Most people dream of homeownership, and generally have a goal to someday, eventually, in the near future, buy a home. It’s always a goal that’s on the horizon, I just have to get a few things straight first, right?
With all this procrastination, there has to be something more to it. We are accomplishing so much these days, yet for most, homeownership seems to stay just out of our reach. But why? In this climate, when it is now easier than ever to purchase a home, with a growing number of homes to choose from, and sellers wanting to get buyers into their home, and down payment assistance programs galore, why are buyers so scared to jump into the water and get refreshed?
The title of HOME OWNER has some serious obstacles to overcome:
1) The Fear of Rejection - And I’m not talking about walking up to that gorgeous stranger and sparking up a conversation. I’m talking the type of rejection from a mortgage lender that will kill the hopes and dreams of a buyer. Many buyers don’t even try to engage in homeownership because they are afraid they will not get approved for a home loan. Believe it or not, that will keep most people out of the game altogether. If you’ve been “cleaning up your credit,” or “waiting until you’ve paid off your car loan,” or whatever excuse, or reason you’ve allowed yourself to have for the past 3 years, face it honey – You’re scared!
2) The Fear of Being Tied Down – You know the type, still dating you after 7 years because they don’t want to rush into anything. Even though owning a home does more to build wealth than most financial instruments, renters will not buy because they are still trying to figure out if they are going to stick around. If you have been in the same city for more than a year, you’re kidding yourself with this one. By the way, you can purchase a home today and sell it tomorrow if you so desired. Now, try to get out of that one year lease before your time is up and you’ll need to give your landlord your first born son to get out of that contract.
3) The Fear or Coming up Short on the Mortgage - I get that 30 years is a long commitment and some people don’t know where their next meal is coming from, let alone where their next 10,000th meal will come from. “What if I lose my job?” “What if I get divorced and I don’t make enough money to cover the entire mortgage? “What if, I get hit by a bus and become disabled and can no longer work?” Real concerns…yes. This is when, like anything else in life, you just have to have a little faith. God has been faithful to get you this far. You will need to trust that He will remain faithful throughout your entire life, no matter what happens. Know that everything will be alright and there is a solution to every concern.
4) The Fear of Maintenance - Don’t laugh but this syndrome is a real thing. Renters will live in a dump, a place that they hate and feel slightly better about it, because “at least it’s not their house.” The fact that they are renting it and do not own it, helps them feel better about the leaky roof, or the plumbing issues, or the backyard looking like a jungle. You might hear them say something like, “I would fix it up but it’s not mine.” Or “If this were my house, I would…” In actuality, they are scared that they wouldn’t know what to do if something broke in their home, or that they wouldn’t have the money to take care of major repairs. So, to them it’s better to not have the responsibility. Psst…that’s what a Home Warranty Plan is for.
5) The Fear of Not Choosing the Right Home - Most people believe they’ll never be able to afford their dream home so they’d prefer no home at all. Listen, because your first home, or even your second home, can’t be a mansion doesn’t mean you shouldn’t purchase a starter home. In fact, purchasing a starter home can get you leaps and bounds closer to that house of the hill you’ve been drooling over. Ever heard of equity? That’s right, year over year, most homes can earn anywhere from 3%-10% equity. That could mean, when you sell your home, you have not only lived rent free for one year, but you’ll walk away with a handsome down payment that gets you one step closer to that dream home.
If you are still nervous, call me and let’s discuss what your main concerns are. Homeownership is still an amazing adventure and accomplishment. And if you have a real desire to own a home and you just don’t know where to start, that’s when you call in the expert.