Marcia's Blog

4 Fears Keeping You From Buying a Home – and How to Overcome Them

Fear has the power to keep us rooted in a life of regret. However, the good news about fear is we can overcome it. If fear is keeping you from buying a house, you’re not alone. Here are four fears that could be stopping you from buying a house and how to overcome them to achieve your homeownership dream.

One thing I’ve seen over and over again: fear can be one of the biggest barriers to success. I can’t tell you how many times I’ve run into someone who is perfectly qualified to become a homeowner, but because of fear, they continue to rent.

 

The good news about fear is we have the ability to overcome it. If fear is the only thing stopping us, we can move beyond it by changing our perspective and putting a plan in place. Here are four fears that could be stopping you from buying a house and how to overcome them to achieve your homeownership dream.

 

Fear of rejection. Trust me, nobody likes to hear the word ‘no.’ But if you put off buying a house because you’re afraid your mortgage application will be rejected, you’re taking yourself out of the game before you even have a chance to win. The best way to avoid rejection is to be prepared. If you know what lenders are looking for, you can make sure you have what it takes.

 

HUD-approved homeownership development organizations like HomeFree-USA work regularly with lenders and we know what they require of borrowers. Contact a homeownership advisor and let them look over your finances and tell you exactly what you need to do to get approved.

 

Fear of a complicated process. I’m going, to be honest with you. The homebuying process is not easy. In fact, approximately 40 percent of Americans say buying a house is the most stressful event they encounter in everyday life. Some people feel so overwhelmed that they put off buying a house entirely.

 

However, it doesn’t have to be that way. The best way to get over this fear is through homebuyer education. You’re not expected to know everything about the home buying process. In fact, you can get the guidance of a homeownership advisor to help you sort through everything you need to do.  You can also take a class that can help you be better prepared.

 

Fear that you’ll be unable to pay your mortgage or maintenance costs. We’ve all heard stories of people who were unable to pay their mortgage or possibly lost their homes. Maybe you know people who this has happened to personally. As a result, it’s natural to worry that this could happen to you too. While we have no way of knowing what lies in front of us, we can take steps to prepare ourselves so we can better weather any financial storm.

 

Overcome this fear by creating a plan that includes a regular saving strategy. With a well-funded emergency fund, you will be better equipped to handle emergencies as well as the costs associated with your house.

 

Fear that your house will lose value. There are several reasons why people buy houses. One reason is to build wealth. Yet it’s possible for homeowners to find themselves underwater in their mortgages.  If you’re afraid that this will happen to you it’s important to put your fear in perspective. If your goal is to flip your house and make a quick profit, that fear may be justified. But if you take a long-term approach to homeownership, the odds are in your favor that you’ll come out ahead.

 

Fear can keep you stuck and living a life of regret. Let this be the year that you overcome your fears and achieve the financial goals that you deserve.