One day you wake up and everything can change. You thought the house you bought was perfect. But you discover that all that glitters is not gold and problems start to appear. The rush of the months before and the desire to be able to sleep under your roof have played against you and, overnight, problems have arisen that could have been solved from the beginning.
This may be the beginning of the story of many people who, out of enthusiasm, have ended up making mistakes when buying their first home. Therefore, today we bring you the 4 most common problems and the solution, so that the story that you have just started with the process of buying your home, has a happy ending.
HAVE YOU DONE ENOUGH RESEARCH?
Problem: Not doing adequate research
Not doing enough research on the neighborhood, location and history of the property is a common mistake. It is important to research the safety of the neighborhood, the utilities, the quality of the schools, among other factors. Many people are attracted to the appearance of a house or its price, without considering other important factors that can affect their quality of life and their long-term investment.
In addition, there may be problems with the property itself, such as structural, plumbing or electrical problems, which could require costly repairs.
Solutions:
- Research the neighborhood.
- Visit the property several times.
- Obtain information about the property.
- Have a professional inspection done.
MONEY INVOLVED
Problem: Finding legal problems with the property, such as outstanding debts or mortgages.
Encountering legal problems with the property is a common problem when buying a home. These problems can include outstanding debts, unpaid mortgages, shared ownership issues, use limitations and other legal issues that can affect the purchase process and the property itself.
These legal problems can be costly and lead to a lengthy legal battle that will affect the property you just purchased. Some people may even lose the property after having invested a large amount of money in it due to unresolved legal issues.
Solutions:
- Review the legal documents of the property.
- Verify the legal status of the owner
- Obtain the help of a lawyer
- Obtain a topographical survey
- Conduct a title search
BEAUTIFUL BUT NOT VERY FUNCTIONAL
Problem: Buying a house that’s too small
“Don’t judge a book by its cover,” he says. We can say, “Don’t get carried away just by the outside of the home.” While it may look like your dream home at first glance, inside it may (or may not) hide a thousand wonders.
We know the outside can be wonderful, but you have to look beyond that. Does the house meet all your needs? Does it have all the rooms you want it to have? Maybe the house you’ve had a crush on is just a mirage. That’s why you have to compare prices, styles and be very clear about your goals.
Solutions:
- Be clear about your needs
- Compare homes
- Do not let yourself be guided by the appearance of the house.
- Have a professional to guide and advise you in the buying process.
A SCARE WITH THE BANK
Problem: Encountering problems with financing or mortgage.
Problems may include not being able to obtain a mortgage due to a low credit score, high interest rates, unfavorable loan terms or problems with the approval process. This can be a major inconvenience, especially if you don’t have the financial resources to purchase the property without a mortgage.
Solutions:
- Get a mortgage pre-approval.
- Improve your credit score
- Review the terms of the mortgage
- Obtain financial counseling
