settle in your new NYC home.