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COMMON HOMEBUYER FEARS & HOW TO OVERCOME THEM

Friday, August 18, 2023   /   by Ameil Gill

COMMON HOMEBUYER FEARS & HOW TO OVERCOME THEM

COMMON HOMEBUYER FEARS & HOW TO OVERCOME THEM


Buying a home is an exciting journey, but it’s natural to be weighed down by some fears that creep up along the way.


So, today, I’m going to help you tackle some of the most common concerns I hear and give you some insight on how to overcome them. 


FEAR #1: Not being able to find “the one”, or having buyer’s remorse


If you’re worried about not being able to find the “right” house, or buying the wrong house, it may be because you don’t know what you really want.


Make sure you have a clear list of your “wants” and “needs”, and make a pros and cons list after every home that has the potential to be the one. Prioritize what matters most.


In this market, it’s crucial that you are not impulsive.


Be willing to walk away or keep looking to avoid buyer’s remorse later on.


FEAR #2: Not being able to afford a mortgage


There are a lot of “what ifs” in life …. what if I lose my job? What if there are unexpected repairs? and so on.


Be prepared, and put together a budget before you start house hunting — leave room for any unexpected costs that may arise, and speak with a trusted mortgage professional to get pre-approved beforelooking at homes so that you have a clear monthly payment and budget in mind. Estimate your future monthly house costs/bills and big life events, and try not to stretch your budget to the max, no one wants to be house poor.


PRO TIP: you can typically call the utility company to get a 12-month average utility bill on a home.


FEAR #3: Unexpected maintenance or repair costs


There are ALWAYS costs (unexpected or not) associated with homeownership, however, keeping up with regular maintenance and setting aside an emergency fund can alleviate the stress of unforeseen repairs.


The key is to avoid buying more house than you can afford.


When house hunting, pay attention to the “big ticket” items on the disclosure such as the roof, HVAC system, and other mechanicals, and when they were last updated. Get a home inspection so that you learn as much as you can about the home (even if it’s after you move in), and stay up-to-date on regular maintenance items.


Remember, you’re not alone in this journey. When it comes to buying a home, knowledge is power. Surround yourself with a reliable support system of professionals who can provide guidance and encouragement, as well as set clear expectations for the process.


If you’re considering taking the leap into homeownership, I would love to connect and share some of my personal experiences when buying my first home, as well as come up with a plan to help you achieve your homeownership goals! Send me a message and let’s chat!

REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2
416-884-1359

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated April 15, 2024
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated April 15, 2024
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