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First-time homebuyers may run into unexpected obstacles

(Source: Pixabay via MGN)
Published: Mar. 28, 2022 at 7:51 PM CDT
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HUNTSVILLE, Ala. (WAFF) - Owning a home is a staple of living the American dream, but buying a home has become a daunting task.

If you aren’t being outbid on a home, there are other obstacles, such as the rise in interest rates.

“Everyone knows, it’s no secret that they’re going up,” real estate agent Dembria Grandy said about rising interest rates. “Everyone knows, it’s no secret that they’re going up. There’s a lot going on in the world which impacts the interest rate. It’s important that they speak to a lender because it does change the affordability of the house.”

“What can keep them low is their credit. Make sure you keep your credit, make sure you know,” Lydia Owens said. “Pay your bills on time, you know what’s due, when it’s due. if you can, pay it before it’s due. But your credit is probably going to help you with interest rates more than anything else.”

Chanda Davis gave this warning to all new homeowners, Get a home inspection.

“Alabama is a caveat emptor state,” Davis said. “‘Let the buyer beware.’ So the burden is on the purchaser not on the seller even though the seller is not allowed to cover up late defects, it is highly encouraged -- not required -- but encouraged for new homebuyers to get a home inspection.”

A home inspection isn’t free. Also, it’s not the only thing you have to pay for when purchasing a home.

“Sometimes they don’t even understand that they have closing costs,” Daphne Fletcher said. “That’s usually an issue towards the end.”

Veronica Haley said that even when you get the home you want, you’ve got to main it.

“You want to make sure that you’re doing those monthly maintenance projects every single month,” Haley said. “Which is going to help add more value and for the upkeep of your home.”

While the market itself remains a buyers’ market, it pays to do your homework on what you may face looking for that first home.

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