First Time Home Buyer Fears

The Home Buying Institute completed a study to determine just what concerns first time home buyers.  How do you combat these fears? With facts.  We have the top three first time home buyer fears listed below along with our take on how to deal with them.

1.  Having a mortgage payment that is too big.  Committing to one, large monthly payment can be daunting, but isn't that something you've already done by renting?  Rent is a cost that you will have forever (until you purchase) and it will only increase over time.  The average rent has increased approximately 5% each year since 1960, so the $1,200 you pay towards rent today can be $1,820 in 10 years time.

2.  Paying more than its worth.  This is where it is important to really do your research.  Meet with your agent or broker to compare the home's value to recently sold comparable homes in the area.  This will give you a good idea of the true value your potential new home has.

3.  Losing your job.  We urge you to consider your  job security.  If you think there is any possibility you may lose your job, you may want to reconsider purchasing a home at that current time.  However, if you are confident that your job, or another like it, will be there for years to come, then it may be a good time to purchase.

Buying a home can certainly be one of the best decisions you make.  When the time is right for you, call or email us to discuss your plans and any questions you may have.