Hesitation in home buying. What’s preventing you from taking the plunge?
Home prices might be rising, but that’s probably not the reason you haven’t bought a home yet — at least not 100 percent.
Sure, finances can hold us back to an extent, but with the number of low (and no) down payment loans, assistance programs and grants out there — not to mention the huge variety of price points across the country — money is often just the excuse we use to cover up other issues holding us back.
In fact, in many parts of the country, buying a home is actually more affordable than renting — especially in the long run. So if money’s your excuse? Think again.
Maybe you are dealing with one of these other issues instead:
FEAR
This one’s the most common. You might be afraid to make such a big investment of your time, energy and money, or maybe you’re scared of the commitment. After all, buying a home is a big decision — one you’ll have to live with for 10, 20, maybe even 30 years of your life. It’s natural to be fearful of such a momentous change. But as the old saying goes, “The only thing we have to fear is fear itself.” Sometimes, jumping right in, pushing past that fear and moving forward can be the best thing we can do for ourselves.
SPENDING HABITS
Are you addicted to those morning lattes? Can’t give up your Sunday brunch? Just bad about racking up credit card debt and going on spending sprees? These bad habits might be holding you back from buying a home. For one, they make it hard to save for a down payment. But since there are a number of mortgage loans with low (and even zero) down payments, there’s another bigger factor to consider: your credit. Bad spending habits, as well as high amounts of debt, can impact your credit score — as well as your chances of getting a mortgage loan. Start being mindful of your money habits, and make small changes over time to improve your credit. It won’t increase your score overnight, but any little change will help in the long run!
COMFORT
Getting out of your comfort zone is hard. Maybe you’ve rented for a while, and are used to your payments, route to work and weekly trips to the laundromat, or maybe you’ve got a solid routine down you don’t want to mess up. Either way, buying a home would throw you into unfamiliar territory — and that can be unsettling. Try to remember, though, change can also be exciting! It’s an opportunity to do more, see more and experience more. And isn’t that what life’s all about?
REJECTION
Nobody likes to feel rejected — and with buying a home, there’s a lot of room for it. Even if you find the perfect home, your offer can get turned down by the seller, or in the end, your lender could deny your loan. These are all real possibilities — but they’re not ones without solutions. If your offer gets rejected? Put in a counter bid or start looking at other listings. If your lender is having trouble underwriting your loan? Bring in a co-borrower or buy the property with a roommate. There are tons of creative solutions that can help you come out on top — even if rejection happens.
NEGATIVE MINDSET
Are you a glass-half-empty kind of person? Do you always see the downsides to a situation? This negative attitude can easily transfer over into your home buying habits — or lack thereof. With so much money and time on the line, it’s easy to think “I probably won’t find a home I like or can afford,” but as with anything, you never know until you try. What if that dream home was out there? What if it was more affordable than you thought? Isn’t it worth a shot?
Honing in on what’s truly holding you back from homeownership is crucial. Once you recognize the problem, you can take steps to overcome that obstacle — whether it’s breaking costly spending habits, getting your credit in order, or just working on your confidence and attitude. Want more help realizing your homeownership dreams? Contact SnapFi today.