Home buyers may get a little anxious when facing the biggest transaction of their lives. Doubt starts entering and they may start second-guessing whether or not they are making a good move.
Read more: What First-Time Buyers Need From You
Realtor.com® recently featured some of buyers’ top fears during the home-buying process and how you can help ease their concerns, including fears of:
“I’m afraid I can’t afford a home.”
Some buyers believe they’ll have to empty out their savings account completely in order to buy a home. “There are many loan programs out there that can help first-time home buyers with down payment assistance or that don’t require a severed arm and leg in order to get a mortgage,” says Bill Golden, RE/MAX Metro Atlanta Cityside. Encourage them to talk with a loan officer about options.
“What if I buy a money pit?”
In reality, most homes aren’t money pits, and there’s a lot buyers can do to protect themselves against buying one too. Before buying, they can use a home inspector to help soothe some of their fears about getting a lemon. The home inspector should be trained to spot signs of water damage or electrical or plumbing problems. They also will advise on any possible repair costs.
“It’s just safer to rent.”
“Rent money disappears without allowing you to build any equity over time. That’s truly scary,” says Scott Forman, divisional vice president of Cross Country Mortgage. For many renters who are willing to pay about $100 a month more, they could own a home, he says — and receive tax deductions.
Source: “Terrified to Buy a Home? Your Top Fears Debunked,” realtor.com® (Oct. 25, 2016)