Top 5 Challenges First Time Home Buyers Often Face
Top 5 Challenges First Time Home Buyers Often Face
Looking for Candlewood Lake homes can excite any buyer. However, the whole process can also be stressful especially if you are a homebuyer for the first time. To achieve success with your dream of owning a home, you need to have a clear understanding of the steps that the home buying is comprised of. Most importantly, you need to know the challenges that you will be facing along the way.
Here are some common challenges that first time home buyers face:
Credit Score
Credit score refers to the three digit number calculated from your date-rich credit report. It is one of the factors used by lenders to determine your creditworthiness for a mortgage. It is a numerical representation of how wisely consumers have managed their finances. Consumers who pay their credit-card bills late or miss car payments have lower scores than those who pay all their bills on time. Credit scores can be a challenge for first time buyers, especially those who do not have long, established credit histories.
Getting approved for a mortgage
Not everyone is able to pay for their first home in cash. Even before you start searching for lakefront properties in Candlewood Lake, you need to get pre-approved for a mortgage. If you are really serious about purchasing a home, then you should work on getting a mortgage pre-approval. Keep in mind that your offer will most likely be rejected if you do not show a pre-approval letter from your lender. Although it is not yet a loan commitment, having a pre-approval is a prerequisite for sellers to seriously consider your offer.
Searching for the perfect home
Before you start shopping for homes for sale in Candlewood Lake, you need to write your requirements down on a piece of paper. What does your perfect home look like? Which features are necessary and which ones are negotiable? Remember that no single home will meet all your needs and wants. In fact, a house may have shortcomings. When you are out there evaluating homes, just remember that location is important and a home inspection must be done. Room count matters more than room size and a home’s structural integrity must be unquestionable.
Staying within a budget
Buying a home is a big purchase and a major decision. Most first time home buyers find it hard to stay within the budget. Whether you are going for a brand new house or an existing one, you should practice discipline and avoid going over your budget. If you don’t, you can easily get yourself in trouble. Before you start your house hunt, determine how much you can afford. Steer clear of bidding wars and avoid comparing yourself to your peers. Refuse to look at homes that are not within your budget. If you can’t find any yet, don’t despair. Wait for some time and it won’t be long before a house you can afford comes your way.
Going at it alone
There are some first-time buyers who are on such a tight budget that they look for ways to cut expenses whenever they can. Some of them try to eliminate a real estate agent and a lawyer from the scenario. They rely on the listing agent for help. However, the listing agent has the best interests of their client at heart, not the home buyer’s. Buying a home is not something you should go alone. It is always better to have the help of experienced professionals.
Check out www.CandlewoodLakeHomesforSale.com today for more tips on how to sell your home fast and for the best price.
If you want to work with a real estate professional who can assist you in buying or selling Candlewood Lake, Lake Lillinonah homes, Lake Waramaug and Lake Zoar real estate, call me, Deborah Laemmerhirt, at 203-994-4297. I have the knowledge, expertise, and tools to help you close that deal.
