5 Common Problems Faced By Home Buyers Buying Guide

A new homeowner should treasure the thrilling and fulfilling experience of purchasing a new house. However, if something goes wrong because of typical difficulties you can encounter as a first-time home buyer, it can be frustrating and intimidating. Therefore, being completely prepared and aware of the nagging hurdles is one of the most important tasks in buying a house. This can either assist you in avoiding issues altogether or resolving them more swiftly. Today, we've put together a list of the most common problems prospective home buyers run into, along with some helpful advice on how to deal with them and reduce stress.

1) Difficulty in deciding a location 

Deciding on location is not as easy as it seems. Choosing the location of the house is one of the biggest challenges a home buyer encounters online, there are tons of tips on how to pick the perfect site. There isn't, however, a general principle. Few home buyers would rather spend a significant sum of money on a little apartment in a prime location inside the city than on a reasonably priced, roomy house on the outskirts of the city. You must carefully select a location that will meet your needs and also consider the appreciation rate of the selected location. 

2) Property titles

Every prospective homeowner should review the documentation to ensure that the property titles are clear and it is RERA registered. The fact that many real estate agents or property owners themselves can convince us to acquire the property even while the title is unclear makes this a very difficult situation. Many property owners assert that a relative who shares ownership of the property will never cause an issue unless the house is sold with the approval of all parties concerned. This frequently results in legal action or a pricey settlement. As a result, obtaining a property with clear titles is a major challenge. 

3) Budget and bank loan

Finding a perfect house within one's budget is a difficult task. The type of house and location you can choose are both determined by your budget. Few buyers have the funds necessary to cover the whole cost of the home. Most home buyers make compromises on the house because they do not have enough money to buy the house they want.  When banks fail to provide a good bargain, their dream of owning a home is put on hold. Make sure the property you have chosen is accepted by the bank before submitting an application for a loan to purchase a home. Due diligence performed by the bank serves as a warning sign concerning the property's legal viability, hence this can also be viewed as a red flag.

4) Selecting a real estate broker wisely

When determining whether to buy a house, the first question that comes to mind is whether or not a real estate agent is required. The biggest mistake first-time homeowners make, in my opinion, is not being selective and attentive about who they choose to represent them. They frequently pick a friend or relative without recognising the difference a skilled ethical agent/broker can make. Choosing badly can cost you big time. Hence, hiring a verified real estate agent can ease your home-buying process.  

5) Appreciation rate

Search for the most recent selling price of the property in which you are interested and make an educated guess about its pace of appreciation. This can assist you in figuring out what returns you should anticipate if you decide to sell your investment after a particular amount of time. Consider the numerous growth factors, such as any infrastructure developments or renovations, that may have previously driven up the price of real estate.

These are only a few of the challenges that prospective house buyers face. Other common problems include property approval by banks, bad credit, and misleading claims made by developers and builders. 

The entire process of searching for your dream home can go sour, if you are unable to find a project that you like or if you choose a particular project, only to be disappointed a few years down the line. Start by making a list of all the factors that make your dream home. 

Purchasing a home is both a financial and emotional decision. You need to look for a property that not just fits your pocket but one that is also close to your heart. After all, a home is where the heart is. Overall, the thing that you need to remember when buying your dream home is that it certainly is a huge step, but it is a step in the right direction and with the help of the right agent, family and friends, you can find a home that best suits you.