Buying a home must be up there with public speaking for frightening experiences, but many of us will buy a home, speak publicly and watch horror movies again and again in our lifetimes.
By giving you a few techniques, we hope to help you deal with the 3 things that scare you most about buying a home.
1. The Cost
The greatest fear that people have about buying a home is being able to afford it. This is what keeps us awake at night – calculating and recalculating how many lunches we are going to have to pack instead of going out with the gang in order to make the mortgage payment.
The behind-the-scenes secret to dealing with this fear is working with a mortgage consultant to get a full mortgage pre-approval before you start looking at homes and being realistic about what you are willing and able to spend.
The lender will give you a range of loan options that are available, and should give you a realistic projection of what you can really afford considering your budget and lifestyle.
2. The Commitment
Women like to stereotype men as having a fear of commitment – but when it comes to buying a home, we’re all susceptible.
Buying a home usually means committing money and time (at least a year – usually more like five years) to being in one spot. If you’re just finishing a degree or training, or you’re not sure that you’ll be in the same employment situation for a while, you may consider waiting until your life is a little more stable.
The way to deal with the fear of commitment is to buy a home that will resell easily – that has features that other people will want.
In addition, you can get a mortgage that allows you to “port” it over to another home or allows another buyer to assume it with qualification.
3. The People
Who can you trust in this home buying process? This is a big investment we’re talking about. And it seems that everyone is out to make as much money as possible from you!
There are sellers, Realtors, lenders, builders, movers, and attorneys – all of whom may be strangers and who have a vested interest in when you buy a home. It’s easy to be afraid that they will take you to the cleaners.
Make yourself feel better and check their references. Really. In reality, they are not all out to get you – because in the long run, the best business strategy for a real estate agent is to ensure that you get what you need and want in a home. That way they’ll earn your referrals!
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Contact the Jeffrey Team for more information - 416-388-1960
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