Buying a property is an exciting moment in life but it can make your life worse when things go wrong. In its annual survey of property buyers, which? Mortgage advisers found that two in three of those that had bought a home in the last two years experienced problems.
Common Problems of Buying Property:
Finding Suitable Property:
One of the biggest problems property buyers faced was actually finding a suitable property like when you buy a home you have to make it clear that this home will give you comforts or anything which you want because you have to move there also. If you are struggling to find a home in your ideal area that contains schools, good environment, price it might be worth exploring other neighborhoods to find the perfect fit .example if you want to buy property in another country like Canada you have to be their permanent resident and you could be permanent resident through applying some programs like express entry program.
Delays in the Chain:
Delay in the property chain provided the most common gripe, with nearly 19% home movers affected by this issue when they buy a home. A property chain occurs when the seller is also buying the property themselves it means more than one home is involved in a chain of transactions. The longer the chain the greater the chances of delays and problems.
Confusion Over House Surveys:
Surveys were cited by 7% of home buyers as causing problems when buying a home. Getting a survey of a home you want to buy can tell good condition unless you haven’t visited any other when you compare your home with another one then you think why should not I survey some other homes. As many as you get surveys, it would become more complicated because there is a house you visited and you said that too good but you will I should survey some more houses maybe I can get better than this so you will search for another one and so on.
Conveyancing is the legal work that goes on in the period between your offer being accepted and the completion of the sale. Your conveyancer will things like stamp duty charges, collecting and transferring money etc.so it is important to find the right conveyancer.
If you are applying for a loan to own a property, make sure the property you have chosen is approved by the bank. There is a chance that your seller doesn’t approve of the home. The reason can be the age of construction or illegal property or maybe any other reason.
Property Titles are Clear:
Clear property titles are not just important for bank loans but also for future selling. If you are an investor you have to think the exit the property after some period of time.
Gazumping is where a seller accepts your offer on a property, but then drawback because another party gave him/her a better offer