Three Legitimate Fears Of Home Buying
Buying a home is definitely a scary process. After all, you are making a huge investment that is also going to affect your day-to-day living. While there are many fears of buying a home, there are both those that are illegitimate (meaning that they can easily be written off) and then legitimate fears that you definitely want to learn how to tackle. Here are the three most common legitimate fears people have:
- Having a Mortgage that is too Big: People often fear of paying a mortgage that is much too high. After all, what happens if you cannot make your monthly mortgage payment? Your home can be taken from you. For this reason, it's important to be realistic when home buying. Be honest with your real estate agent about how much you can afford each month and don't forget to factor in what you are going to have to pay for maintenance on the home. This is going to be much higher than what you pay when you rent a place.
- Paying More Than the Home is Worth: This is a legitimate fear, as well since you don't want to invest in a home only to find that its value suddenly decreases a whole lot after you purchase it. For this reason, it's important to have your own home inspection done before buying the home to ensure that you are paying a fair price. You also want to work with your real estate agent on comparing the costs of other homes for sale in the area. From here, it's important not to fear negotiation. This must be done in order to come out with a fair price on the home in the end.
- Losing Your Job: If you fear that losing your job is a likely possibility, then it's probably not the right time for you to buy a home. However, if you feel that you are comfortable in your position, then it's definitely not something to fear too much about. For this reason, though, it's definitely a good idea to have a savings aside so that you can afford to pay your monthly mortgage if you have to go some time without a job until you are able to land a new position.
When you know how to handle these three legitimate fears of home buying, you can definitely go into the process more aware and comfortable in your position.