Everyone experiences things differently, and that includes buying a house. You may think one element or purchasing a home is hard, while someone else could find another more challenging.
With that being said, in general, the following are some of the things many people say are most difficult when they’re buying a home.
Home prices have been soaring since the pandemic. Homeowners say even after they’re able to purchase a property, when they look back on the experience, the prices were the most challenging part of everything.
In certain markets currently, major bidding wars are going on, especially for starter homes but often for properties across all budget ranges. There’s a limited inventory of homes, people are afraid to sell because they don’t know if they’ll find something else, and mortgage rates remain at record lows. All of these factors can make it feel impossible to buy a home.
When you decide to buy a home, you may find the paperwork most challenging, although how hard this is depends on the type of loan you’re applying for and your job and financial situation.
For example, if you’re self-employed, the paperwork and loan process itself can be more difficult. You’ll have to show several years of tax returns and bank statements, just to start.
As you’re waiting to finalize the loan, you may find that it creates a lot of anxiety. Your loan often isn’t finalized until just a few days before you close. You have to wait in limbo until the last moment, and you may not have a clear idea of what’s happening with it during this time of uncertainty.
You may not realize it until you actually start the process but buying a home can be highly emotional in different ways. You might find yourself falling in love with a house that’s way out of your budget for example, and overspending. When you work with a great realtor, they can help you stay objective so you don’t put yourself in a precarious financial situation because of your emotions.
It’s easy to start to feel overwhelmed and discouraged when you lose out on a house as well.
You overall have to learn how to manage your expectations when you go into the home-buying process. You have to prioritize the most important things and be ready to walk away if something like a bad inspection happens.
Saving for a Down Payment
The down payment is related to the cost of the home you plan to buy, and it’s one of the biggest hurdles to buying a home. It can be incredibly challenging to save for a substantial down payment when you’re already paying rent.
If you’re buying a home with your partner, agreeing might end up being the hardest part for you.
You may have an ideal home in your mind that’s completely different from what they have in mind. You could fall in love with something that your partner says absolutely no to. It can be challenging, but you can void some of these pitfalls by having in-depth discussions about what you both want early on.
Many of the other hardest things about buying a home can be navigated by an experienced real estate agent—that’s what they’re there for—to make things easier on you and bring their expertise to an otherwise stressful situation.