There’s plenty to consider when buying a home! Right out of the gate, you must have money for a down payment and closing costs. Once you know you have that covered, it’s time to dig in and find a property that’s right for you.
None of this is easy, but it’s doable. What’s an even greater concern for home buyers is what they can’t control. What if home maintenance costs are higher than expected? What if there’s a problem with the real estate title and other documentation?
Some of these worries are simply home buying jitters, but the following five concerns top home buyers’ list when buying a home.
None of this is easy, but it’s doable. What’s an even greater concern for home buyers is what they can’t control. What if home maintenance costs are higher than expected? What if there’s a problem with the real estate title and other documentation?
Some of these worries are simply home buying jitters, but the following five concerns top home buyers’ list when buying a home.
Affordability
Home prices have risen dramatically over the years, making it more difficult for first time home buyers to enter the market. As of this writing, there appears to be a course correction with home prices falling somewhat.
Still, finding a good home, whether you’re a first-time buyer or a repeat buyer, within budget is a big concern. There’s still a lot of competition for homes and inventory remains relatively low.
So what can you do?
Work with a seasoned realtor, one who is willing to work with you to find the right home in your price range. A realtor that knows the area and understands what you’re looking for is a true asset.
It may take some time, but your realtor will hear first of houses that come on the market, allowing you the opportunity to view houses in your price range.
The one thing you shouldn’t do is wait. While interest rates are not as high as they once were, waiting for them to come down to a magic number can cost you more in the long run.
Still, finding a good home, whether you’re a first-time buyer or a repeat buyer, within budget is a big concern. There’s still a lot of competition for homes and inventory remains relatively low.
So what can you do?
Work with a seasoned realtor, one who is willing to work with you to find the right home in your price range. A realtor that knows the area and understands what you’re looking for is a true asset.
It may take some time, but your realtor will hear first of houses that come on the market, allowing you the opportunity to view houses in your price range.
The one thing you shouldn’t do is wait. While interest rates are not as high as they once were, waiting for them to come down to a magic number can cost you more in the long run.
Overpaying for a Home
According to The Ascent, 38% of buyers are worried about overpaying for their home. And that’s a valid concern. Because real estate appreciates yearly, you most likely will pay a bit more for your home than last year.
What you want to avoid is grossly overpaying for your home. Your real estate agent can tell you if a price is fair or not. You can also do some detective work on your own. Compare properties sold in the area you’re looking to buy.
This will give you a good idea of whether the asking price for the property under consideration is fairly priced.
What you want to avoid is grossly overpaying for your home. Your real estate agent can tell you if a price is fair or not. You can also do some detective work on your own. Compare properties sold in the area you’re looking to buy.
This will give you a good idea of whether the asking price for the property under consideration is fairly priced.
Finding an Appealing Neighborhood
Also on The Ascent’s survey was the buyer concern of finding a home in an appealing neighborhood. About 37% were concerned about locating a home with good amenities and school districts.
Again, let your realtor be your guide. You may have to look at a lot of houses before you find the one that meets most of your buying criteria. The point is, keep looking!
Again, let your realtor be your guide. You may have to look at a lot of houses before you find the one that meets most of your buying criteria. The point is, keep looking!
Rising Mortgage Rates
When looking for a home to buy, about 30% of buyers are concerned that mortgage rates will increase before they can lock in a rate. While mortgage rates are still relatively low, they are still likely to stay competitive for the foreseeable future.
Finding Major Issues with Their New Home
This worry can be dealt with by simply getting a home inspection. The job of a home inspection company is to find major problems before you buy. You can attend the inspection and ask questions so that you can confidently move forward with the purchase.
Conclusion
It’s no wonder buyers have many concerns about buying a home. It’s the biggest purchase any of us make in life! You have every right to ask as many questions as possible, and to get them answered.
Lean on your realtor and mortgage lender for guidance and answers to your questions. Do your own homework about the neighborhood and schools so you can feel confident in your decision.
And don’t forget to purchase homeowner’s title insurance! When you make that choice, you can remove one huge worry over a. possible outcome you can’t control. Homeowner’s title insurance gives you peace of mind.
When you’re ready to close on your new home, turn to us, Lilly Title & Settlement. We’ll make the transaction as smooth as humanly possible, so you can enjoy your new home sooner!
Lean on your realtor and mortgage lender for guidance and answers to your questions. Do your own homework about the neighborhood and schools so you can feel confident in your decision.
And don’t forget to purchase homeowner’s title insurance! When you make that choice, you can remove one huge worry over a. possible outcome you can’t control. Homeowner’s title insurance gives you peace of mind.
When you’re ready to close on your new home, turn to us, Lilly Title & Settlement. We’ll make the transaction as smooth as humanly possible, so you can enjoy your new home sooner!
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