(BPT) – When it comes to buying a home, the beauty of the process is truly in the eye of the beholder. Some people see the opportunity to start a new life, live their dreams and make memories that will, quite literally, last a lifetime. Others get caught up in the problems associated with the home purchasing process, including its myriad pain points, some of which are listed below.
Whichever path you follow, buying a home should be one of the most exciting moments in your life, so follow along to see which pain points in the process you might encounter, and what you can do about them.
1. Packing and moving
According to research from loanDepot, almost 66 percent of respondents listed packing and moving as one of their biggest moving stressors. To combat this problem, start packing early and you’ll avoid the mad dash at the end. You should also seek friends to help you move your items with a promise of a party at the end. The money you spring for pizza will be well worth it.
2. Timing the move
Timing is crucial during a move, so it’s no surprise that 63 percent of those surveyed listed it as one of their greatest stressors. To take the stress out of your situation, it helps to plan for a delay. Rent a storage locker or set up a relative who can host you in a pinch just in case things don’t align as you plan. Plan for the worst and chances are you won’t need your backup plan.
3. Not selling your home quick enough
This is often a product of supply and demand, but your real estate agent should be able to give you a realistic expectation of when your home should sell with current market timing based on realistic comps available in your region. Be honest with them as to when you need your home to sell and be ready to lower your price if absolutely necessary. If getting rid of your old house is paramount, lowering your price to its minimum acceptable value can help make that happen.
4. Coordinating the inspections and paperwork
Inspections and paperwork take time, so your best bet here is to make sure you have time available and protected on your calendar. Once again, your real estate agent can be a valuable resource to guide you through all of the paperwork and inspections that must be completed. They may also have some advice on who to contact to hurry the process along. Once you’ve got the proper information, reach out immediately. The sooner you make contact, the sooner you can get on their calendar and get this necessary work done.
5. Not being able to meet your financial obligations
Whether it’s the down payment for your home or the mortgage itself, buying a new house carries with it a considerable financial obligation — probably the largest you will ever enter into — and that’s certainly cause for stress. Since it’s such an important purchase, not any loan will do. You want to find the best loan opportunity you can. loanDepot can help. loanDepot matches borrowers through technology and high-touch customer care with the credit they need. This allows you to use loanDepot to look for potential loans outside your immediate market and even compare loans to find the best plan for you — a must with a purchase as important as your new home. So don’t delay. Connect with our lending experts today and take some of the stress out of your homebuying process.