The Fear Of Buying Property: What Are You Really Scared of?
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The Fear Of Buying Property: What Are You Really Scared of?
Buying property is a major investment, one of the biggest investments most people make in their lives; that is why it can be stressful.
But you should never let that fear and stress hinder you, having cold feet should never stop you from living your life.
A little fear may be healthy and keep you from making a wrong decision but too much may paralyze your decision making process.
Some of those fears are legit of course, that is why we will discuss some of most common fears people have when they are buying property.
Fear of overpaying
A lot of buyers worry that they are paying too much for the property and that the seller is asking for more than what the house is worth.
The only solution for that is doing sufficient research before you decide on something.
Nonetheless, do not get hung up on the research phase, just check the prices in the area and ask an expert, do not let too much research hold you down if you find the right property.
And always remember that the seller may ask for a huge amount of money, but they may settle for less if you make a reasonable offer.
Fear of not getting the perfect house
The real estate market provides too many options that sometimes you cannot really decide.
Should I buy a smaller house in a gated community or a bigger house in the suburbs? Should I buy the house with the nice view or the one in the building with no view but better amenities? The choices are endless.
The fear of buying the wrong house and missing out on the perfect one makes people too scared to make a decision.
The answer to this dilemma is a simple one, before you even start house hunting you should write down your priorities, by order of importance.
Fear of market change
Of course all people want to be totally sure about the market before they buy, everyone wants to buy when the prices are low and sell when they are high.
However, this strategy may not be ideal if you are looking for a house to be your home.
In that case, the best time for buying property is when you are financially ready and in a point of your life when you are ready to buy a permanent home.
Do your research, make sure you are paying the right price for the right house and go for it, no one can really predict the market.
Fear of loss in property value
Again, no one can really predict the market. Homes can decline in value for so many reasons. Even experts cannot always predict what will happen to home prices.
All you can really do is check that the neighborhood you are looking to buy into is a good one. And that you are paying a reasonable price for the house now.
The fear of commitment
Some people think it is just safer to rent, you can move easily if you do not like something about the place after moving in. Or if you cannot afford the rent due to higher rates or job loss or anything, you can just move to a cheaper rental.
That may be true, but what you should also consider is that rent money is money you are never getting back, while money you pay for a house leaves you with an asset.
Fear of maintenance costs
All homes have upkeep costs, and many homes have very large maintenance bills. If you become a homeowner, you will not be able to avoid these costs.
As a renter, you may not feel these costs, but the truth is that the owner charges you for them in the rent.
However, if you do maintenance regularly, and fix each problem as soon as it arises your home will thank you for it by remaining in a good shape.
It also helps if you go into the purchase with a generous emergency fund set aside for home maintenance and add to that fund every month.
Also, to avoid buying property that could be a money pit, you should have an expert inspect the house before you buy.
Author: Weetas Blog