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Lou Salvino President

Lou Salvino

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Fear Factor: Battle Purchasing Fears

7/17/2012



No matter how many times you've done it before, buying a new home can be a daunting task. But it doesn't have to be. Below are some of the most common fears homebuyers face - and some advice to help alleviate them.

NOT BEING ABLE TO AFFORD YOUR NEW HOME. Sit down with a mortgage consultant before you start home hunting. Not only will he or she give you a realistic idea of what you can afford given your circumstances and tell you how much you can qualify to borrow, the consultant can discuss borrowing options with you to find the best fit.

OVERPAYING. Make sure you shop with a "needs vs. wants" list to help  you stay objective when looking at prospective properties. And team up with a real estate sales representative, a professional who is an expert at assessing a property's fair market value and who is a skilled negotiator, and whose job it is to work for your best interests.

MISSING OUT ON "THE ONE." When it comes to real estate, there's no such thing as "the one." In reality, for any property that suits your needs, there will be others that are just as suitable for you given your criteria. After all, properties in any given area are usually very similar to one another, often constructed by the same builder.

BUYER'S REMORSE. It's normal to wonder whether you made the right decision after making such a big purchase. No home is perfect, and even the slightest imperfections can leave you questioning your choice, so be prepared for that. But if you follow the advice above, it's less likely you'll suffer from a serious case of buyer's remorse.

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