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Buying property is known for being stressful. Many people enter the house buying process feeling enthusiastic about selling their current home and moving on into their perfect property. Unfortunately, the process is rarely this simple and clear-cut. For many people, property buying can not only be stressful but also full of unexpected challenges along the way. Being aware of potential issues is the best way to help prevent them, but knowing how to do this isn’t always easy.
If you’re planning to sell your home and to buy a new one, being aware of the following common homebuying issues should help to make navigating the process a little bit easier:
Getting Stuck in a Chain
One of the most annoying parts of buying a property is being stuck in a chain of other buyers and sellers. If you find yourself in this situation, you will know that a chain can delay the housebuying process by weeks or even months. This is a frustrating scenario to deal with, but unfortunately, it is a common issue.
Being in a chain can be even more infuriating when you’re desperate to move as soon as possible. You may be concerned that all the delays will result in you losing the dream house that you had hoped to buy. This is certainly a stressful situation to be in, but thankfully, there is a possible solution to this issue.
You may decide to break the chain and to put an end to the long wait for the buyers of your property to reach a stage where they’re ready to proceed. This is something you can achieve with help from fast bridging loans. A bridging loan can help you to cover the short term gap while you wait for your existing property to be sold. This can help you to ensure that you don’t miss out on the property that you’re hoping to buy, and at least relieves some of the pressure while you wait for the sell of your existing home to complete.
Spending Too Much
Everyone wants to get the best house that they can afford. However, it’s essential to exercise some caution when doing this. Working out a sensible budget that you will be able to easily afford is vital when buying a house. No one wants to spend every month worrying about how they will make their next mortgage payment, but this can happen if you stretch your budget too far.
To avoid money issues once you’ve purchased your house, it’s crucial to consider whether you will still be able to afford the repayments if mortgage rates rise. It’s also important to carefully calculate the bills associated with living in the house and ensure they’re affordable.
Don’t forget to ensure that you also have enough money set aside to cover the cost of the fees and extra expenses that are associated with buying a property. The last thing you want to do is to start life in your new home worrying about money issues.
Discovering Property Faults
As your home is likely to be the biggest purchase you will ever make, it’s natural to want to ensure that it’s looking its best and is in great condition. So, moving into a property and discovering a whole host of issues can be an incredibly distressing situation to find yourself in.
There are numerous faults that properties can experience. From subsidence to damp and structural cracks to electrical problems. Each of these can be extremely costly to repair and may potentially harm the value of your home.
While there will always be some risk associated with buying property, you can help to minimise the chances of accidentally purchasing a home with multiple issues. Ensuring that you always view the property at least once before you make an offer is the first step. During your viewing, it’s important to look out for any tell-tale signs of issues such as damp and to keep your eyes peeled for cracks, and other signs of potential structural problems.
As well as using your own observational skills when looking around the house, instructing a professional surveyor to carry out a property check is also crucial. When purchasing a property, it’s normal to want to keep your costs as low as you can as it is without doubt an expensive process. However, a professional survey may cost you money now, but if it detects extensive faults now, it can save you vast amounts of cash in the longer term.
