Whether you remember your parents being frustrated during a move when you were younger, or you know a friend who’s just bought a home, it’s clear that being a first time homeowner can be hard work – but why exactly? This is meant to be a happy and exciting time in our lives, but so many people come out the other side stressed and tearing their hair out! But to prevent something like that happening to you, we need to do some digging into the stressful side of being a first time homeowner.
Finding a Home in the First Place
Even just finding the property you want to move into can be hard to do. The market is always moving, and you can absolutely guarantee that someone out there has a better offer than you. And seeing as this is your first time trying to buy a home, you’re likely to move slower, and be a little less confident than you need to be, which can make a seller apprehensive to negotiate with you. Hey, you may not even know how best to negotiate!
Securing the Mortgage You Need
Of course, getting the mortgage amount you need can be a hard fought battle. Maybe a lender has said no to you in the past, or maybe you’re just not confident you’ll be able to afford a mortgage in the first place – either way, you’re about to take a big step. And if you’re turned away by one lender, don’t let it stop you from securing the mortgage elsewhere; each lender has their own clauses, and you could be eligible under a variety of them.
You can also use a site like Mortgage Quote to show the amount you could borrow and what kind of deposit you’ll likely have to provide. This can make it much easier to secure the mortgage you need. After all, you know what it’ll take, and how much you’ll need to adjust your budget or save for a deposit. Moreover, if you work with a professional mortgage broker, you’ll be in with even more of a chance. They may even be able to tell you why you were turned away, or what your exact chances of getting a mortgage really are.
The Trickiness of a Sale
Getting through a sale can be very tricky. After all, things tend to go wrong, and with legal elements wrapped up in the parcel, it can take ages for the deed to arrive at your door with the keys. If this is your first time, the stress can put you off for life.
And sometimes the seller pulls out for an unknown reason, even if you’ve already paid up, and that can be incredibly frustrating for multiple reasons. You lose out on the house, you don’t even get to find out why, and you can even lose your money as a result. That makes it much harder to keep on trucking and find a new place to live.
Are you prepared for all the ups and downs being a homeowner will bring?
