Real estate can trigger a lot of anxiety from potential buyers. After speaking with realtors, bank specialists and relatives’ one can find themselves with the feeling that such a huge commitment should be taken more seriously. However, as it turns out, according to experienced property developer Tim Manning some of these fears can be unfounded. Here are the top fears that you shouldn’t be worrying about when you’re considering buying a home:
- The fear of overspending
This is a common consideration when thinking about buying a home. It’s important to keep in mind that the price advertised is merely the “asking price” of the home. It’s not a concrete number and with the help of a seasoned professional you can help bridge the gap between your budget and the asking price. It can also be helpful to consult a professional to check the value of the homes in the area you’re trying to buy into. Through these methods you can guarantee that you don’t overspend on a home.
- The fear of not being able to afford a home (particularly one that you want to live in).
Many people have the worry that their entire life-savings are going to be sucked into the costs of buying a home. And while it’s a good idea to always be smart with your money, if you stall on buying a home because you’re afraid of spending you will never get anywhere. There are many services out there that can help first-home buyers with the mortgage process and estimates have produced evidence that the cost of owning a home may actually be as little more than $100 a month than renting.
- But isn’t renting just safer than buying?
This is a common train of thought, which it’s safer to remain renting due to the potential risks that may come with purchasing a home. While it’s true that renting generally comes without risks of losing large amount of money it also comes with a lack of real benefits long-term. Renting is actually a hole in which you put your money and have no return in the long run. It’s dangerous to consider losing money regularly with nothing to show for it as safe. As mentioned, there’s the potential that when you buy a home you may pay the same amount or a little more each month as you would when renting. Buying a home means having assets and this is an important part of becoming financially stable and allow you to build a stable future.