first time home buyers overcoming fears

First Time Home Buyer

Advice for First-Time Home Buyers: Overcoming Fears

Being a first-time home buyer is exciting. You finally get the chance to have a place of your own where you can create a cozy nest and settle down. But like any new venture, homebuying often invokes feelings of worry and anxiety. Below, we’ve shared some tips for first-time homebuyers on how to overcome fears. 


Feel Anxious About Buying a Home? You’re Not Alone!

If you’re a first-time home buyer and you’re feeling anxious, it may be comforting to know that your experience is totally normal. In fact, feelings of stress and anxiety are a sentiment shared by many first-time buyers. According to a recent survey, about 40% of homeowners stated that buying a home was the most stressful experience of their life. That being said, it’s also important to keep things in perspective.


At the End of the Day, It’s Worth It

Buying a home is a great investment and one that can positively impact your future for years to come. Sure, you may go through some stress during the process, but it will all be worth it! In the end, you’ll have a beautiful home to call your own. What’s more, you’ll come out of the experience having learned a lot and will be more prepared if you decide to sell your home and buy a new one in the future. 


Overcoming Common First-Time Homebuyer Fears

If at any time you find yourself overburdened by fear or worry during the homebuying process, it may be a good idea to take some time for yourself and pause for a few minutes. Don’t hesitate to lean on friends or family – they’re there to support you! Your mortgage lender can also be a valuable resource when concern or confusion arises. You can also try using these strategies to overcome common first-time home buyer fears:


Fear: I’m worried about making a bad investment.

Our advice: Every investment carries risk. There’s no avoiding it. That being said, most experts agree that real estate is a relatively safe investment. This doesn’t mean you should go about things haphazardly. You should always do your research and use your best judgment. If you still have doubts, it may be a good idea to reach out to a professional such as a financial advisor or real estate agent.


Fear: I’m worried about money.

Our advice: This is a fear that often comes up during the homebuying journey. There’s a significant cost involved with buying a home. Fees and closing costs add up quickly. Our advice is to try to budget for these expenses to the best of your ability. Ensure you set aside funds for costs other than your down payment such as your home inspection fee, appraisal fee, and closing costs. Don’t hesitate to reach out to your lender and ask them to provide you with more information about the costs involved. The more informed you are, the less likely you are to run into a difficult situation.


Fear: I’m worried about home maintenance and repairs.

Our advice: Every home requires maintenance, even newly built homes. Keeping up on repairs and maintenance tasks is a part of homeownership that’s unavoidable. You can, however, do things to minimize the amount of maintenance your home requires. Do not skip out on the home inspection – you might regret it. Additionally, you can also consider buying a home warranty to cover unexpected repairs. Minor repairs aren’t the end of the world, but a major fix can be financially draining. However, you may find that working on your home is a rewarding and enjoyable experience and that it’s nice to see your hard work pay off!


We’re Here to Support You

Mortgage Solutions Financial is here to support you every step of the way on your home-buying journey. Call us today to get more first-time homebuyer advice.