The decision to buy a home is a life-changing choice. It’s no wonder then that a lot of people are afraid to take the plunge and leave renting behind once and for all. But the thing is, in most instances, the worst-case scenarios are only in your head. Your worries are just that, worries. If you take a reality check, you’ll find that however life-altering this decision is, you can adjust and make it work for you. Here’s a list of the typical home buying concerns you need to do a reality check on:
“I don’t think I can afford it.”
Of course, money is the top worry when it comes to buying a property. A house comes with a hefty price tag, so it’s natural to be afraid for your savings. But this doesn’t necessarily mean wiping your bank account clean or getting your family’s financial security in jeopardy. Or at least, it shouldn’t be that way. If you look at it closely, how much you’re going to give away for the house is in your hands. If you decide to get a bigger home, of course, expect to take more from your savings. But if you settle on a simpler house, you have a better chance of collecting the needed downpayment fast. Not to mention, being able to make the monthly payments with less hassle. It’s also worth taking note that there are lots of first-time homebuyers loan programs that can make financial matters easier for you. So don’t listen to that voice of doubt telling you you can’t afford a home. Compare mortgage quotes. Crunch up the numbers, your living expenses, savings, etc. And commit to sticking to the budget.
“I might not be able to find a house that I like.”
Now, this worry stems from a lot of reasons. Sometimes, home buyers have unrealistic expectations, wanting to find renovation-reality-like homes in open houses. Other times, they simply don’t know where to start the search. In the end, they’re pessimistic about their house-hunting effort, thinking they won’t be able to find the perfect home for them. If this is your worry, maybe you need to manage your expectations. Perhaps a house that has a dome ceiling, granite countertops, and velvet furniture might be a little too much. Be realistic about what you need. Consider the house and land packages in Donnybrook, Vic. These may be the right fit for your needs. Or maybe what you need is an agent who can suggest good properties in your ideal location. Ask your social circles for recommendations. Look for experts online. Once you secure one, give your comprehensive list of needs and wants.
“My property might not appreciate.”
This indeed happens. Property values in a certain area might go down in the event of, say, construction of a landfill or jail nearby or the boom of another community. But let’s face it, there are things beyond your control. If you choose not to move because of these possible risks, you also won’t be able to experience possible rewards, if ever. You may not be able to predict what exactly will happen in a neighbourhood in the next five, seven years, but you can make the smart decision of being picky, taking precautions now to reduce your chances of being stuck in a bad neighbourhood with bad property values later. Find a location that has significantly low crimes. One that’s near high-quality schools. Consult officials from the local government too about future developments in the area you’re targeting so you can evaluate your decision better.
It’s overwhelming to buy a home, but don’t give in to your fears. Acknowledge them, yes, but look at them with the lens of caution and solution. Be a homeowner today.