The 4 Worst parts about buying a house
One of the biggest things you may do in your life is buy a house. Many people have spent much of their lives dreaming about becoming a home owner. While there are many benefits to purchasing a home it doesn’t mean it’s not a tough process. In our current market particularly, buying a house can be a frustrating maybe even demoralizing process. However, knowing how to prepare your self for the challenge and possible let downs will help you make a smarter buying decision overall.
Here are 4 of the worst things about buying a house
1 Dealing with high prices
Some markets are affected more than others but across the board home prices are at historic highs right now due to many reasons from ridiculously low inventory to inflation to supply chain issues. The toughest part is the home you may have been able to afford in past markets isn’t within reach in todays market.
2 Avoiding Overbuying
Taking into consideration the high prices buyers are faced with in todays real estate market it’s important to make sure you’re not overbuying. Overbuying is not uncommon because when many people buy homes emotions can run high, clouding their judgement and increasing the chances of making irrational decisions. Especially true with those purchasing their first home. Many home buyers begin the process with a clear budget in mind, determined to stick with it until they get into the heated, competitive marketplace and fall in love with a home outside of their price range. Once they develop an emotional attachment to a home it’s becomes easier to spend more than your original goal or worse, pay more for the house than it’s actually worth. As difficult as it may be, It’s important to keep your emotions under control
3 Being in a bidding war
You’ll soon realize The hot housing market is producing bidding wars everywhere right now. Even cash offers at full price are quickly outbid and the market is so competitive it’s easy to allow that emotional issue we just discussed to creep in. Just because you win the bidding war doesn’t necessarily mean you came out the winner… if you end up paying more than the house is worth did you really win? There could be financial implications as well if you bid the price up because you still need to qualify for the loan or pay the difference out of pocket to stay in the deal. Losing bidding wars over and over again can be frustrating and even make you fell like you may never get into a home.
4 The Paperwork
When you are applying for a mortgage to buy a home you’ll find out quickly how complex and burdensome the paperwork can be. And it varies based on the type of loan you are getting and your financial situation. Self employed borrowers have it even tougher and you will find that the loan process is the worst part of buying a house. AS you wait to finalize your loan you may begin to feel anxious about everything and the loan might not be completely approved until a fews days prior to closing. This can bring feelings of uncertainty and of being in limbo throughout the process.
I don’t tell you all this to discourage you from buying a home but to help you be prepared for what is to come and prepare you for the journey so you can make the right decisions. While there are certainly downsides to the home buying process, in the end you will find that toughing it through will be well worth the sacrifice.
If you bought a house in the future I would love for you to add to this list whether the experience was good or bad… drop your thoughts in the comments section.
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Mike & Cindy Jones, Jacksonville Real Estate Agents, Berkshire Hathaway HomeServices Florida Network Realty
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