Although buying a home should be an exciting event, it can also be one of the scariest events for some. There are lots of things that home buyers are afraid of when it comes to making a real estate investment. Below are some of their most common fears.
Reasons Why People Are Scared of Buying A Home
Hidden problems of the house
Home buyers are well aware that houses are staged so that buyers will focus more on its assets rather than its flaws, including those areas that need home repair. This is why home buyers always hire a house inspector to go through the house and check for necessary repairs, replacements, and renovations. This is what many home buyers are afraid of. They are scared of the results of the inspections and to learn about the hidden problems of the house. What makes home buyers more afraid is the added costs of these repairs and replacements.
Home buyers should clarify with the inspector the current condition of those areas that need repair. Home buyers should ask the inspector if the repairs are postponed or if they are needed immediately. Then the home buyer should go to the seller and renegotiate the price of the home based on the extent of the repair needed. Home buyers should remember that when buying a home, the costs of necessary home repairs should be shouldered by both buyer and seller.
Losing the deposit
This is more of a myth rather than a fear. No buyer has ever lost their deposit. The fear of losing the deposit probably stems from not being able to follow your time frame, especially with regards to loan contingencies. In some home purchase transactions, there is a contingency date. And for some home buyers, they feel like they need to close the deal before the said date or their deposit will be forfeited.
In reality, however, contingency dates can be extended or removed from the contract. If you want to extend it, have your real estate agent remind you of the date so you will know when you should make an extension. You can also opt to have it removed from the contract with the help of your real estate agent.
Losing the house
This often happens when buying a home in a highly competitive market. There are homes that receive lots of proposals after being listed on the market and, thus, become sold even before its first open house event. To avoid losing the house to another buyer, home buyers should learn to move quickly. Enlist the assistance of an experienced agent from Full Potential Real Estate to help you schedule an appointment with the seller as soon as you see a house that you want to buy. It is extremely important to be among the first ones to make an offer to the house because there are sellers that take the first offer, especially if they are looking to sell the house quickly.
Failure to find a home in time
This primarily applies to home buyers who have a deadline for finding a home. These home buyers are often those who are facing an expiring lease or starting a new job. The nearing deadline only adds to the pressure of finding the right and affordable home in a suitable neighborhood. Should this be the case, home buyers should consider setting up an alternate plan with their real estate agents. Remember that real estate agents are always there to guide and support you with all your home buying decisions. They are also there to listen to your problems and work out a solution or an alternate plan for you.
To help overcome these fears, it helps if home buyers work with a professional real estate agent when buying a home. Call Full Potential Real Estate, LLC now and speak with one of their agents.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577