Dealing with the Common Fears of Buying a Home
Buying a home, especially if it is your first home, is a big deal. A house is the most expensive purchase that the majority of us will make in our lifetime. Even when you are excited to sign on the dotted line, fear and doubt can creep in making you wonder if you made the right decision.
Questioning whether or not it is the right time for buying a home or if you are buying the right house is a normal part of the process.
Can I afford the house?
A mortgage payment can be a scary thought. You need to think carefully and run the calculations before purchasing a house. The recommendation is that your mortgage payment should not be more than 28% of your monthly income; however, with careful budgeting you won’t be in trouble even if you end up paying more.
Did I overpay?
Everyone wants to obtain the best deal possible when buying a home. If you end up in a bidding war or paying more than you originally wanted to it can be a scary thought to wonder if you paid too much.
Thankfully, there are a few things that can help you rest easy. The first one is looking at the comps in the area. This allows you to see what the houses in the area are worth and helps you to know that you did not overpay for your house.
The other thing to consider if you have to obtain a mortgage is that the lender will require an appraisal. You will not be able to obtain a mortgage for more than what the house is worth.
What if a better house comes along?
When there are a number of houses that are coming on the market it can be tough for buyers to commit to purchasing a house for fear that a better one will come along in the future. To get past this you have to carefully consider why you want to put an offer on the house that you currently want.
One real estate pro recommends that you rate the house that you are planning on buying from 1 to 10 based off how much you want it. If you rate the house an 8 or higher then you are safe to move forward with purchasing it.
What if the house needs more work than I think?
If you are buying a house that needs some work this is a valid fear. Many fixer uppers end up requiring more work than the buyer originally planned on doing.
The best way to overcome this is by making sure you have a home inspector check the house prior to you buying it. They will be able to spot potential problems that you may have overlooked.
It is also a safe bet to add in a cushion to your renovation budget to help cover any unexpected expenses that surface.
It is perfectly normal to experience doubts in the middle of the home buying process. If you have invested time and research into choosing the right home you can rest easy. At some point you will need to decide to move forward or you will end up looking and not purchasing for life. Do your research and then jump in.