Buying a home can be one of the most rewarding experiences you’ll ever have. You get to explore all the options out there, dream about what you can do with the place and finally live that dream after closing day. It’s a long process at times but it’s well worth it. That said, the buying process can also be quite unpleasant at times. You’ll encounter a lot of bureaucracy, have to deal with unpleasant situations like a financial audit, and, sometimes, have to deal with unreasonable sellers. It’s all part of the game though so if you’re ready to buy a home, then you need to know what’s in store. Here are five unpleasant facts about the home buying process. You might not encounter all of them but it’s better to be mentally prepared in case you do.
You will be fooled by online listing photos
Every home seller wants to find a buyer so they can be somewhat forgiven for posting slightly inaccurate listing photos. This is something you have to accept and get used to. You’ll see many photos on listing sites that will make you think – oooh, that looks nice. Unfortunately, reality will upset that notion more than a few times once you see a place in person. Don’t lose heart though. Try to think of listing photos the same way you’d think of profile photos on a dating website. It won’t be until you’re on-site that you’ll notice the imperfections.
Multiple offer situations are a shot in the dark
Even if you’re aware of “multiple offer situations” you won’t know the full extent of the term until you’re in one. This occurs when you’ve made an offer on a home only for your agent to call you back and explain that there are now several offers from other interested buyers. You now have to make your best and final offer or walk away. The problem is that you can’t know what others are offering. You can either take a shot in the dark and risk overpaying or go back to the drawing board. It’s not a nice situation to be in and will test your commitment to buying a home.
Shopping for a lender can be just as frustrating as shopping for a home
If you’re in need of financing, then you’ll want to shop around for the best rate. This can be a bit frustrating as you’ll have to go through the same process several times before finding the right one. It can also feel very intrusive and uncomfortable letting a stranger in on your entire financial situation. It can’t be avoided though and if you want the best rate then you have to spend some time on this. A difference of 0.5% can be a world of difference in the long run. Also, take account of what the final lender costs and fees will be.
You will change your mind
When you start your home search you’ll probably have a list of priorities that you’ll want in your new home. For instance, a great school district, a spacious backyard, and a location close to downtown. However, once you start looking you may find that your criteria are incompatible. You’ll either have to drop one of your priorities or call off the house hunt until you can spend more. If you’re ever going to find a home, you need to be flexible and open to new ideas. What you get might not be what you initially wanted but you may find that it’s what you really needed in the first place. By the end of it all you’ll be glad you changed your mind on certain things.
The home inspection will almost always find problems
Home inspections are a bit of a pain, but they should never be forfeited. You’ll never know the real state of a home until the inspector has had a look. Most home inspections will find some problems and you’ll need to address those before you can go any further. Non-functional outlets, mold, and roof problems are some of the most common issues. If you included an inspection contingency in the contract, then you can expect the sellers to fix the problems before the sale can proceed. But don’t expect them to be totally reasonable. They can still refuse to fix certain issues and then you’re back to square one. This is frustrating but stick to your guns. You can always find another home.
The home buying process can sure come with a lot of loops and frustrations. But don’t let that deter you. Once the closing day is finished you can look back at it all and say that it was all worth it.