Buying a house can be a source of tremendous stress for many. It’s extremely common to feel overwhelmed and nervous about specific aspects of the process. Luckily, there are some answers to the scariest questions to help ease your mind. Here are some of the biggest homebuying fears and what to do about them:
“What if I don’t like it after I buy it?”
Buyer’s remorse is an incredibly common feeling regardless of what you’re buying. Getting caught up in the excitement or stress of buying a home can lead to rash decisions. However, with homebuying, much of that anxiety goes away with time. Once you settle in to your new space and make it work for you, you’ll realize you made the right decision.
“What if I’m out of money after my down payment?”
Offering a hefty down payment has its advantages. It can give you an advantage against other sellers and even get you lower mortgage rates. However, you don’t need to spend your entire savings on your down payment. The standard practice of 2 to 5 percent is more than suitable for most lenders. Also, there are down payment assistance options available for first-time homebuyers to help ease the upfront cost.
“What if something happens and I can’t pay my mortgage?”
Unexpected financial burdens are difficult to deal with even when you don’t have an expensive monthly bill to pay. However, many lenders and third parties offer payment assistance options like refinancing, loan modification and loss mitigation options. Understanding the terms and rules of your mortgage agreement will also help soothe this anxiety, as you’ll know exactly how much time you have to pay your bill and other important details.
These are only a few of the common anxieties potential homebuyers face. With such an important and complicated life decision, there is bound to be stress involved. Remember these facts for a more comfortable process.
About the Author
Tony Blevins
Hi, I'm Anthony Blevins and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you. I have been a licensed realtor since 2015 and have lived in South Florida for over 30 years. My background is a business professional with over 14 years of experience as a wealth portfolio manager for high net worth clients in both the Naples and Palm Beach Island area. One of my first jobs while I worked my way thru college was in the construction industry, building, remodeling and restoring homes as I earned my Bachelors degree in Finance. I like to spend my free time offshore fishing, boating, scuba diving in the keys and enjoying all the benefits the South Florida weather has to offer.
