For most home buyers, especially those who are purchasing their first home, the biggest fear they face is the cost. It’s a legitimate concern. The purchase of a home is a major investment.
What scares you most about buying a house?
Whatever region of the country you live in, the purchase of a new home is likely going to be the largest slice of your monthly expenses. Even with mortgages such as FHA and a VA home loan which require less money down, prospective homeowners understand that there are expenses that need to be brought to the table. These expenses can include earnest money to secure the purchase agreement when the initial offer is made, realtor costs, inspection fees, and of course the general upkeep after the home purchase is complete. When it really comes down to it, a home purchase is likely going to be one of the largest commitments (at least financially) that a person will ever make.
Overcoming the Fear
The fear involved in entering a mortgage agreement and purchasing a new home is very legitimate. The first way to battle this fear is to find the right lender. It’s important to have a lender that understands your concerns, takes the time to answer your questions, can fully understand your goals, and can sympathetically and patiently walk you through the financial pathways to home ownership. The right lender working with you is a great way to ease those wide-eyed sleepless nights.
Equally important in the struggle to reduce your fear is making sure you are pre-approved before seeking out your dream home. Pre-approval will give you a window in which your home search can be realistic. Knowing the amount you are qualified for can be a major release valve for stress and concern. There are several ways to go about the pre-approval process. It’s valuable to be honest with your lender, and honest with yourself. Having all the bells and whistles may seem like the best option. However if you know that even though you are approved for a mortgage that will allow it, your mortgage payment may not be sustainable based on your budget. Consider what features are absolutely necessary and separate them from ones that may be added later.
It’s also important to find a realtor you can trust. Take your time to speak with a variety of realtors. Trust your gut, find references, thoroughly check them out. Real estate operates largely on a referral basis. Their ultimate business plan is to create lifetime relationships. Likely, if you were referred to someone or somewhere, it’s because others have been impressed with their service.
Moving Forward With Confidence
Relieve yourself of the fear that can be detrimental to your health and your home purchase. Take time to do your research, ask questions, seek out advice, and follow these simple steps to provide perspective that will help to overcome it. Buying a new home is a big step, but it doesn’t have to be overwhelming.