Buying a real estate property is a safe bet and a reliable option for investment. However, the process of purchasing that property is never a piece of cake. Buyers face numerous problems while buying homes, even in the most stable and secure locations. Here are some of the top issues that most of the home buyers faces and a few solutions to solve them.
- 19% of the buyers found unexplainable delays due to red tape and others
- 18% found it hard to find a suitable property for their budget and liking
- 13% ended up buying properties in poor conditions leading to piling up of renovation and maintenance fee
- 12% had difficulties regarding the delayed completion date.
- 10% had problems in procuring loans
- 10-7% had issues with surveyors, removal company, conveyancer, and others.
According to a survey conducted over property purchases happened in the past three years, three out of every ten purchase deals have gone through one or more of these problems. Does this mean you should choose a real estate agent to buy St. George houses for sale? Yes, hiring a real estate agent can smooth things up, but it does not guarantee you 0% problems.
As you noticed, 10% of buyers had problems with funding. Over the past few years, the government introduced numerous criteria tightening up the loan process, especially mortgage. Each bank has its own set of criteria over and beyond the credit score. Before you select houses for sale in Utah for buying, talk with banks and learn about the loan amount you could procure, interest rate, down payment options, and so on. Most people first choose a home and then spend time with banks, causing a delay in the process.
Finding the right area with stable growth, safe neighbourhood, school system and others like Utah, is not an easy option. Those who are looking for houses for sale in St. George Utah need not worry about growth and security of the region. The next factors are the value of the home, checking for the quality of the house, and a perfect fit for your dream house. Learn to compromise in certain areas. Unless you build from scratch, it is next to impossible to find a home that fits your dream accommodation. There is nothing wrong is being choosy, but be realistic too.
Seller related problem
Do you know in the past three years, 9% of the sellers pulled out the deal before the sale? Home is a sentimental factor and your seller getting cold feet is quite common. In some cases, sellers sell the house to make money for buying a house somewhere else. If their purchase plan falls down the roof, so does the selling of their current home. There can be numerous reasons as to why the seller could pull off the deal at the last minute. The law does not obligate the seller to complete the deal just because he listed his house in the market. Until the final minute of the transaction, anything can happen. Prepare for everything.
Played by fellow buyer
7% of the home purchase deals fell off because the seller found a better buyer with a higher price tag. Most of the buyers feel tempted to bargain and raise their price, which is usually not a good option. Your first step towards buying a house is planning a budget. When you find your seller backing off because of another buyer, do not offer a higher price, thereby increasing your loan amount, interest value, etc. Do you know that the loan you take can affect your retirement fund if you do not plan properly? There are numerous houses for sale in Saint George Utah. Please do not feel tempted to buy that house, just because someone galumphed over your offer.
Do you know that a considerable amount of these problems can diminish if you play it right by planning and having the proper knowledge? To avoid problems or delays with the removal company, you ought to hire a reliable service provider. You can decrease the conveyancing time by hiring an excellent real estate agent. Conveyancing is a real-estate jargon used for works that occur between acceptance of the proposal and the actual transaction. This work includes contracts, paying/calculating stamp duty charges, land registry process, and so on. In such cases, a reliable real estate agent can speed things up.
In problems, which are over and beyond your control like unable to find the right property, delay in loan processing, and others, the only reliable advice is to be patient and resilient. It is not an easy task to own a house. The demand for budget homes in growing areas like Utah is increasing. Thus, it is time to act as fast as possible before the economy becomes favorable for the seller (more buyers in the market will give a competitive edge to the sellers).