This article is primarily oriented toward first time buyers. However, for those of you who are experienced, I suspect some or all of these concerns have crossed your mind at one point or another as you go about your business of finding a new home in Carlsbad or anywhere else, for that matter.
So, what ARE you afraid of? What are the concerns that you have? Are these realistic or not? And how can you address them?
- Fear of buying in the first place - if this is your first home you may be scared of making that big decision, and take on a huge mortgage for the next 30 years. Let's face it, that can be a scary proposition - spending hundreds of thousands of dollars, or more. But consider the value of owning your own place - adding to your wealth, creating equity, building your credit, having some tax deductions, and living in a place you can proudly say "this is MY home."
- Fear of making the wrong decision - you might be nervous about choosing the wrong house. Well, if you do your homework, take your time to research and get to know what you want and need, and work with a knowledgeable REALTOR, the chances of this happening are slim.
Fear of overpaying - no one wants to pay more for something than they feel it's worth, and that's true of houses too. Do your research; get to know the market and the values; understand what is happening in the marketplace with pricing; and use your REALTOR to gather the information you need so you really understand the value of what you are buying (comparable sales, for example).- Fear that you cannot afford a home- well, once again it is up to you to do you due diligence and understand your personal budget. You also must talk to a competent mortgage broker who can analyze your debts, assets, credit history and income to determine what you can qualify for (also considering property taxes, insurance and HOA/condo fees, if any). That information, coupled with your own budget will allow you to determine how much you can spend. And DON'T go above that limit.
- Fear of buying a home with defects - inspectors will tell you that there is no such thing as a defect-free home, even a brand new one. So having a competent inspector tour your prospective purchase and educate you about any problems will enable you to understand what you are getting. Be an informed consumer and have the inspections you need to feel reassured. And DON'T be afraid to walk away from a home with many problems that will be costly to fix, especially structural ones, unless you are really willing to take them on.
- Fear of the unknown: the purchase process itself - this is pretty normal. Everyone has to go through a home purchase for the first time, and most navigate the process pretty effectively and painlessly. Understanding what the process involves, in depth, and asking lots of questions of your REALTOR will find you knowledgeable about what to expect and less anxious about the transaction.
This may not cover everything you are nervous about, but it highlights the major concerns most folks have when they are buying. Going it alone, rather than working with a competent REALTOR can add to the stress and anxiety.
Make the decision that is right for you and your situation. And good luck!
