It can catch buyers by surprise. Just when you've finally found a great home at a great price, you get worried. You should know that your fears are common, particularly if you are a first-time home-buyer. Just because you are having second thoughts is no reason to call off the deal, though. Read on and learn from other buyers and real estate agents what to do when the closing is looming and you are finding it difficult to function normally.
Consider the Motivating Factors
There is no doubt about it — buying a home is a huge deal for most people. Home purchases can be complex and the list of things a buyer has to do between the offer acceptance and the closing is lengthy. You might want to take a step back and think about what led you to buy a home. If you have been renting, for example, think about the ways owning is better than renting. You might even make a list of all the ways buying is superior to renting. Many buyers cite the following reasons for buying a home:
- More space for a growing family, for entertaining, or having family visit.
- A better location that is closer to work, schools, parks, shopping, and more.
- More peace and quiet, safety, or security in a new neighborhood.
- The ability to decorate, paint, and remodel to your heart's content.
Identify What Is Keeping You Up At Night
To add to your certainty concerning the home purchase, identify your worries. For many buyers, many worries are centered around financial concerns. There is something about signing a loan application that can bring home a host of underlying fears for what is to come. Take some of the below financial worries, for example:
- Monthly budget woes: From the time you began looking for a home within a certain price range, your budget should have been adjusted to accommodate the mortgage and other associated costs. Do the numbers again to make sure you can pay your bills and have enough left over for maintenance and repair problems. If not, you may need a side hustle or a trimming of other expenses.
- Fear of unemployment: Losing your job could impact you in a huge way even if you were still paying rent. Do what the experts advise and set aside several months of expenses for an emergency need.
- Fear of buying a money pit: A home inspection is a must and knowing in advance about issues that need to be addressed down the road is a blessing. You now have a concrete idea of how much home maintenance costs to expect in the next year or so.
Real estate agents are all-too-familiar with the symptoms of second thoughts. Talk to your agent about your concerns and make the next big step with confidence.
To learn about homes for sale in your area, contact a real estate agent today.
