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Thursday, June 26, 2014

5 Ways to Combat Your Fear of Buying a Home

Have you been considering the thought of home ownership for the first time? You probably feel excited yet nervous at the same time, but that's just part of the home buying experience.  Most home buyers get butterflies in their stomach at the time of closing when they have to sing all their paperwork.  However, there's no reason to have home buying anxiety, that's why we've provided five tips to help put you at ease:

1. Analyze your financial standing

Take a solid and honest look at your finances.  This includes asking yourself the following:

  • How do my finances look?
  • Am I able to stick to a budget each month?
  • Do you earn more than you spend?
  • Do you have any money left over for a savings or retirement account? 
  • What's your financial plan for the next year? 
If you can answer all of these questions you should be able to feel more confident about your readiness to buy a home.  

2. Talk to friends, family, or coworkers who are experienced homeowners

Getting feedback from someone you trust could make a world of a difference when it comes to buying a home.  Ask them how their experience was and if they would recommend a certain lender or loan officer to work with.  You're much more likely to have a positive experience working with a referral than by searching for one online.

3. Examine the housing market

Mortgage and Real Estate headlines constantly fill up news feeds.  Go to your local news website and see what experts have to say about property values and rates.  If home values are good and rates are in a low range, than you know its probably a good time to buy.

4. Don't rush, make sure you get all your questions answered

Simplest way to put it, take your time.  The wrong Realtor or Loan Officer is the one that will rush you to make decisions without giving you time to think.  Investing in a home is a large purchase and should be one that is thought out between you and anyone else involved in the transaction.

5. Know that you're not in this alone

Believe it or not, every homeowner has felt the way you feel right now once and ever home buyer is experiencing the same feelings.  It's natural to be a little nervous throughout the process.  However, if you're finances are where they should be and you've spoken w
ith a loan professional about your home buying options, relax and take a deep breath because you are going to be fine.

Are you an experienced home buyer that has tips to share about your buying experience? Would would love to hear them! Please share your thoughts in the comments below.  

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