Most Americans would rather buy a home than rent one, according to a LendingTree survey. But according to a recent study from Clever, 28% of recent homebuyers found purchasing a home more difficult than they’d expected. That figure jumped to 36% for first-time homebuyers.
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Keep reading to learn the eight biggest reasons homebuying is hard, plus tips for overcoming those challenges.
Why It’s Hard To Buy a Home
Some of the top reasons involve market conditions, which are out of buyers’ control. Others suggest that buyers are simply unprepared for the timeline, complexity and total costs involved in the homebuying process. Here are the top eight reasons it’s hard to buy a home, according to Clever’s survey.
- Lack of available homes (cited by 34%)
- Paperwork was overwhelming (32%)
- Process took longer than expected (31%)
- High interest rates made it more expensive (31%)
- Homes are too expensive right now (29%)
- I exceeded my budget (28%)
- Unexpected fees and costs (27%)
- Too much competition (22%)
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How To Overcome Difficulties of Buying a Home
Here are some tips that can help you overcome the difficulties of buying a home and help ensure that you’re happy with your purchase.
Use an Experienced Buyer’s Agent and Mortgage Representative
The Clever report listed overwhelming paperwork as the second-most common difficulty in buying a home.
Your buyer’s agent and mortgage representative prepare all the forms and explain each one to you before you sign. Experienced ones also anticipate what you’ll need to submit, including income, assets and other documentation.
Set Your Budget and Stick With It
Your mortgage loan preapproval, which you should have before you start touring homes, will tell you how much you qualify for. Your budget equals that amount plus the cash you have available for your down payment, closing costs and inspections.
If you don’t have enough for the type of home you want, consider these options:
- Compromise on location, home size or other price factors.
- Ask the sellers to contribute to closing costs.
- Apply for down payment assistance.
- Put off buying until you’ve saved up more down payment money.
Use Your Time Efficiently
Restrict your search to homes within your budget. While you’re looking, gather documents you’ll need for your loan application so they’ll be ready when your mortgage representative asks for them. Better yet, use a loan with a fully underwritten preapproval — you’ll do most of the work in advance.
Once you’re under contract, follow your agent’s and mortgage representative’s instructions and requests to avoid unnecessary delays.
Make Competitive Offers
A strong offer gives you an edge in any market. But it might require risky compromises.
- Offer more than the asking price. Just be sure you can spare the cash if the loan won’t cover it.
- Make a large earnest money deposit. As long as you adhere to the terms of the contract, you’ll get the money back if the deal falls through.
- Waive contingencies. Contingencies let you back out of the contract under certain circumstances. Waiving them could help get your offer approved, but you could forfeit your earnest money if you terminate the contract.
- Be flexible with the closing date. Agreeing to the seller’s request to close quickly or delay closing could help you seal the deal.
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This article originally appeared on GOBankingRates.com: 8 Biggest Reasons It’s Hard To Buy a Home in America (and 4 Ways To Do It Anyway)
