You’ve decided it – it’s time to take that next big step and invest in what will likely be the greatest and most expensive asset that you’ll ever spend your money on: your dream home.  Buying you first home is undoubtedly a thrilling experience, but it can also be extremely stressful and frustrating.

Bidding Wars

Perhaps one of the most frustrating experiences that a first time home buyer will ever encounter is a  bidding war.  A bidding war occurs when two or more parties want the same home.  Not only is the price something that is often bid for, but conditions of the purchase also often come into play.  For example, another buyer may be willing to forgo having the seller fix the roof whereas you would like for the seller to have the roof repaired prior to purchasing.  Buyers can often be outbid on multiple homes that they’ve looked at, loved, and had a mortgage approved for before actually getting a home they like.

New Or Used

Another question that’s on the top of every home buyer’s mind is whether they should buy a new home, or a used one.  Of course, the benefit of buying an older home is the fact that you can get a great piece of property for less than a new home.  The drawback is that it is an older home and it may require repairs now, or sooner, than it would if it were a new home.  If you do choose to buy an older home, make sure you invest in a good quality building and property inspector.  They’ll be able to provide you with a full assessment of the property and alert you to any problems with the home (i.e. damp basements, mold, cracks in the foundation, etc.) that you can then ask for the seller to repair prior to purchase, or you may decide to repair it yourself or pass up on buying the home entirely.

Finding Affordable Homes

And now the most frustrating part of buying a home is finding a home that’s actually affordable.  While some parts of the world are seeing drastic dips in their real estate prices, many countries and areas are still seeing real estate prices soar to nearly obscene levels.  Fortunately, there are still some reputable construction companies like Lovell Partnerships Limited and Austins Builders that are building affordable and beautiful homes for first-time home buyers. Another, Gentoo, in northern England, offers help for new buyers and even people moving with a part exchange program. So not all of them out there are evil land barons – but you need to sift through for the right estate agents for you. Be on the lookout for these properties for once they’re built, they sell out fast.