- Fear #1: I cant afford to buy a home now.
Fact: Actually you cant afford not to buy a home now.
If you are paying rent,you can afford to buy. From a financial point of view, in the United States, the tax savings on mortgage interest alone usually makes up most of the difference between rent and a mortgage payment.
Also the earlier you buy, the earlier you will benefit from the equity buildup and will be well positioned for any future appreciation.
- Fear #2: I should wait until the real estate market gets better.
Fact: There is never the wrong time to buy the right home.
Historically speaking, focusing on the market is never the smart approach to buying the right home. Whether right means the right price or the right property for you, waiting to time the market seldom works to your advantage. Think in long term effects, once you have made the purchase, the long term benefits of equity buildup,value appreciation, and tax benefits will always make it a right decision. Real Estate tends to be much more stable and rewarding over time then any other types of investments. Think of it this way,” You either hit the right timing of the market or you have enough time in the market” that means, you either happen upon the right moment to purchase your home or you hold it long enough for the time to make your purchase right.
- Fear#3: I don’t have the money for the down payment.
Fact: There are a wide variety of down payment options available for you.
It is not always the case that a 20 percent down payment is required. Especially as a First Time Buyer. Some options are as low as 5 percent or less. Do not let the lack of a substantial down payment prevent you from investigating your home purchasing opportunities. Waiting could cost you money while trying to save up for a down payment. There is many sound financing options to choose from.
- Fear #4: I cant buy a home because my credit isn’t very good.
Fact: A less then perfect credit store wont necessarily prevent you from buying a home.
Of course it is valuable to have a good credit score a poor one shouldn’t prevent you from talking to several lenders to explore your options. You can expect a good loan specialist will be able to help you resolve your credit challenges,often by simply showing you how to move or consolidate your debts,or by referring you to a credit counselor who will put you on a plan. This will get you on the right path to ownership. If your challenge is that you have no credit built up yet there is always the option of having a co-signer. Someone who is willing to stand by your ability to make the payments. It is worth noting that there is no better way to improve or establish your credit rating then by having a mortgage and making timely payments.
- Fear #5: I cant afford to buy my dream home.
Fact: The best way to get closer to buying your dream home is to buy your first home.
It is true very few people can afford to buy their dream home when they buy their first home. So you make compromises,buy your first home and start building equity. This approach gets you to your dream home faster then if you hadn’t purchased a home at all. You can make additional payments to your principle payments when you can to accelerate your equity buildup and payoff your first home in a shorter amount of time. All the financial equity can then be available to help build your second home.
- Fear #6: I Should wait to buy a home until I get married or have children.
Fact: There is no reason to wait!
Usually there are 2 distinct issues people are struggling with; First, would it be better to wait until they had two incomes? Second, will my future spouse like the home I choose?
Let me say this, if marriage is not in your future, then neither of these issues matter and buying is the right decision. Getting into the game as soon as you can is best. If, marriage is in your future, you can still buy. If your future spouse doesn’t like the home, you can rent it or sell it and use the proceeds along with your possible dual income to buy one you both like.
- Fear #7: Buying a home seems way too complicated.
Fact: Buying a home is way too complicated that is why you need help.
Noone should ever tell you buying a home is easy. Its not. That is why there is a team of professionals ready to guide you through the home buying process evry step of the way. Every year , hundreds of thousands of people buy their first home. Many people begin this process with the self-defeating belief “I cant”, but once past their fears and buy their first home not only find “they can” but are also glad they did! We hope you decide to invest in your future too!