Buying a home is a long term commitment which can be more than a little intimidating for most potential home buyers, especially those entering the market for the first time. So how do you overcome your fears of owning a new home? By addressing them of course.
In this blog we’ll review some of the most common home buying fears and show you why they may be a little bit irrational.
Fear of a mortgage payment that is too high
Probably the greatest fear potential homeowners have is facing the responsibility of having to pay a mortgage that is too high. If you’re in the market to buy a home that means that you’ve already committed some part of your mind to the concept of having to pay a large sum of money every month, for the next 15-20 years, to live in your dream home. If you look at the cost of rent these days, it’s quite high and while your mortgage payment isn’t likely to change much over the year’s average rent is increasing by just over 5% each year.
Fear of buying the wrong property
When it comes to buying the perfect property potential property owners are riddled with uncertainties. One of those is the fear of missing out on the perfect property or buying the wrong one. This is not an unreasonable fear to have but can easily be overcome by assessing where you are in your life and doing some research. You should ask yourself questions like What stage of life are you at? What are you short term personal/family goals? What is really important to you? This will help you pick the right house.
Fear of property market stability
If you are someone who is weary of buying property because you are unsure of the market and how it will impact you, take a deep breath. If you’re buying a house that you intend to live in for many years, then you don’t have to be as invested in the state of the property market as realty investors. This factor should be less of a concern for you when compared to other factors such as your financial and emotional readiness.
Buying a property is serious business but there is no need to let your fears paralyse you out of the opportunity to own your dream home. Let your situation guide you to make the best decision for you.
Ready to take the next step? Contact Mobus today for more information on the range of properties in our portfolio.
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