First Time Homebuyers: Five Ways to Deal with Cold Feet When Buying a Home

yes, no, maybe

“A man builds a fine house; and he has a master, and a task for life: He is to furnish, watch, show and keep it in repair, the rest of his days”-Ralph Waldo Emerson

 

It has been said that owning a home is a keystone of wealth and financial stability. With this in mind, so many individuals have made it their life’s endeavor to provide a roof over their heads and a shelter to return to at the end of the day. As a result, buying a home has been regarded as one of life’s major financial milestones.

However, while the prospect of buying your first home may be exciting, it does not take away the fact that buying a home is also a significant investment to make—insomuch that it can be considered as a commitment. And much like any lifelong commitment, there is; buying a home can be quite daunting—most especially if you are a first-time homebuyer. Indeed, while home buying is overall an exhilarating process, it is also one fraught with emotions and resounding what-if questions. You might have done all the right stuff, adequately saved for a down payment, run a credit report and pre-qualified for a loan and yet, you are unsure. Resultantly, you are uncertain as to whether you should make an offer.

Know that this is normal and second-guessing whether buying a particular property is the right decision is a shrewd way to weigh your options. However, if you find yourself crippled with indecision despite having seen a myriad of properties from condominiums is Pasig to BGC condos, then it might be time to address your cold feet. Here are some of the ways you can do just that:

 

Consult your list of needs and wants

Before buying a home, it is highly recommended that you have a list of wants and needs. This list would significantly narrow down your list of potential properties and it will be incredibly helpful by the time you need to weigh your options. Determine what your must-haves are in a home and designate these items as your needs. These are the features in a home that are absolutely non-negotiable insomuch that you should never consider a home that does not come equipped with these features. Secondly, identify which features are nice to have, but not really necessary. These are the aspects in a home that may be lacking but would not necessarily disqualify them from your list of potential properties. Once you have a property in mind, see how close it is to the criteria you have enumerated in your list. If it checks out, then you might want to make an offer.

Consider your buying timeline

Every prospective home buyer always has a home buying timeline in mind. This does not necessarily have to be a timeline set on stone, but you do have to consider your reasons for buying. Why is it necessary to have a house now? What compels you to buy? Do you need it anytime in the immediate future? Or are you able to wait a while? And if so, can you afford it? If you are pressed for time, then you might want to factor that in. However, if you still have the liberty of time to choose, you might want to be more open about looking for more properties. Who knows? You might just find your dream home at a reasonable price.

Stop surfing the net

While it is recommended that you look for as many residential properties as possible, you can easily fall into the pit of thinking, “there might be a better listing tomorrow”. Instead of constantly having to check the Internet for any new properties that might have popped up, consult your real estate agent and have them be your surfer. Tell them to notify you should a property fit your profile and your budget. This strategy would effectively cut down any unnecessary calls you would be making and would save you a lot of time as well.

Have a list of Pros and Cons

Much like you have a list for your wants and needs, you should ideally have a list of pros and cons as well. This list would help you identify what your reasons for having cold feet might be. Having a list of your pros and cons will help you see the house in black and white—which ones you like and what you do not. The list does not lie and you can always trust it to tell you whether now would be the best time to buy a home or if you should wait it out.

Be honest about how you feel

If there is a reason that you do not like the property in question, be honest about that. If you are afraid about the sale but are unsure about that, be honest about that as well. Home buyers tend to hide their fears behind procrastination, nitpicking and other sorts of behavior. However, it is best to be honest about whatever guy feeling you might have. After all, these are the feelings that would help tip the scales towards in favor of buying a property or looking for another one.

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