For most people, finding a new home can be a very stressful situation. Some folks can literally see hundreds of houses before they find one that suits their needs, wants and their budget.
Unfortunately, finding the home of your dreams may be one of the least stressful parts of the process. Unless you are relying on the expertise of companies like home builders in Tampa to custom build the house of your dreams, you may have to walk through hundreds of homes before finding the perfect home which is a stressful process. Several other elements of this process could have you biting your nails before it’s all over. These are five of the most stressful parts of buying a new home.
Qualifying for a Home Loan
Financing your new home is a delicate process. Though many people will talk to their bank or other lending institution before shopping for a new home so that they know how much they will have to spend, some people do not initiate the loan process until they are ready to purchase. At this point, you may not be able to qualify for the home you want based on your credit or earnings versus the house's cost. Some people may have to apply to multiple lenders just to find one that will finance the purchase.
Once your home is under contract, it will have to be inspected. Although you can ask for damage or repair disclosures before committing to buy, there are often issues that the sellers aren’t aware of. Structural damage due to leaking foundations, roof repairs that need to be done, plumbing and electrical issues are all things that could be found during an inspection. If needed repairs are found, the buyer and seller may have to go back to the beginning to finalize the deal. You don’t want to foot the bill for repairs and the seller won’t likely either, so both of you will have to come to an agreement.
Underwriting a New Home Purchase
Though many people don’t even think about this part of the procedure, underwriting happens after you and the seller have contracted for the sale and the home inspection has taken place. If you have had any changes in your credit or the home has been appraised at a value lower than the amount you have agreed on, you may have issues with underwriting. This could send everybody back to the drawing board.
Balancing Moving Out and Moving In
Once your purchase of a new home is made, you could end up with a scheduling conflict when it comes to moving out of your old place and into your new one. If you have sold the home you are currently living in, you may have to leave it before your new place is ready. Renters may have not given enough notice to their landlords and may find that their lease ends before they are able to move into their new home. Some people end up temporarily setting up house with family or friends or checking into a hotel until their new home is ready.
Change in Finances after Buying a New Home
So after you’ve bought and moved into your new home, you suddenly realize that the buffer between your checking and savings accounts in smaller than ever. Situations like painting rooms in your new house or purchasing new equipment may come up. Those problems can be troublesome and take a chunk out of your budget. It is best to prepare for these sudden changes and be ready for the worst.
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