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Buyers are fairly stressed these days, especially first-time buyers. Even when we aren’t in a seller’s market, some of these things will always give first-time buyers anxiety. Here are the nine most common first-time buyer stressors and what may help you through them:
1. Debt. The responsibility of taking on a mortgage can be a huge stressor. Understanding the difference between good and bad debt can help with this.
2. Saving for a down payment. Homebuyers of all ages say one of the main reasons they delay a home purchase is because they’re saving for a down payment. What’s best for you depends on your situation. You may want to save up for a larger down payment, or you might want to take advantage of a program that lets you have a smaller one but has some other tradeoff.
3. Waiting for home prices to drop. Don’t do this! That will be extremely stressful because it’s not going to happen for a long time, and meanwhile, your rent will continue to increase.
4. Inability to decide on your preferred locale. I see this one in first-time homebuyers all the time. When we have a buyer consultation, we discuss lifestyle and considerations for the new home’s location. We can often provide suggestions for locations that you may not have even thought to give you more options. However, some buyers can go too far and feel they need to look at every house that hits the market in any direction.
For example, if you want to take advantage of USDA 100% financing, your new property needs to be in a smaller community with fewer than 15,000 people.
5. Uncertainty over whether or not to buy at all. I sometimes see this with couples who aren’t married because it involves making a massive commitment to the other person. For some, buying real estate is just as major of a commitment as exchanging vows because there’s a massive legal component to it. You need to make a plan for what will happen to your real estate if you break up.
6. Uncertainty over the type of home to buy. For example, should you buy a townhome or a single-family home? We can help you figure out what’s best for your wants and needs.
7. Not wanting the responsibility of homeownership. This is a massive consideration. For example, you might have a vacation planned, but your water heater breaks, so you have to use your vacation money to repair it. If you can’t afford or don’t want to take the time to do home maintenance, homeownership possibly isn’t right for you yet.
8. The inability to find a suitable home. Many people haven’t been given the strategies to find the right home. Much of this stressor is due to a lack of guidance during the process.
9. You don’t want to give up mobility. Some people say that they want the ability to pick up and move whenever. However, if you feel like you don’t want to be locked into anything but you’re paying a month-to-month lease, you’re paying a premium for that freedom. When you haven’t owned a home before, you may not have a frame of reference for just how financially advantageous homeownership is. Plenty of benefits come from owning a house, and for most people, they outweigh some of those other fears.
If you have questions about how to lessen the stress of buying a property or concerning any other real estate matter, give me a call. I would love to help you.
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Let’s Explore Your Selling Options. I’ll help you sell your home at the price and terms you want. Free Selling Strategy Call
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