For many first-time home buyers, buying a home is a scary process. Not only is it a big purchase, but it’s a complicated one. With the right guidance and support along the way, you can overcome your fears and find your dream home.
Here are the most common fears among first-time home buyers, and instructions for how to overcome them.
“What am I doing?”
Real estate is complicated. When there are a lot of homes to consider and not a lot of time to spare, home shoppers feel the tension of a fast-paced housing market. But the process doesn’t end when you find a home that you like – you still need to make a competitive offer. Followed by paperwork, inspections, financials… buying a home is complicated.
That’s why you work with an agent! Experienced REALTORS® make the home buying process simple. They help you along every step of the home buying process, from searching for homes to making offers all the way through to the closing table. You don’t have to stumble through every stage on your own. Enlist the help of an experienced professional.
“How can I afford a down payment?”
As one of the biggest purchases you’re likely to make in your lifetime, buying a home is a significant financial investment. Even if you are not yet ready to buy a home but know you want to in the near future, it is still beneficial to connect with a local agent and talk to them about:
- Setting up an FHSA (First-time Homebuyers Savings Account)
- Finding ways to save for a down payment
- Using mortgage calculators to input your own numbers
- Getting prequalified or preapproved so you can act fast
Saving for a down payment may be easier than you realize! For an in-depth review of your finances, ask your real estate agent to recommend a local financial advisor or lender.
“Do I have to settle?”
Many first time home buyers look for a starter home, knowing that their first home might not be their forever home. But that doesn’t necessarily mean you’ll have to settle for a home that is “just okay.”
Talk with your agent about the things you’re looking for in your dream home. Also, think about where you’re willing to compromise. Your real estate agent can guide this conversation, offering advice and expertise based on the housing market.
Based on your wishlist, your real estate agent can help you set up searches using the REcolorado Client Portal. This gives you in-depth access to all of the fields available in the MLS system for a powerful and accurate search, plus email notifications when a home that matches your criteria comes on the market.
“Where do I start?”
First things first, talk with your local real estate agent and don’t be afraid to ask questions. Your agent will be your go-to expert and resource throughout the home buying process. They want to alleviate your concerns and answer your questions. Chances are your real estate agent has seen it all and can answer any question you throw at them! So anytime you have a question, ask them first.
As you start the process of searching homes for sale, more questions will arise – and that’s okay! Home buying is complicated, but your real estate agent will be there to make it simple.
Originally published July, 2020, updated in July 2021.