What Makes Buying A Home Confusing?
We all know that the process of buying a home can be confusing, especially if this is your first time getting onto the property ladder. There’s a lot of legal jargon you have to get through, and combat estate agent techniques that are less than helpful, and it’s definitely hard to find a property that has everything you want from the market at large!
But that’s something we can change. The housing market doesn’t have to be the big, confusing, and even daunting place it usually comes across as, especially when you know what you’re up against, and when you’re prepared to negotiate for the house of your dreams. So let’s go through the most confusing parts of the process below.
The process of buying a home can take a very long time, but why exactly? You find a house you like, and you have the budget and mortgage to cover the cost – what’s the hold up? Well, it’s mostly due to the legal side of things, because you need a solicitor on your side to deal with the legwork.
And then it’s up to the seller to get back to you on time. Sometimes they do, sometimes they don’t – unfortunately that’s something you’ll have little control over, and it all depends on how prepared their own paperwork is. Then the local search has to be undertaken, and that can take nearly a month to get through.
A buyer agreement can be one big sheet of legalese that seems to have absolutely no relevance to your life and the market at large! And because of this, it can often be the most confusing part of buying a house. How are you supposed to read this through and agree to it in good conscience? You can barely understand it!
But there’s a real knack to understanding it, and all you really need is a ‘legal dictionary’ to help you out. Either that or use legal translation services to get a full report drawn up for you, that’ll help to cut the translation time down. Most of all, you’re looking for what you need to do, and what responsibilities the seller has to keep to, and never be afraid to ask when something seems shoddy or just unclear.
Finally, we have to talk about the fees associated with buying a home, because it’s not just the price of the home you’ll have to fork out for. You’ll have mortgage and lender fees to deal with, which you probably are already aware of, but you’ll also have to pay for a survey, and maybe even stamp duty (depending on the purchase price of your home). Understanding how your budget will be able to deal with these is key; you need to be prepared for going over your budget by at least 25% here.
Buying a home can be very confusing, but it can be laid out quite neatly when you break it down.