Scared to Buy a House | What You Need to Do

January 12, 2024 | Posted by: Ron Chan

Scared to Buy a House Winnipeg

You desperately want to own your home. You’ve been dreaming about having a house to call yours for years, but have remained on the fence for so long that you’ve become accustomed to renting. After all, there’s comfort in letting someone else (landlord) take on all the risk, right? We understand the trepidation, especially when you’ve been bombarded about the news of high mortgage rates. However, we suggest that being scared to buy a house is steeped in concerns that may be entirely unfounded. Read below to learn more.

5 Things to Reconsider When You’ve Been Putting-Off Homeownership Out of Fear and Uncertainty

Concern About Getting a Downpayment

The thought of securing the necessary downpayment for a house is one of the scariest things. However, it needn’t be when you work with a mortgage broker. A broker can connect you to programs than can reduce your downpayment and/or help you save the downpayment quicker that you thought was possible. One example of the former is Canada’s First Time Home Buyers Incentive program. One example of the latter is Canada’s First Home Savings Account program. A broker will help you qualify for each, along with other potential downpayment reducing plans.

Concern About High Mortgage Rates

It’s one thing to get help with the downpayment, but another for forthcoming monthly mortgage payments. These payments are contingent upon variable and fixed mortgage rates, the very thing you’ve been hearing fear mongering media report on over the last annum. Yes, rates are higher than they were two years ago, but they are far from being as scary as most make them sound. Or, at least this is true when you work with a mortgage broker, A broker has longstanding ties with both big banks and alternative private lenders. A broker receives bulk discounts on interest rates from these institutions which get passed on to you. As a result, you’ll enjoy lower monthly mortgage payments which is a huge relief!

Concern About Finding the Right House for You

You’ve also heard that inventory is tight, which has you scared that you’ll settle for a house that isn’t what you dreamed for yourself and household (as applicable). However, please note the the benefits of a mortgage broker that we addressed above effectively increases real estate inventory because it increases your buyer power. Armed with a lower required downpayment and lower required monthly payments, you can afford a house that you once assumed was out of your price range.

House versus Condo

You used the word “house” when discussing your fears regarding homeownership. Is it really a single detached house that you’re looking for, or simply a place to call home? If it’s not an absolute requirement that the property be a detached family home, consider a much more affordable (and lower upkeep) condominium or other type of multi-residential property. There are some amazing new condo developments in Winnipeg’s budding live-work-play communities that could be ideal for you. When you consider going the multi-residential route, you may find that your fears about homeownership quickly disappear.

The Feeling of Being Alone in the Process

Fear and aloneness go hand-in-hand. Buying a home is absolutely a big deal and when you feel as if you have to manage the process on your own, things get pretty scary. However, when you work with a mortgage broker from the beginning, you gain a partner that will walk you through calculations, pre-approvals, negotiations, paperwork, and closing processes. You won’t have to do a thing aside from focus on finding your dream home. That, and maybe a few decorating decisions for after you’ve taken possessions of the house keys!


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