How to Make New Buyer Worries Work to Your Advantage
For many of us, the idea of owning our own home is huge, but because of that, so are the risks. Talk yourself off the ledge by finding out the truth behind so many of these fears, and find out just how common they are:
When is the right time to enter the bubble?
1. "I'll be upside down within a few years!" - With the recession still in the back of most of our minds, we can empathize with the frustration of things not going according to plan. With an investment this large, its normal to have the fear that you're not entering the real estate bubble at the right time. If this is your fear, get information directly from a trusted
realtor. Realtors operate on small marketing budgets and heavily on word-of-mouth. They will be willing to do almost anything to make sure your
home buying decision is a smart one.
Don’t bite off more than you can chew
2. "I'll bite off more than I can chew! - If this is you, be conservative. Forget the fancy features you like in your favorite homes, and instead start modestly - it will pay off. If you're
pre-approved for a broad range, stick to the lowest end and spend your first year making double payments. Remember, there's no receipt for a house, so make sure you can handle the expense.
Fear of commitment
3. "I'll want to move!" - Plan on spending a minimum of five years in the home you're planning on buying. This length of time is great for new families, investments and is short enough to be able to handle.
Conclusion
When buying a home, there are many factors to consider. While some are exciting, others may be downright worrisome. Use your home buyer anxiety to your advantage and plan ahead. Write down all of your concerns your worst-case scenario imagination comes up with and create a list of plausible solutions. In most cases, there will be little cause to worry, but just in case it is always important to be prepared. While hindsight is 20/20 foresight and planning can prevent regretful decisions.
