Donna Frederick's Blog
234 Liberty Hill Road, Bedford, NH 03110
Every day, people miss the opportunity to secure a mortgage on the house that they really want.Cold feet is what holds some people back, prodding them to put off submitting a bid on a house that they've settled on. If too bad a case of cold feet strikes, people could lose the chance to not only buy a great house but the right house for years.
Too much patience could hint at unfortunate reluctance
If you're getting cold feet and starting to talk yourself out of bidding on a house that you just know is right for you, your reluctance might be due to:
- Reluctance to enter the realm of change - Moving to a new house does more than change your immediate environment. Moving into anew house introduces you to different people which can, in turn, set off more change.
- Fear that you won't be able to make the mortgage payments for 10 or more years, especially if you change jobs.
- Feeling like buying a house means that you'll have to own the house for many years.
- Concern that the house will need repairs that you don't know how to make.
Second thoughts about buying a house make perfect sense. It's smart to face each concern, as they could reveal areas of your finances and social life that you need to address. Just take action soon. It can improve your finances, a step forward that has a positive impact on your investments, retirement and travel opportunities.
Waiting too long could backfire
The sooner you take action, the sooner you could lower your reluctance to buy the right house at the right price. Let the reluctance remain and you could:
- Have no choice but to buy a less valued house at a higher price
- Miss out on the chance to buy a well built house at a time when you could see the house's value increase by more than $25,000 within five years
- Lose the chance to buy a house and have the seller pick up the entire closing costs
- Be forced to pay higher mortgage interest rates
- Experience a lifestyle change that presses you to buy a house quickly, costing you the chance to save money or live in a neighborhood you love
The right house at the right price is a rare find
Rows of houses go on for blocks in major cities. House assortments are also plenty,ranging from one story, multi-level, brick, stone, townhouse and row house styles. All of these houses gives the impression that you can always find the right house at the right price.
Yet, that isn't the case. Getting a great deal on the right house isn't like buying your favorite pair of shoes. Even in great economies, it can be hard to find a house that's located close to work, large enough to accommodate your entire family and in good, working condition. Let this chance go by and you might have to wait years before the opportunity crosses your path again.
What to secureThere are few things that are irreplaceable. Since most agencies you'll deal with in your life have your information backed up on their computer systems you probably can rest assured that your information is safe there. But for your own convenience and wallet, it's a good idea to secure the following documents and files:
- Social security cards
- Birth certificates
- Insurance papers
- Copies of wills
- Legal papers
- Vehicle titles
- Hard drive with family photos, home movies
- Medical information (doctors, prescriptions, etc.)
Buying a safeEven if you tend to back up all of your documents in a secure place online, it's still a good idea to own a safe. Servers can crash and files can be hacked. Plus there are certain items that you can't back up online. Spare keys to your home, vehicles, and safety deposit boxes are all important items for your safe that won't take up much room. Similarly, family jewelry or heirlooms are also priceless additions that should fit nicely. When buying a home safe there are a few things to consider. Safes can range from under a hundred dollars to several thousands of dollars depending on factors like their size and security capabilities. You should look for a safe within your budget that is both fire and water resistant, but is also a practical size. If you're only protecting some documents and keys, you won't need a huge safe that will be difficult to move if need be. A benefit of a large, heavy safe is that it becomes difficult to steal from your home to break open elsewhere.
Protecting your data digitallyThere are two ways of digitally security your items. One option is to use a flash drive and then keep that flash drive in a safe place (why not in the new safe you just purchased?). The benefit of a flash drive is that they are small and can hold huge amounts of data--multiple years of tax papers, for example. For an added layer of security on your flash drive, buy one with encryption capability. What's encryption? Encryption is a method of securing data by making the information unreadable to those without the key. There are several types of encryption and many ways of encrypting your data online. Another, simpler option for securing your data online is to use cloud storage. Google Drive, iCloud, and Dropbox are all common cloud storage systems that incorporate encryption. However, not all cloud storage systems are created equally. Some are better for security, others are designed to be convenient and user-friendly. Whichever storage service you decide to use, it's important to be smart with your passwords. Make them complex, unique, and change them frequently to ensure the safety of your data.
989 Ocean Blvd, unit #2, Hampton, NH 03842