First-time homebuyers have several obstacles to overcome, but one of the biggest is not their finances or credit history. It is their fear. Fears about the buying process, their future finances, and the responsibilities that come with homeownership can sometimes cause buyers to remain renters. To help you overcome some of those fears, here are some of the most commonly experienced and the reality of them:
What If the Home Needs Extensive Repairs?
First-timers have undoubtedly heard horror stories from others about buying a home and discovering it was a money pit. The idea of buying a home and having to spend money and time on renovating it in addition to paying the mortgage can be overwhelming for newbies.
All of this is avoidable with the help of an experienced real estate agent. He or she can direct you towards move-in ready homes. You also have the comfort of a home inspection that will uncover most of the issues that could result in big repairs. Your attorney can include provisions in your home buying agreement that would hold the sellers responsible for any undisclosed problems with the home.
What If the Neighbors Are Horrible?
As a renter, you had the option of simply packing up at the end of your lease and moving away if your neighbors are horrible. As a buyer, you are committed to staying in the home until you decide to sell or the bad neighbor does.
The idea of getting a bad neighbor is scary, but there are ways you can reduce the probability that you get a bad neighbor. One way is to check the police reports for the home you are buying. Look for reports about the neighbors. You can also talk to other neighbors to find out if those immediately near you are problematic.
What If You Cannot Afford the Home?
The fear that likely tops all the others is the fear that the home will prove to be unaffordable in the long run. After working hard to save for the home, the idea of losing the home in a foreclosure is terrifying.
Although it is impossible to predict the future, there are steps you can take to safeguard yourself against a foreclosure. One of the most important steps you can take is to ensure you are buying a home that fits within your budget. Regardless of how much you are being offered by the bank, you want to buy a home that has a price tag you are comfortable with.
Contact a realtor that specializes in ranch homes for more information and assistance.