Every year, some 40 million Americans choose to move despite the difficulties that come with it. In fact, after death and divorce, relocation is the most stressful process you can expect to go through in your life. This can be particularly true for home buyers who have virtually no experience and are unsure what to expect. There are several challenges, both mental and financial, that potential buyers will have to overcome if they want to find and move to their dream home.
Where to Live?
Everyone has different preferences, and it can be tough to determine where you want to go when you move. While some might want to head to NYC for the big city life, others might stay near the small town they grew up in to stay close to their family. For those who enjoy the fresh air, moving to Sante Fe, which has the second-highest air quality in the country, could be the top choice. And, of course, career opportunities always play a factor. So taking the time to figure out where you want to go is always an important step for home buyers.
One thing that every buyer will have to do, before even starting to look for new homes, is determine what exactly they are looking for in a home. According to the National Kitchen and Bath Association, 78% of Americans said a new bathroom was an important renovation for their new home, and 87% prefer granite countertops for the best kitchen designs. But there are countless options and interior designs to choose from, and home buyers will have to figure out exactly what they want before starting the search.
The Down Payment
After finding the right house in a great location, the biggest challenge that potential buyers face is finding the money for their down payment. Most conventional mortgage lenders require buyers to make a down payment of 10 to 20% of the final purchase price, which can be quite difficult to handle, especially for new families or individuals who have just begun their career. So finding help, possibly from the Federal Housing Administration, is often a necessity.
Lack of Inventory
Quite simply, one of the biggest challenges facing buyers is being able to find someone selling a home in their price range that they actually like. A home is a major investment, and purchasing one that you don’t feel comfortable with can be a disaster. A Realtor.com Winter Home Buyer Report from November found that 45% of home buyers in the market said that there is not enough inventory in their price range. This means that just finding the right home, even after accounting for all other factors, can be difficult.
Overcoming these, and other challenges is vital for every home buyer. However, doing so and finding a great new home can prove to be highly rewarding. Get more on this here: santafeexclusives.com