5 Classic First-Time Home Buyer’s Fears

Classic first-time home buyer's fearsFirst time home buyers sometimes afraid of the entire home-buying process. They feel unsure about where to go, which to choose, how much they can afford, and even how to get started.

The following are the most common fears that first-time home buyers face and how to keep forging ahead to get the deal on and closed.

First-time home buyer’s fears #1

What if this is the wrong time to buy?
Let’s get real here, there will never be a perfect time to break up with someone, to get that root canal, or to buy a home. The right time is now so if you find a home you love, don’t start second-guessing interest rates and the housing market.

Good home don’t stay on the market forever, so if you see a home for sale, go check it out because it may not actually be for sale – it’s possible that the seller is waiting until the sale is official before placing the SOLD sticker on it.

First-time home buyer’s fears #2

Don’t low-ball like mad person
Sure you want to get a great deal on a home, we all do. Insulting the home sellers with a low-ball offer that would make puppies cry, however, is not the right way to go. If you plan on bidding on a home that meets all your criteria, make your offer attractive enough that the seller will want to deal with you.

Start your offer lower than the asking price but don’t go so low that the sellers feels like you are trying to strip them of their dignity. At the end of the day, an extra $1,000 won’t break the bank.

First-time home buyer’s fears #3

Make sure you have a mortgage approval before you shop
It is quite possible that I mention this point to home buyers in every post I write. It is incredibly important to get approved for a mortgage before you begin home shopping. The reasons for this are twofold: first, you know going in how much house you can afford; second, the home sellers will take you more seriously if you have done your homework.

Keep in mind that if you make an offer on a home that is contingent upon a lot of unresolved conditions, chances are you won’t land the home you want.

First-time home buyer’s fears #4

Think about other possible expenses
If you are buying a home from someone else, there is a good chance that you will need some cash for the three Rs: redecorate, renovate and repair.

An emergency fund that is devoted to these kinds of projects will serve you well. Remember that this is not the same as renting; you are on your own and responsible for getting things done. Bu don’t get down about it; at the end of the day, a home is a valuable asset.

First-time home buyer’s fears #5

Know that buyer’s remorse will pass
I can’t tell you the countless times I have gone home with a new pair of shoes or gear for working out only to feel that tinge of buyer’s remorse and want to return it. So imagine that feeling when I bought my first home and poured all my money into it.

The good news is that you’re not alone; it’s quite common to feel that you may have chosen the wrong home or that perhaps you should’ve waited a little longer before buying. What’s important is embracing your choice and finding contentment in the fact that you have taken a serious step that will reap you the benefits.

If you’re ready to take the first step toward buying a new home, visit ComFree.com today.

Rosy Saadeh

About Rosy Saadeh

Rosy Saadeh is the Social Media Marketing Manager at ComFree.com and spends her time scouring the net trying to make new friends, help clients and post interesting stories about real estate and the like in Canada. Connect with her on Twitter, Facebook, Google+, and Pinterest.

2 comments

  1. Rosy Saadeh says:

    Hi ASH, You would need to speak to a financial advisor for the answer. Good luck!

  2. ASH says:

    Can a person qualify for first time home buyer when they purchased a house with their spouse but have been divorced for 25 years? Meaning can a person qualify if there applying as solo purchaser?

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