Buying your own home is a wonderful thing: you have eventual financial stability, you can decorate and upgrade your home as you wish, you don’t have the worry about your Landlord asking you to move out and, in general, you can provide your family (or future family) with a stable home to grow in. However, owning your own home isn’t all sunshine and rainbows and as we’re sure you’re aware, things can go wrong at any moment. So, to prepare you for these things, here are some things that could go wrong when you buy your own home so that you can prepare yourself for it.
You could lose your job
Owning a property means that you’ll need to ensure your mortgage repayments are made on time. While you may have a job at the moment, the future could bring redundancy. Would you be able to keep up your repayments if you or your partner were to lose your job? Having a contingency plan ready for this will help while you’re looking for a new job. Some things you could do are:- Have savings ready (this is good for all sorts of problems that could crop up)
- Calculate how much you’ll have to cut back on luxuries when you’re living on one income
- Find out if there are other options when you’ve got a mortgage and you lose your job.
Land may be taken from you
Occasionally the government may need to take your land from you for public uses, and if you’ve bought your property because you’ve got plenty of land available perhaps for keeping horses or simply lots of space for your children to play, this may become a problem for you. It may be hard to fight your case against the government, especially if they’ve got a valid reason for seizing it. However, you can hire an eminent domain lawyer to help fight your case.
Expensive repairs may happen
Unlike renting, when things break it’s up to you to repair them. Things such as appliances, boilers, electrical issues, and even flooding will mount up to a lot of money to repair. However, taking out insurance on your home can help you prepare for these situations. It’s worth doing some research on the home you’re buying before making an offer to see if it’s prone to flooding, when the boiler was last serviced and asking to see an electrical safety certificate to protect yourself from spending lots of your hard earned money.
You may not like your neighbors
Finally, while you can’t choose your neighbors, and there’s no real way of telling if you’re going to get on with them or not, the possibility of not liking your neighbors should be something to keep in mind. One way that you could determine your neighbors is by choosing what kind of neighborhood you live in. If you know the area well, this shouldn’t be a problem for you.