Buying a home, whether in Uk or anywhere in the world, is an exciting and self-fulfilling life event everyone should cherish. However, this is not always the case because of the several challenges involved in buying a home. These challenges affect everyone regardless if you’re a first-time property buyer or not. Studies have shown that more than 50% of home buyers experience obstacles in the home buying process. Consequently, one of the vital steps in home buying is to get prepared for these obstacles.
A decent real estate agent can help you to locate the right home, guide you through the process and negotiate the cost for you. However, that doesn’t mean you won’t have other nagging obstacles involved in buying a house.
Because we understand how the industry works and don’t wish for you to go through unnecessary stress to get your dream home, we highlight some common issues you may face and recommend how to solve and avoid them.
Getting a Mortgage
Unless you won the lottery or you’re very wealthy, you’ll probably need to get a mortgage. However, the process of getting a mortgage can be stressful if you don’t understand the basics. 10% of home buyers mention that problems in getting a mortgage stressed them out when they were buying a home. Lenders make it tough for borrowers to secure a loan deal. Borrowers are taking the stress in an application to the point of having to prove that they can cope with mortgage repayments both currently and in the future if rates rise.
To avoid this challenge, we advise you to save a bigger deposit and verify if your credit report is in good shape before you apply. Ideally, it’s best to work with a mortgage advisor who’ll guide on how to get the best for yourself.
Satisfying Loan Conditions
This inevitably will get you into an underwriting situation which is frightening to most people. An underwriter will review your file and can make demands. Don’t worry about that; just deliver the documents the underwriter requested. Even after all these, the underwriter can still reject your loan for various reasons.
For instance, let us assume you remarried and your former spouse had owned a home that went through a short sale or foreclosure. If your name was still on the mortgage, you could be disqualified from purchasing a home with your new spouse.
You can increase the odds of being approved by disclosing everything about yourself and your financial records to your lender. It’s also crucial to ensure the loan officer has been in the business long enough to foresee future problems before you get that far.
The process might be complicated and tedious, however, it’s key to you getting the loan you need to purchase your property. It’s ideal to work with an expert that understands how the process works.
A good number of home buyers experience issues with their property solicitor or conveyance. Conveyancing is the legal work that happens between your offer being accepted and the sale completion
It’s vital you get an experienced conveyancer that’ll manage things like collecting and transferring money, stamp duty charges, drawing up contracts etc… expertly.
Finding a Suitable Property
Another big problem faced by home buyers is finding a suitable home to buy. Most homebuyers complain of having difficulties in finding a property that meets their unique requirements, and they end up settling for less.
This usually happens when the homebuyer works with an inexperienced real estate agent who does not understand the local real estate industry.
To ensure you get a home that ticks all your checkboxes, we advise you to research before selecting the real estate agent to work with. This way, you’ll get an expert that’ll help you get properties that’ll perfectly suit your taste.
Some other reasons why buying a home in UK is challenging include sellers getting cold feet, getting dumped (gazumped) after your intending seller receives a higher offer from a different buyer, amongst others.
In conclusion, whether you’re an experienced real estate investor or a newbie, working with a real estate agent and mortgage advisor is crucial if you want to go through the process smoothly.
At Eureka Property, we’ll provide you with individually tailored products and quality advice targeted at helping you get a smooth experience. Our professional support ensures you get your mortgage and have an effortless home buying process. We go beyond the completion of your mortgage to continue offering you an ongoing service of advising you on remortgage products and mortgages, family, income protect etc… so you’re protected against the unexpected.
We offer mortgages for first-time buyers, buy to let mortgages and remortgages, and we recommend mortgages from multiple lenders across the market. Our qualified and experienced team is focused and result oriented, and is ever ready to assist you.