Don’t Let Owning a Home Scare You

While taking a leap of faith and working towards owning your dream home can be scary, we're here to help lessen your fears and ease the panic that may come with homeownership.

Homeownership comes with several key benefits at all ages and stages of life, which include:

• the freedom to showcase your personality
• tax benefits
• appreciation in home value 

Several factors could scare one away from homeownership, so we’ll examine five common homeownership fears, and show you how how they might be less spooky than they seem on the surface.

Homeownership Fear # 1: I’ll Never Save Enough for A Down Payment

The thought of saving enough money to put down on a home can have some prospective homebuyers shivering in their boots. Contrary to popular belief, however, a down payment for a home loan may not cost as much as you think. There are several mortgage options available that offer low down payment options. State-sponsored down payment assistance programs are also available to aid qualified buyers, so don't be afraid to take that first step and check your eligibility.

Homeownership Fear # 2: The Market Is Too Crazy

In a seller’s market, homebuyers often find themselves outbid and with limited time to make a homebuying decision. It’s no wonder many potential homebuyers are afraid they’ll overspend or be pressured into making a poor housing decision.

If you make a plan and stick with it, you can still find the house of your dreams through all of the noise that is the market. Make a list of your must-haves and nice-to-haves. Review your finances and use our calculators to determine how much house you can afford. Set your max house price and stick to it. Finally, employ a team of professionals to help you on your homebuying journey. From your real estate agent to your mortgage lender, your team is here to help you turn your home buying dreams into a reality.

Homeownership Fear # 3: I Can’t Afford To Own a House

For many, a mortgage payment is frightening becasue they tell themselves it will be too much to afford. In reality, the average monthly mortgage payment for a US homeowner is $1,275 for a 30-year fixed mortgage (median: $1,609), which is much more affordable than most would guess.

Several tools are available to help you determine how much house you can afford. Our Mortgage Calculator will take you through a tried and true formula to determine your estimated mortgage payment based on home price, loan term, mortgage rate, and down payment. Using this tool will help you pinpoint your max house price and stay within your desired home mortgage budget.

If you start saving early, and lean on experts such as Sunflower Bank’s team of professionals to guide you through the financial process of homeownership, you’ll find homeownership much more attainable than you originally thought.

Homeownership Fear # 4: No Landlord = Maintenance Nightmares 

Many prospective homeowners fear the responsibility that comes with homeownership. After having a landlord available to take care of leaks, broken fixtures, and other home repairs, the idea of being solely responsible for all home maintenance items can spook them away from taking the plunge and purchasing a home. 

In today’s market, where many homebuyers are foregoing inspections to make their offer more attractive, prospective home buyers may be afraid of skeletons in the closet.

You can relieve some of the stress that comes with the responsibility of maintenance by changing your mindset. Instead of “responsibility,” consider the “opportunity” that lies in doing things yourself and learning new skills. You’ll find there are several repairs you can manage yourself. It will save you money, and may even turn into a hobby. For those repairs you need an expert for, know that you’re in charge. Unlike with a landlord, you have the opportunity to hire the professional that best fits your needs – whether it’s cost, quality or timing. While both these options may be more expensive than having your landlord “just take care of it,” you’ll know that the repairs and maintenance work are done to your standards. If you’re still concerned about potential skeletons in the closet, a home warranty can ease some of your fears.  

Homeownership Fear # 5: I’ll Be Trapped in a Mortgage

Fear of commitment can strike in many scenarios, homeownership included. Many fear that they will be chained to their house, unable to move to a new location due to the bondage of their mortgage payment. But as you live in your home, you gain equity that unlocks your imaginary chains. 

Equity is the difference between what you still owe on your home’s mortgage and your home’s value. You begin paying down your mortgage, and perhaps you experience appreciation in your neighborhood. You also might engage in a sensible home remodeling or renovation project. All this builds equity, providing you with more flexibility to sell and relocate if you desire a move. Otherwise, as long as you plan wisely and stay on top of your payments, you shouldn’t have to worry about being trapped in a mortgage.

Homeownership doesn’t have to be spooky. Sunflower Bank is here to help you every step of the way as you embark on your homebuying journey. Contact one of our mortgage loan originators today to start your process.