Anyone who has bought a home will know that it’s incredibly challenging experience. Besides the phenomenal cost of homes these days, there are many things which can go wrong. In fact, you routinely hear stories of first time home owners who encounter dozens of problems. These could be issues with the plumbing, electrical system, or simply shoddy construction. In this article we’ll briefly go over these issues, how to avoid them, and what you can do.
Obstacles facing first time home buyers
1. The down payment
The biggest challenge facing new homeowners is securing money for a down payment. This is usually the thing which prevents people from owning a home. Down payments are often between 5-15% of the property’s value – although this may have increased during the pandemic. Many people take years to save up this amount of money and it can be extremely difficult. To achieve this goal you need to be prudent with your money. Start by drawing up a budget. Cut back on non-essential items. Manage existing debts and maximize your savings. You can also sell items you no longer need, or ask friends and family for help.
2. Choosing the right neighborhood
Realise that you’re ideally going to live in the house for years. Your happiness is greatly determined by the surrounding environment. This means you need to focus on more than just the home. Also pay attention to the surrounding neighborhood. This doesn’t only refer to the neighborhood being, “good” or, “bad.”
Also think about things like development plans for the neighborhood. Are the streets by your home destined by become major arteries, or popular shortcuts? Is there a great deal of undeveloped land in the area? What happens on this land, and how will it be developed in the future? Are London home values rising or declining? Take all of this into consideration before buying a home.
3. Fixing up the home
Many people – especially those on a budget – go for homes which may need work. While this is all well and fine, it’s not always a good idea. Very few people understand the extraordinary amount of time, effort, and money which this requires. There may also be unforeseen costs when it comes to labour. This is especially true if you’re hiring people to do the work. You may soon be in over your head, so think carefully before buying a fixer upper. That being said, there are advantages to doing this. Successfully upgrading the home can massively increase its value, and you may be able to sell at a profit.
4. The presence of pests
Another issue which many people seldom think about are pests, according to Diamond Pest Control. Many homes in London, even brand new homes, are often riddled with pests, the company owner Glen tells us. This can include anything from cockroaches, to rodents, moths, wasps, and birds, he says, and pests will cause enormous distress to homeowners. Glen also reminds us that pests can also spread deadly diseases and damage your property.
The easiest way to avoid this is with a pest inspection. This is basically where a pest technician comes to inspect the home for pests. These inspections are cheap, take an hour at the most, and are definitely worth having. With one of these inspections you can discover if there are nasty surprises awaiting you. If this is the case it may be in your advantage. To start, you may want to avoid buying the home. You may also be able to secure a discount on the home, or make the seller pay for extermination services.