- 1 - You think that it is safer to rent
- 2 - You are worried you can’t afford a home
- 3 - You are worried that you will overspend
- 4 - You are worried you won’t find a home you like
- 5 - You are worried you’ll buy a lemon
You fake the smiles. You pretend like everything is fine when people ask you about it. You look people in the eye and tell them that you are so excited.
But we know!
And deep, deep down, you know as well: buying a house can be terrifying and it might be why you have been avoiding getting the process started.
It is a life-changing event and it is natural to be scared. But (luckily) these home-buying fears are the same as when you watch a horror movie: it’s just your imagination playing tricks on you.
Here are some of the ways you can tackle your fears head-on:
1 – You think that it is safer to rent
Sure, renting has its advantages and it does give you more flexibility. For one, you can decide when you want to leave and you are not trapped in one place for the next 20 years.
But the money that you pay every month disappears and at the end of your rental lease, you have nothing to show for it.
A house lets you build equity over time. If you are in doubt, you can use a renting vs buying calculator to assist you to make your final decision.
2 – You are worried you can’t afford a home
Some buyers are afraid of the unknown, whereby they’re worried that they will not have enough money to buy the house of their dreams.
Even if they do, they still worry that their entire savings account will be gone and that they won’t be able to afford luxuries, such as holidays or new cars ever again.
The reality is that you are not likely to drain your entire savings account, depending on where you buy. The best thing would be to speak to a professional bond originator.
3 – You are worried that you will overspend
The asking price might seem like an awful lot of money but remember that this is just what sellers would like to get for their homes.
They might get something totally different from the buyer. Your real estate agent can help you come up with a market-related offer because they are exposed to current market activity, historic data, and overall neighborhood statistics.
Obviously, you could also research the recently-sold houses in the area and see what your neighbors have paid for their homes. This way you gain a better insight of what to offer and you can put your home-buying fears to rest.
4 – You are worried you won’t find a home you like
With the current economic climate, it is natural to be worried about this.
You don’t want to buy a house that is equal to a bottomless hole with exposed plumbing.
The fact of the matter is that interest rates are low that it’s now possible for buyers to scoop up a great house that won’t cost as much as they thought. Furthermore, many properties are also being sold below their actual value because some sellers are desperate to sell.
5 – You are worried you’ll buy a lemon
A rapidly disintegrating house that swallows all your money is enough to scare anyone, but this is something that only happens in movies.
Most homes aren’t money pits and even if there are some problems, there are ways that you can protect yourself against that.
Before you make an offer, hire a professional home inspector. They should be able to see red flags and warn you about potential problems. They will also be able to advise you on repair costs and you can use this information to negotiate the price even further.