1. Coming Up with a Down Payment
One of the first-time buyers’ biggest obstacles is producing a down payment. The standard down payment can be as much as 20% of the purchase price, which can be difficult—or even impossible—to scrape together, especially if you are already saddled with student loans or other debts. In addition, paying such a hefty sum will impact your financial wellness.
If you are having trouble coming up with a down payment, you can do a few things. The sooner you start saving, the more time you will have to reach your goal. It would help if you also considered getting help from family or friends. And finally, do not forget government programs designed to help first-time buyers.
2. Dealing with Unexpected Repairs
Another common issue first-time buyers encounter is unexpected repairs. Whether it is a leaky faucet or a cracked foundation, repairs can be costly—and they are often needed as soon as you move in. They can quickly put a dent in your savings account if you are not prepared for them.
One way to avoid being blindsided by repairs is to get a home inspection before you buy the property. This will give you an idea of what needs to be fixed and how much it will cost. You should also set aside some money every month to have funds available for unexpected repairs.
3. Struggling with Mortgage Payments
For many first-time buyers, making their monthly mortgage payments is one of the biggest challenges. If your income fluctuates or you have other debts to pay off, it can be challenging to stay on top of things—and if you fall behind, it could put your home at risk of foreclosure and harm your financial wellness.
If you struggle to make your mortgage payments, consider speaking to your lender about modifying your loan agreement. Also, consider looking into government assistance programs designed to help homeowners in need.
4. Handling HOA Fees
If you buy a home in a planned community or condo complex, chances are it will come with monthly or yearly Home Owners Association (HOA) fees. These fees are used to cover shared expenses like landscaping and building maintenance. They can add quite a bit to your monthly payments, so it is important to factor them into your budget before buying a home that comes with HOA fees.
Gather the Knowledge You Need
Countrywide Pre-Paid Legal Services can help the first-time buyer. We have a self-study course, “Make Your Move,” that allows an individual to understand real estate better. We also have a nationwide network of certified counselors who give expert guidance.
Our financial wellness benefit covers more than just house buying. Credit card management, bankruptcy issues, and dealing with medical bills and college debt are some of the services we provide.
Working with a client organization, we craft a financial wellness benefit everyone can use. We include whatever management wants in the plan and provide the member services and administration. What used to be horrific problems are solved with the assistance of Countrywide. Countrywide counselors answer questions and provide excellent advice.
First-time homebuyers often face several challenges when buying their first property. Unfortunately, there is a lot that can go wrong. Nevertheless, Countrywide offers information home buyer needs to create a seamless homebuying experience. If you have any questions about our services, please contact us at your convenience. We would welcome any opportunity to explain our financial wellness benefits to you.