Buying a home is a huge commitment, so it is natural to have home buyers fears going into the process. You’re spending a lot of money and committing to spending the next 30 years or so in this home. There are many big decisions that need to be made and you need to come up with a lot of money up front to secure your dream home. However, a lot of these problems swimming around inside your head could be alleviated if you ask the right person your questions. Here are a few of the top home buyers fears and how to face them.
Common issues with a home you may have heard of include a leaky roof, dry rot and a cracked foundation. While these are problems that could be costly to fix, they are problems that can easily be identified before you purchase the home. One way to deal with these home buyers fears is to insist on a home inspection. A home inspector will identify any problems with the home before you purchase the house. Include a home inspection contingency in your purchase agreement so that if the inspection uncovers problems, you are not obligated to go forward with the sale.
As a buyer, you are allowed to be present during the home inspection. This is recommended so you can ask the inspector any questions you may have concerning the home’s structure. Ask as many questions as possible during this process so that you feel completely comfortable with the home. Any issues that are uncovered during the inspection are brought to the owners and could be used to negotiate the price to have them resolved or a reason to walk away from the sale.
When you’re interested in a home, you need to put earnest money down to show you are serious about purchasing the property. It is a fear of many buyers that once you put that deposit down, you could easily lose that money if the sale does not work out for one reason or another. However, if you put the right safeguards in place, it is nearly impossible to lose your deposit. Are you prepared for the up front costs associated with purchasing a home? Check our Hidden Costs of Buying a Home blog to make sure.
Work closely with your real estate agent to put the right contingencies in place. These contingencies are important so that if the loan does not go through or the assessment of the property does not match the purchase price, you can back out with your money. Inspection contingencies as mentioned in the previous section are a common reason to walk away with deposit in hand. Pay close attention to dates to ensure that your contingencies do not expire before you are finished closing on the house in case any last minute changes come up.
Many buyers have a time frame in mind when purchasing a home. Whether they’re self-imposed timelines or due to current living conditions, time restraints put a huge stress on the buying process. Putting a time limit on buying a house is not the best way to go into purchasing a property for many reasons. You are spending thousands and thousands of dollars on a home, it is not a decision that should be taken lightly and rushed. If you put yourself into a position where you need to buy a home by a certain date, you might purchase a property in a pinch that you would not choose otherwise.
It is a better idea (if possible) to keep renting or stay with family instead of putting yourself in a situation where you would be homeless if you do not buy. Give yourself the time and freedom to do a thorough home search. It is much more difficult to sell a home while buying a home, which you might have to do a few years after buying the property you rushed into purchasing. Rushing through the purchase of your home could also make you skip steps like a property inspection or pest inspection which could save you money if done before your sale. Giving yourself the time is an easy way of managing your home buyers fears that will definitely pay off in the end.
Real Estate Agent
If you are like many home buyers, you do not have a real estate agent picked out before you started looking for a home. With real estate search engines at people’s fingertips, that is usually where they start looking and find an agent while checking out a property that is interesting. This is not the way to find your agent! When you do not do your homework in finding your agent, you may feel that your agent is not looking out for your best interest. A qualified real estate agent will help answer and soothe any of your home buyers fears. Take a look at our 5 reasons to be thankful for a great real estate agent.
Ask family and friends if they know of a real estate agent they would recommend. A trusted friend, family member or business contact would be a great place to start when searching for a real estate agent. Do an internet search to find real estate agents in your area and read their reviews. For example, if you’re looking for a property in Brewster, an internet search would tell you that Michael Leighton has been the #1 agent for Brewster since 2004. There is a testimonials page on his website that has a number of past and current clients that recommend his services. You need to trust that your real estate agent is an expert in their field, has your best interest in mind and is on the same page as you.
How Do You Ease Your Home Buyers Fears?
If you have a concern or question at any stage of purchasing your home, speak up! The quicker you find the answer you need to soothe your home buying fears, the better you will feel. Buying a home is scary, and the process can be stressful. You chose your real estate agent because they are an expert in their field and you need to trust that they will lead you in the right direction. If you don’t feel that way, find a new agent. Give yourself the freedom and time you need to make this enormous financial and living commitment. If you’re like many of us, you will only buy a home once or twice in your life. Try to enjoy the experience.