The process of shopping for a new house is one that is often exciting and overwhelming at the same time. For many first-time homeowners, it is the time to explore new possibilities, which sometimes comes with a flood of emotions. On the downside, shopping for a house is complex and requires time, patience, and determination. Since there are several challenges, it’s easy for one to get off track. Nonetheless, this article will enlighten you on the 5 issues that shouldn’t scare you away from buying your dream house. Without much ado, let’s take a look at the issues:
Table of Contents
High Down Payment
High mortgage down payments are one of many people’s top obstacles when shopping for their dream houses. When buying a house through a mortgage, it’s always recommended that you pay a 20% down payment. Depending on your agreement with the seller, you may even pay less than that amount. However, if you find the down payment too high for you, you shouldn’t be discouraged. Whenever there is a will, you’ll definitely find a way. You can opt for government-insured loans, borrow from a friend/relative, or take a 401(k) loan to cover your down payment.
Age of the House
Sometimes, you may come across a house that meets most of your demands, such as close proximity to college, social amenities, work, or good healthcare infrastructure. Everything else may look good in paperwork. However, after visiting the house physically and doing some inspection, you finally realize the property is too old to meet your other demands. Well, in this case, you shouldn’t be discouraged. Instead, you can think of renegotiating further to lower the cost of acquisition. The intention here should be to secure the house at a low cost to enable you to do a major renovation and bring in upgraded and modern features and outlook.
Number of Bedrooms
When shopping for a house, one critical factor that will be lingering in your mind is the number of bedrooms. The majority of families prefer houses with two to three bedrooms, depending on the size of the family. However, if the house is a single-family home, then the number of bedrooms shouldn’t scare you away. This is because single family homes do provide homeowners with extra space for expansion. Therefore, as your family grows, you can always build out other bedrooms or playrooms.
One of the major turn-offs for most house buyers is pest infestations. After doing your physical assessment of your potential new home, you realize the property houses legions of uninvited guests. Well, these issues shouldn’t hinder you from buying the house you’ve always dreamed of. Instead, you can go ahead with the purchase and hire a professional exterminator for long-term pest control and prevention.
Poor water control systems can influence the purchasing decision within a flip of a second. Nobody wants to live in a place where water constantly infiltrates into the roofing, basement, or foundation. While poor drainage is a serious concern, it is something that can be repaired once and for all. However, before you make the purchase, you may want to inform the seller so that they can take it into account when making negotiations.
Investing in a new house is one of the most expensive but worthy endeavors. For first-time homeowners, it takes patience, determination, and time to shop for the house of your dream. While the hunt isn’t always a smooth sail, it’s easy for one to lose track. Nonetheless, if you want to remain focused on your goal, you shouldn’t let the above-mentioned factors pin you down. As long as you see some potential in the house, it’s always worth giving it a try.