You would love to own your very own home. However, whenever you start going window shopping, you feel scared and cannot move forward. We understand. Buying a home is one of the biggest decisions you will make in your life. If there is one thing that home buyers have in common, it’s that they are fearful of something. However, these fears are usually just figments of your imagination. In case you are harboring some scary thoughts, listed below are some of the top concerns of home buyers and how to deal with them.
I Can’t Afford A House
Some home buyers are possessed by fears that their whole savings account would all be spent on their new home. They will never be able to go on vacations, buy new clothes, or eat delicious food ever again. The truth is you are not likely to drain all of your savings but of course, that will depend on what and where you plan to buy a house. There are countless loan programs out there today to help you and other first time home buyers with down payment assistance. Many of them don’t need a severed arm or leg just for you to get a mortgage. The best way of determining whether you can afford to buy a home is to contact a loan officer. You can also key in your debts, income, and other info on a home affordability calculator available online so you can see how much you can afford without going broke.
I Might Not Be Able To Buy The Home I Like
The current economy might lead a few home buyers to think that purchasing means they will end up in a version of a horror movie set – a windowless pit that has lots of exposed plumbing. Actually, interest rates are quite low, letting homeowners get an excellent deal and pay less throughout the course of their loan. Additionally, with the economy on a downturn, several fantastic properties are on offer for under value.
What If I Buy A Money Pit?
You might have seen that movie where the life and bank account of Tom Hanks got shredded due to an old house that disintegrated rapidly. That is just a movie and that means not all houses are money pits. Even if the property has some potential issues like a leaking pipe, for instance, there are many things you can do to protect yourself and your investment. Before you buy anything, you should first hire a reputable home inspector who will be able to look for signs of water damage or any plumbing or electrical problems. A home inspector will also give you recommendations on potential repair costs, which can give you leverage when negotiating a price for the house.
I’m Worried I Might Overspend
The asking price for a home might seem like a hefty amount of cash. However, always remember that it is what the sellers are asking for, what they actually get can be far from what they have expected. Your real estate agent will help you come up with a realistic offer. A good real estate agent Myrtle Beach knows the price points well in the areas where you want to buy a house and they can support them with historical data and comps. Because you can look for the prices of homes that just got sold in a certain area recently, it will be easier for you to find out what the neighbors have paid for their home and get a better idea before you make an offer.
It Is Safer To Rent
Sure, renting means you won’t be trapped in a single place, unlike homeownership. However, rent money just disappears and it won’t let you build any equity as time goes by. If you are in doubt, you can always use a rent versus buy calculator to know if it is better for you to rent or buy a house in your area.
Call Full Potential Real Estate if you are thinking of buying a new home in Myrtle Beach.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577