You've waited, hoped, searched, and debated your home purchase for so long, and now it's time to close the deal. Unless you are prepared for the emotional fallout, you might get caught off-guard and be filled with self-doubt. It's probably best that you understand just how normal and predictable these cold-feet reactions are. Read on and learn how to counteract those fears with understanding and productive thoughts and actions.
Nothing to Fear But Fear Itself
Make a list of your worst homeowner nightmares. This practice helps you to get your true thoughts down on paper. In most cases, this practice will automatically create space in which the fear is replaced by action. For example:
1. What if the home is a "money pit"? This is a common fear and it's easy to see why. Many homeowners, particularly first-timers, romanticize the home-buying process to the extent that they view the home they've chosen as "perfect". Instead, make sure you have a professional home inspector put the home through its paces so that you will know exactly what to expect. To help soften the blow of future needs, plan to set aside a sum of money each month that is earmarked for home maintenance and repair needs. All homes have break downs and it is not possible to buy a perfect home, but you can be prepared for issues when they arise.
2. What if you lose your income? Taking on the responsibility of paying a mortgage is huge and that issue alone can cause many sleepless nights. Could you lose your job if you were renting? The answer is, no matter if you are owning or renting, losing your income will leave you scrambling if you aren't prepared. Mitigate this risk by saving before buying. Setting aside several months of income to go towards living expenses is not just smart but vital toward peace of mind.
Another efficient way to vanquish those last-minute fears before closing is to revisit your original arguments for becoming a homeowner. Why did you take this path? When people are compelled to purchase a home, they cite the following motivations:
- More control over their environment – There is no substitute for the freedom to make changes and customize your living space to meet your needs and desires. You can paint, put down flooring, add on a deck, and make other changes. Only your budget (and maybe local ordinances) limit you now. There is real satisfaction from creating unique living arrangements just for you and your family.
- More control over the finances – Unless you opted for a variable rate mortgage, you need never fear that your rent will be increased. Additionally, being a homeowner may help your tax situation.
- More of everything. A good choice when buying means more privacy, more control, space, amenities, parking, outdoor space, and so on.
Be upfront with your real estate agent and benefit from their experience and knowledge in dealing with home purchase cold feet. For more information, contact a business like Home Smart Preferred Realty.