Fears faced by first time real-estate buyers with solutions.
There are many fears faced by a first time real-estate buyer. We here have simplified those issues and given solutions for the same!
1. Never dealt with a realtor before and have little or no knowledge of how to choose one.
Searching and hiring the legit realtor is no different than hiring any other professionals! It is mandatory for hiring a person who has ample experience in this field so he has a good idea of what your preferences are. Before you actually choose your realtor make sure you have visited at least 3 individuals!
2. Worry about Loss in Property Value.
It is important to know that property values can decline in value. It is not necessary for a property value to decline only in times of calamities. In some cases newly built homes can make old ones reduce in value. There are other factors also that can reduce the value of the property like construction of prison, dump yard in or around the locality can also result in depreciation of land prices. The only precaution an individual can take to prevent such losses is to do a thorough research about the place he is looking out to invest in!
3. High Maintenance Cost.
Any house an individual purchase will have a maintenance cost, That’s the most basic expense incurred after buying a property. There is no way of avoiding them but there are ways the home buyer can keep them at a minimum. There are few points an individual can keep in mind before discarding the plan of making a purchase completely. They are:
• It is preferable to buy a house that is well maintained. That means that it is better to see the quality of construction to see if there will be any additional costs that may be incurred anytime in the future.
• Also if you are considering buying a house that was already initially purchased by someone it is better to go for an option in which people have already made upgrades where it is really important.
• The best thing to do is to move into a house that is newly constructed. In that way the home buyer will be avoiding paying the price for damages the previous owner did.
• Keep a keen eye for all sorts of small problems that occur and get it rectified at the earliest for reducing any kind of large future expense.
4. Unaffordability of paying the EMI’s that come with buying a house.
The most basic thought that comes to a person’s mind before making a purchase in the real estate sector is that In case he loses his job, how will he manage to make payments for his purchased house? To deal with potential loss in jobs is only to keep large emergency cash reserves that can help cope with the tough times that are to come your way! This emergency fund can help you pay your mortgages also it is not likely that your home will be taken away in case of missing the first mortgage payment.
So, before you go ahead with the process of buying a house make sure you have made a budget of what your current expenses are and also what is the amount you take back home. It is important to also assume the expenses that may come as being a house owner like water bills, electricity bills, and other damage repairs, etc. Another unorthodox method to see if buying a house suits your finances is to make fake mortgage payments to see how much it affects you. Make sure you have health Insurance before you buy a house as medical bills are a very common way to destabilize your income.
Some people put off buying a home because they are afraid they might regret their purchase later. This is not usually something that plagues people who have done adequate research and carefully defined their wants and needs ahead of time.
To prevent buyer’s remorse, become pre-approved for a mortgage so you will know exactly what you can afford. Visit different neighborhoods at night and on the weekends to see what they are really like. Drive their streets during rush hour so you’ll know what your daily commute might entail. Don’t place pressure on yourself to buy quickly, as you are more likely to regret your decision if you do. Take your time and pay attention to every detail, and you are apt to be satisfied with your decision for years to come.
These fears actually strike a good number of people, so you shouldn’t feel discouraged if you share these same worries. The key is not to let these fears overcome you and stop you from making one of the most important decisions of your life. Careful planning is the key to putting these fears behind you so you can eventually realize the American dream of home ownership.
The best way to quiet those nagging concerns is to learn more about how to avoid the pitfalls.
In the same way expectant parents often receive unsolicited (and unwelcome) advice on what to expect during labor and delivery, prospective homeowners are often pelted with ominous stories that belong more in the category of “Tales of Horror” than “Sound Advice.”
Anyone who is considering home ownership has undoubtedly heard at least a few bad stories. Your best friend knows someone who knew someone who had an awful experience. The Internet is riddled with tales of woe and warning, waiting to pounce upon a buyer trying to do some preliminary research. To really amp up any feelings of anxiety, try watching Tom Hanks movie “The Money Pit”.
It’s okay. It’s going to be just fine. Just make decisions with a calm and confident mindset and all that you wished for your future home to be will actually BE. All the best to those future buyers out there! Make sure to be in contact with Legit Property Dealers and not just the ones who take this as their extra source of income.