The Biggest Fears for Home Buyers

A survey by the Home Buying Institute revealed the greatest fears and concerns among home buyers.

What if my mortgage payment is too big for me?”

First establish a budget.  Review your monthly income and debt expenses, set a monthly limit for your housing costs.  Do this before you apply for a mortgage loan.  Believe it or not, you can be approved for a mortgage amount that exceeds your comfort level.  So do the math for yourself – find out what you can comfortably afford to spend each month.  It could save you disappointment down the road.

“Am I going to pay more than the home is worth?”

It’s called an “asking price” for a reason.  Just because a home is listed for a certain amount doesn’t mean it’s worth that much.  Call it wishful thinking on the seller’s part.  So be sure to base your offer on recent sales in the area.  (Your agent can help with this.)

“What if I buy a home with major flaws?”

Every home buyer should pay for a home inspection before making that purchase.  It costs a few hundred dollars and will give you the peace of mind knowing what lies beneath.  A pre-sale inspection will identify major defects but will also identify major repairs and maintenance concerns.  If you’re not satisfied with the inspection results, you can always withdraw your offer.

Source – Napa, CA US Housing news Home Buying Institute

More Buyer Concerns

Buyers do not want to risk ‘buyer’s remorse’

The fear of being lied to by sellers or real estate agents

Fear of the unknown, especially first-time homeowners

Bad past experiences or bad advice from well-meaning friends, family