Overcoming fears of buying a first home..
Thursday Aug 27th, 2020
First time homeownership is an exciting accomplishment, but it can bring with it a daunting list of fears and pre-purchase jitters. Don’t worry, you’re not alone. For a first-time buyer, these fears are expected, but can be alleviated.
Here are some common first-time homebuying fears and optimistic tips to help overcome your worries:
1. Fear of Buying the Wrong Home
Double check your list of the must-haves you require and stick with it! Stay within your price range and be sure to sleep on your decision before putting in an offer no matter how much you love the home. Try to view it a second time before placing an offer as the property will either come more into focus or go out of focus.
2. Fear That Your Property Will Lose Value
Even Warren Buffett cannot predict how the real estate market will fare. If you can afford it, buy into an established and desirable neighbourhood close to public transportation. Properties that are accessible via public transportation tend to appreciate above the market average.
3. Fear of Maintenance Costs
If you are purchasing a condominium, be sure to find a well-managed building that has an active condo board. Your lawyer will complete a review of the condominium documents and status certificate. Look for condos that have a well-planned budget and do not have a history of sudden increases in monthly maintenance fees.
4. Fear of High Property Repair Costs
To avoid buying into a home that will overwhelm you with deferred repair expenses, buy into a well-maintained property or one that has recently undergone new upgrades or renovations. If you are buying into a townhome or freehold property, always get your home inspected before buying.
5. Fear of Information Overload
Much of our anxieties about doing something for the first-time stems from a lack of knowledge and understanding. While you may know you want a semi-detached home over a condo, it is likely that you may have less understanding of other important aspects including mortgages, closing costs and realtor sales commissions.
We can help educate you on your local real estate market as well as connect you with current online information or other resources to help you develop a strong understanding and make informed confident decisions.