Buyers Remorse | Colorado Springs Vintage Homes Blog

What are you scared of?

July 26th, 2010 by Kathy Torline
Categories: For Buyers, For Sellers

Are you scared to buy a house?

Here’s some of the things that scare buyers and suggestions on how to overcome the fears

Do I have enough money to buy a home?

Pre-qualified: The first step to finding out how much home you can afford is to get pre-qualified for a mortgage. A good mortgage professional can tell you fairly quickly about how much of a mortgage you are qualified for. (See related article: Pre-qual or Pre-approval.)

Take a look at your finances: Make sure you have enough for the downpayment and that you also have enough to pay closing costs, which include such things as title insurance and transfer fees. The National Association of Realtors (NAR) reports that closing costs average between 2 and 7 percent of the home price.

Extra Funds: You’ll also need to have money left over as a cushion after you buy a House. What if unexpected repairs happen? Be sure that you have enough money leftover to keep your life running smoothly.

Will I have buyer’s remorse?

The Perfect House: There is no such thing as the perfect house, so you should prepare yourself for some buyer’s remorse. Also, realize that you may have to buy something a little less than your dream house, and build equity in it in order to move up at a later date. I’m a firm believer that most every home buyer wants a little more of a house than they can afford.

Can I handle any repairs?

Repairs can be manageable: Before you get scared to try some of your own projects or repairs, know that everyone starts somewhere. Take a class at your local home improvement store; both Lowes and Home Depot have great classes, and their web sites are full of handy tips. Invest in a handyman’s guidebook or a magazine. Watch HGTV for tips.
Ask for Help: Or, ask a friend or family member that has already fixed a leaky sink or painted a room to come and give you some pointers.
Preparation: Be prepared for repairs, maintenance, and updates. Even with a new home, there will be projects, that is part of the fun of owning a home.

What if I need to move?

Experts recommends that to build equity, you need to own your home for at least 3 to 5 years. You normally don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest.
But if you’ve owned your home for five or more years, you may have equity in your home.

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To find out more information about buying a home in Colorado Springs, Call ……

Kathy (719-287-1049) KTorline@msn.com

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Tags: Buyers remorse, colorado springs home loans, Colorado Springs Home Repair, first time homebuyer, remodeling cost

This entry was posted on Monday, July 26th, 2010 at 5:32 am and is filed under For Buyers, For Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Conveyancing said at March 4th, 2011 at 6:17 pm
I will visit your blog regularly for some latest Information.

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