Have you been on the fence about whether or not you should purchase a home? Have you become dependent on the renting lifestyle and knowing that if something goes wrong you can call maintenance to fix your problem? I get it. Fear is fear no matter what it is. Buying a car is scary so I know purchasing something like a house is an even larger and scarier purchase. But… it doesn’t have to be.
Here are 5 top reasons why people are afraid to purchase a home.
Maintenance is the first thing people mention why they are afraid to buy a house. They don’t want to have to make any repairs to the home while owning it or they think owning a home comes with a lot of repairs. Let me say this, GET A HOME INSPECTION AND HOME WARRANTY. Just that simple. Home warranties will cover most of any problems that could arise and a home inspection will let you know if there are any pre-existing issues. Do your research, get the proper inspections and you should be good. Also, if you service your systems and maintain a preventative maintenance schedule, you should be good to go. Please note: things do you happen and no one is exempt from home repairs.
2. No money
Okay okay, I get that too… How can I own a home with no money. Well, it’s simple. There are zero down, 100% financing options if you qualify. These loans are available to those who qualify and there is only one way to find out… Contact a lender and have them run your information for a pre-approval to see what your options are. Keep in mind, you may not need money for a down payment but you will need a few hundred dollars for your home inspection and appraisal. I’ll discuss those in a later post.
3. I have debt
We all do. Everyone has some sort of debt such as student loans, credit cards, car loan, medical bills etc. If you don’t, good for you! That’s a blessing but unfortunately, that is not the reality for many Americans. DO NOT let your debt hold you hostage! Have you spoken to a lender? Have you even tried to see where you are and what your options could be? If owning your own home is something that you have always dreamt of then why not take the right steps to see what it takes to get you there. Speak to a lender, not your family and/or friends.
4. Low credit score
CS. The two words that people DO NOT like to discuss for many reasons. Credit score that is. Here’s the thing, if you partner with the right credit repair company, maintaining a healthy credit history and credit score can really be fun and stress-free. Watching your credit score increase is exciting and definitely worth the hard work. 2020 is the year to stop over paying for things because of your credit history or score is poor. Download free credit apps such as credit karma to help you keep an eye on your credit score. Don’t hang up on or block debt collectors. Work out a repayment plan to pay off the debt and clear your name.
5. Fear of rejection
Going through the home buying process is pretty frightening for many first time home buyers. It’s the fear of the unknown. Not sure if you’ll get approved for a loan and the feeling of embarrassment should you not qualify. I totally understand but there is no reason to fear. Rejection isn’t final, it’s just not right now. Partner with a lender and allow them to give you guidance and recommendations on how you can prepare and position yourself to buy in the future. A good lender will sit down with you and explain the lending side of home buying process so that if you are denied a loan, you can prepare and get yourself ready for the future.
If you have any additional questions or concerns that I did not address, please do not hesitate to reach out to me. I am open to sitting down with you to discuss the home buying process.
Thanks for reading!