The purchase of a home is always fraught with emotion. Ownership of a home means safety and security for families, no matter where they are in the world. However, not every emotion connected to home purchase is positive. One emotion, felt by most first time homebuyers, is fear.
Home seekers’ fears are not unjustified. However, there are simple solutions to overcome them. Here are some of the common fears felt by people when considering a home purchase.
Fear of debt
Borrowing money to purchase a home is very likely to be on the top of the list of fears for homebuyers. The thought of being in debt is an uncomfortable one for most people.
Additionally, buyers can be wary about interest rates. Apart from the fear of not being able to repay a home loan, it is also a significant worry that the purchase will deplete the buyer’s life savings.
Solution: The definitive way to allay your fears about finances is by coming up with a comprehensive plan that takes into account EMIs, savings, expenses, retirement funds and investments.
Clearly allocating funds to each category will ensure that you don’t end up bankrupt in the process of buying a home.
Loss in property value
Watching the rise and fall of property value is always a thing of fascination, but not for homeowners. The anxiety of losing value on a property one owns is very real. It can deter even the most hopeful home seekers.
Solution: It is highly recommended that you do adequate research into the real estate market before choosing a home.
Taking a look at the historical price trends and development planned for the area will give you a sense of how the property value has changed over the years and how it is likely to fare in future. Consult experts, owners as well as credible resources of real estate information before making your decision.
The wrong choice
Buyers’ regret is the situation where a homeowner comes across a seemingly better home on sale and regrets his or her choice. Fear of this buyers’ regret often keeps people on a constant search for the perfect home.
Solution: The truth is there’s nothing such as the perfect home. There will always be homes that seem better in comparison.
Having a clear list of reasons of why you are choosing a particular home will help validate your choice in case of doubts in the future.
Efforts and costs of maintenance
Home ownership isn’t an effortless experience. Maintaining a home and its various components in good, functioning condition requires effort and money. This thought scares off most people from purchasing a home.
Solution: Invest in home insurance to protect you from unforeseen damages to the home.
Additionally, try to keep up with regular maintenance of the home in order to delay major expenses.
Policy-related fears
Given all the recent policy changes in the country, a lot of home seekers are nervous about making a purchase. Many people are unsure of the changes in the real estate landscape post GST, RERA and demonetization.
Solution: A basic scan of the policy changes recently will demonstrate that all these changes are designed to empower homebuyers and increase accountability from developers. Such fears can, therefore, be allayed. Stay on top of real estate developments here .
As long as you purchase a home backed by in-depth research, solid rationale, and sound financial planning, your fears will remain unfounded. Go forth and overcome them.
This article is contributed by RoofandFloor , part of KSL Digital Ventures Pvt. Ltd., from The Hindu Group
