Buying a property is a major milestone in life. It is also something that is necessary to lead a good life. With the house rent increasing day by day, having your own house can save you a considerable amount of money. However, despite wanting to buy a house, many people are facing problems in purchasing a house. These are discussed below.
People have seen the hard times other house owners pass after buying a house. The struggle to pay the mortgage or selling out the house if the financial burden is too much, all these have created a negative image on people’s mind. So, they are in a dilemma whether to go through all these stress or not.
Difficulty in getting mortgage
It is not easy to get a mortgage. You will need a high credit score in order to obtain a mortgage at a low-interest rate. Not many people have that credit score and so find it difficult to get a mortgage.
The millennials are stuck on a student loan. After they get out of college, it takes them a long time to repay their student debt. As a result, it delays their purchase of a house. They cannot save money for downpayment and so cannot buy a house.
Lack of supply
The population has increased due to migration. There are job opportunities, so people are moving from other cities. But there is a shortage of small family houses. Even if they are available, the price is very high.
It is a big challenge to buy a house today. Getting money for the downpayment and mortgage is difficult. Even if you have the money to buy a house, there is a shortage of supply of your desired house. You need to become financially sound at an early age in order to become a homeowner and lead a comfortable life.