Investing in a new home is a big deal. Any real estate company who doesn’t understand why their customers have anxiety about this major purchase doesn’t understand their customers. Your home isn’t just a place to store your furniture. It’s the place you’re going to spend your time, entertain your friends, and build your family. So it’s completely normal to have reservations or real estate fears when you’re looking to purchase a home. Especially if you’re a first-time homebuyer or you’ve had bad experiences in the past.
Today, we’re going to take a look at the three most common real estate fears we hear from our customers. And most importantly, what to do when those real estate fears crop up.
#1: What If I Buy A Money Pit?
The idea of buying a money pit can be really scary. Especially if you’re transitioning from renting a home — where your landlord was responsible for any major repairs necessary — to owning your home, where you know you’ll be solely responsible if anything goes wrong.
While we recommend that anyone looking to purchase a home leave some room in their savings account for the normal issues that crop up with homeownership. Like needing a new appliance or repairing damages you make while you live there. There are ways to protect yourself from buying a total money pit. One of these protections comes in the form of your inspection. Even after you’ve put a deposit down on your home, you can pay to have it inspected before you sign the final home ownership paperwork.
It costs an average of $300-$450 to have a 2,000 square foot home inspected by a reputable company. While this may seem like a lot of money to spend up-front, getting an inspection can save you thousands of dollars and a whole lot of heartache down the line. If your inspector finds something wrong with the home you’re looking to purchase, you can require that the seller fix the issue. Or if they’re not willing to fix the issue, you can get out of your contract before you’re in the position of buying a money pit.
#2: What If This Is A Bad Investment?
Part of the reason to purchase a home is to invest in your future. In an ideal world, you’d pay toward home. And when it comes time to sell that same home, it will be worth more money than you initially paid for it. Giving you a return on investment that you can use in the future to buy a better home, retire, or make other investments for your family.
Of course, like with any real estate investment, there’s no guarantee. And it’s natural to worry that you’re going to put money into a home that will ultimately lose value over time rather than gaining value over time.
We can’t promise what tomorrow is going to look like. What we can say is that, currently, interest rates on homes are at an all-time low. While the current supply and demand for homes are pushing the value of these investments sky-high. We can also say that, historically, the value of most homes appreciates over time. This is especially true if you take good care of your home while you’re in it. Stay up-to-date with repairs and improve upon your home when you can afford to do so. See what the experts forecast for home values.
#3: What If Something Better Comes On The Market?
Here’s the honest truth: there are always better homes out there. And one of them may come on the market tomorrow—there’s no way of knowing.
Unfortunately—or fortunately—you can’t live your life in fear of a tomorrow that may or may not come. If you find a home that you’re happy with, and that you can see yourself living in, you shouldn’t avoid buying it just because something better might come along. Because while you’re waiting for something better, the one that you found might not stay on the market.
It’s also important to remember that a house is about so much more than its stats. A house is a safe place to live. It’s the personal touches that you put into it when you move in. And it’s the memories that you make while you live there. You won’t care if a better house comes on the market once the house you’ve chosen smells like your grandma’s secret cookie recipe. Or once you have the memory of your baby taking their first steps down the hall.
Houses also don’t have to be forever. Maybe you can’t afford your dream home right now, or maybe your dream home isn’t on the market currently. By buying the home you can afford you can build equity so that you can buy your dream home a few years down the road.
Don’t Let Your Real Estate Fears Become a Bad Investment
When it comes to buying a home, anxiety can be a good thing. A feeling in your gut that something isn’t right can be a reminder to get a home inspection. Or to invest in good homeowner’s insurance. But when fear of making the wrong decision prevents you from making any decision, that can be its own bad investment. Take a moment to think through the reasoning behind your real estate fears. And how you can use those fears to make a strong, confident decision that propels your future rather than letting the fear back you into a corner. Contact us for more information about real estate. And whether buying a home is a good decision for where you’re at in life.