Most people feel afraid of something whether it’s flying in an airplane or buying a money pit. By working with experienced real estate agents, you identify and overcome common fears related to buying a home. According to a recent article by inman.com, it is natural for a home buyer to feel some apprehension about making the biggest purchase of their life. Whether it’s your first home purchase or not, a real estate professional helps you overcome realistic and unrealistic concerns. Before hunting for a home, think about how to respond to the 5 most common fears experienced by home buyers in today’s real estate market.
Getting a fair price
The first question to consider when house hunting is whether you would pay a fair price for a particular home. A good real estate agent makes sure you don’t overpay by looking at the prices of similar homes in the area. Before making an offer, look at comparable homes offered for less money.
Buying a train wreck
Some homes are money pits. No matter how much money you spend to fix them up, there is something else that goes wrong. A good inspection by a reputable home inspector prevents many problems. If you want to buy a home and renovate it, talk to a licensed general contractor who knows how much it costs to remedy a problem.
Dealing with bad neighbors
Another common fear is to buy a home in a neighborhood that isn’t what you had in mind. Some people wonder about the neighbors. Ideally, take time to walk around the neighborhood before making an offer. Ask for a copy of the home owner association rules and regulations before deciding on a particular neighborhood.
Locking in before rates go up
Instead of worrying about rising interest rates, talk to a lender about locking in at a lower rate. Most economists predict interest rates will continue to go up, which means you get less house for your money. Overcome your fear by house hunting as soon as possible.
Falling in love with the wrong house
Another fear people have is that they will feel smitten with the wrong house. Consider the size of your family as well as any plans to expand. Most home buyers who experience buyer’s remorse bemoan the fact they bought a home that is too small. Consider your “must-have” list before settling on a home.