4 Tips to Cure New Home Jitters
Cold feet, the jitters, buyer’s remorse—there are a lot of words that describe those nervous feelings that can go along with buying a house. While some of these feelings are normal, you should also be experiencing happiness and excitement. If the negative feelings have hindered your search, then it’s time to acknowledge them and work past them. Here are some tips to cope with home buying cold feet.
#1 Take a Close Look at Your Budget
Many fears around buying a home come from the ability to make your payments and the potential of other costs breaking the bank. The best way to alleviate those fears is to look closely at your whole financial picture. A good mortgage broker is going to sit down with you and give you realistic look at what you can afford. It’s also your job to factor in all your other expenses, your savings, your job security, and make sure you save enough for an emergency fund. If you feel you’re too close to the edge, you don’t have to buy on the higher dollar end of your pre-approval. Instead, go with a number that makes you feel confident and secure in your ability to buy a home.
#2 The Money Pit
Tom Hanks once starred in a slapstick film called The Money Pit. While it certainly didn’t win any awards, it showed an over-the-top view of the insidious side of real estate. There is a legitimate fear you’ll be saddled with the costs of hidden problems that will rear their ugly heads after you move in. And certainly there are bad houses out there, but in general, a good inspector will find the major issues. You can also take note of what’s revealed in seller disclosure statement and opt for further inspections if something is amiss. The chance of ending up with a money pit is pretty slim.
#3 Is There Something Better Out There?
You’ll find a lot of houses you like during your search, but the key is to find a house that you will love. Even if you find it you may still wonder, was there something better out there? When those insecurities come up, it’s always good to sit down with a list. Look at the things you really wanted in a house. Does this one meet most of them? If it’s not perfect, is there the possibility of improving it over time? Something better might come along (in your opinion), but you may not have even gotten that house. However, to double check that the current house is the right one to buy, ask yourself if it gets at least an 8 out of 10—and remind yourself, you’ll probably not find a 10 but you can create one.
#4 Overpaying in an Unstable Market
Two scenarios can create anxiety for homeowners—the first is that the market will tank after they purchase a home, and the second is that they’ll overpay. To ease the anxiety, plan to purchase a home you’ll stay in for at least five years. That’s typically ample time for the market to recover, or to regain equity you may have lost if the market takes a dip. The key to avoid overpaying is to use a trusted agent that gives you honest feedback and in-depth market analyses. If the price someone is asking is too high, simply don’t pay it.
If you’re ready to buy a house and want to work with experienced agents that can help you navigate the market and give you tips for dealing with complex feelings, contact RE/MAX DFW Associates today.