COMMON FEARS OF HOME BUYING
For many people, despite the benefits of owning a home, all of the responsibilities of buying a house for the first time can potentially bring about many fears. From the stress of finding just the right home to navigating your finances, to closing, and finally becoming a new homeowner, there’s a lot to consider. While the home-buying process can be overwhelming, it doesn’t need to be scary! Read on for the most common fears of home buying and how people have conquered them. To put it simply, you are not alone!
You’ll Get Outbid and Lose the Home You Want
Finding your dream home can certainly be a challenge. Discovering a space that accommodates all your needs from location to rooms, price, and beyond, can be like searching for a needle in a haystack. Even worse, can you imagine finding your dream home and then being outbid? This is a very realistic fear, especially in today’s highly competitive market. The best way to combat this fear is to work closely with a real estate professional and provide an attractive offer. An expert REALTOR® will be able to help you strike and win with the perfect offer to get your dream home. Additionally, they’ll take care of the heavy lifting for you; from paperwork to negotiating, to closing.
Managing Finances When Buying a Home
Buying a house is one of the biggest financial investments a person will ever make. For most, it means going into a fair amount of debt. If you’re a first-time homebuyer, you could be working towards paying off your student loans, or even saving up for a wedding. This leaves many young people thinking that renting is their only option. However, this certainly doesn’t have to be the case. Working with a financial advisor or researching debt management and consolidation can help you to best tackle your financial situation. Additionally, there are many ways you can start saving up for a down payment, and there are so many different types of mortgage loans available that make owning a home more affordable!
Keeping Up Your Credit Score as a Home Buyer
It’s inevitable that your credit score will play a big role in mortgage loan approval for your home. Typically, most loans will require a credit score of 620 or higher. However, as mentioned before, there are different types of loans out there that may be a bit more flexible. Be sure to practice good financial habits and be aware of the 5 things that may be impacting your credit score. Paying your bills on time, keeping balances low, and limiting how often you apply for new credit will, over time, result in your credit score rising, and you’ll be on your way to being pre-approved and one step closer to buying your dream home!
Not Budgeting Enough For All the Fees that Come with Buying
There’s no doubt that buying a home comes with a lot of fees, and it’s important to be aware of all of them upfront. Between down payments, closing costs, property taxes, and beyond, it all adds up. The best way to ensure you’re budgeting for all these costs appropriately is to sit down with your REALTOR® and discuss these costs upfront. Make sure you’re aware of everything that you’ll be expected to pay for, so there are no surprises or hidden fees when it comes to closing time. Eliminate your stress by setting aside the money when you start your home search.
Still Feeling Nervous? Have a Buyer's Agent in your Corner!
Let’s overcome these homebuying fears together! With a trusted buyer’s agent, you will have a competitive edge in any real estate market. A professional Lamacchia Realty REALTOR® will be your biggest advocate throughout the entire home-buying journey and help guide you to moving into the home of your dreams.