First-time homebuyers' fears - how to overcome them.

Purchasing a home for the first time can be a daunting concept, so much so that many choose to delay the purchase until they feel better prepared. The truth is that many might already be in the right financial position to purchase but are choosing to rent instead out of fear of the unknown.

It is not uncommon for first-time buyers to feel anxious about buying their first home. Investing in real estate will probably be the biggest purchase they will have made to date, so it is understandable to feel hesitant. The problem is that property prices keep appreciating in value over time.

The longer a buyer delays getting into the market, the more expensive it will become. The sooner a buyer can get his/her foot into the door, the better. Unlike renting, buying real estate will provide individuals the opportunity to climb the property ladder over time - even if it is just a small apartment to start with.

 There are several common reasons why first-time buyers delay entering the market:

• Buyers do not realise how much they could qualify for in home finance.
• Buyers are not sure of all the costs involved in making a real estate purchase.
• The process of buying seems overwhelming and complicated.
• They feel they will have to compromise too much based on what they can afford.
• There is nobody in their life that can guide and support them in this decision.

The solution to many of these problems starts by making an appointment with a local real estate professional. Unless working in the industry themselves, people seldom know the ins and outs of how to purchase property. This is why the real estate profession exists. Never feel intimidated to speak to a real estate professional and to ask for guidance. After one appointment with a reliable expert, you might feel very differently about making your first real estate purchase.

There are also a host of online tools and resources to help explain the process to first-time buyers. Simply type your question into the search bar of your chosen internet browser and a plethora of property articles will appear. Many financial institutions and bond originators also have various online affordability calculators that will help buyers get an idea of all the associated costs. Play around on these calculators to calculate what you need to start working towards.       

These days, there are so many free and easily accessible resources available to help buyers. Never allow fear of the unknown stop you from making your first real estate purchase. When you look at property prices in ten years from now, your future self will thank you for taking the bold leap to enter the property market sooner rather than later.

Extract from Property24