Buying your first home is incredibly exciting, but it can also come with a variety of struggles that you may have difficulty getting through. Understanding the hurdles that most first-time homebuyers have to deal with can help you to prepare to purchase your first home in a positive way. Here are a few of the main hurdles you might face on the way towards buying your first home.

Inexperience

Buying a house might seem like it would be simple, but it can actually be relatively a complicated process and if you have never done it before, it can be very overwhelming. There are many elements that go into buying a home, and if you don’t know about them you may end up with a sale that falls through or a home you are unhappy with. A realtor can help you to navigate the process so that you can have an experienced professional to balance out your own lack of experience.

​​Getting Approved for a Loan

Another thing that people struggle with is simply making sure that they are able to get a loan in the first place. Young buyers sometimes lack credit or employment history, which can make it very difficult for them to get approved for a loan. Luckily, there are some loans designed specifically for first time homebuyers. In fact, first-time homeowners have a variety of loan options to choose from. Do your research and talk to your realtor so you can find a loan that makes sense for your financial situation and the home you want.

Coming Up with a Down Payment

Saving up the money for your down payment can take a lot of time and dedication, especially if you want to have a 20% downpayment. If you qualify for an FHA or USDA loan, you can often avoid this struggle because it requires a much lower down payment. Your realtor once again can help you to learn about the various kinds of loans available so you can put together a down payment that will be competitive and work with a loan you qualify for.

Your first home can be a place that you truly love, if you carefully navigate the home buying process. Getting help from a professional is a good starting point that can help you to understand what you are doing even better. Now is the time to start planning for your new home.

Check out this article on what you can do with your own home that you can’t do while renting!