By now, I’m sure you have heard about all the benefits of owning real estate, from the money you can save up vs renting to the long term wealth building benefits. However, there is still something that is holding you back from making that first move! As a realtor, I often see people run into a lot of the same roadblocks when it comes to purchasing their first property. Below are 3 common roadblocks, as well as some tips to get past them.
Financial Issues
The most common roadblock to you buying property is not having enough money. Or, more accurately, feeling like you don’t have enough money. Many people feel like buying a home is a huge expense that they will never be able to afford. The truth of the matter is that there are many programs out there designed to help you buy a home without needing to put as much money down as back in the old days, especially if you are a first time home buyer. You are most likely closer to purchasing a property than you think! All you have to do is try.
If this is something that is stopping you, feel free to reach out to me on my website and I’ll be happy to put you in touch with people that can let you know what you need to do financially in order to qualify, if you don’t qualify for it already!
Nervous About 2020 Real Estate Market
The next roadblock I have been hearing about, especially lately, is that buyers are nervous that the real estate market is going to crash. They think that they should hold off buying property for a while so they can wait and see what happens with the market. This thinking if faulty in my opinion for two reasons.
First, there isn’t going to be a market crash like there was in ’08 and ’09. Remember, that crash was caused by the banks handing out loans to any and everybody. If you had a pulse, you could get a home loan back then. Now, lenders are still as strict as ever when qualifying people for a loan, so we shouldn’t see any problems there.
Next, say that home prices do fall a little, which is a possibility. If that happens, then that would make it the perfect time to buy! I thought the goal to get a property for a good price, right! If prices do drop, that means it will be easier for you to find a good deal! There are many millionaires that made their money buying real estate during a down market because the prices were so good. So if you start getting your affairs in order, you will be ready to go when deals start coming on the market!
Scared to Take the Leap
One of the biggest roadblocks is just the fear of owning real estate in general. What if something goes wrong? What if I buy the home and the roof collapses, or the basement floods? What if I pay too much for a property?
This can be tough to overcome, as I had to go through it myself. I kept telling myself that maybe if I just waited, or did more research, I would be better off. Well, I’m here to tell you that, just like with other things in life, you just have to make that leap. There is are so many variables in real estate, that you can never be fully prepared, not without experience.
The best way to be prepared is to get yourself a good team of professionals to help guide you through the process. Having a good realtor, a good lender, and a good attorney at your side will be more than enough to make sure that your real estate purchase turns out great.
As always, please feel free to reach out to me with any questions. Thanks and have a great day!