Ever heard of the "cold feet" syndrome in real estate? It's basically the feeling that comes after you jump up and down from closing a deal and finally buying a property; it is when the happiness and excitement wane that it hits you and doubts begin to settle in. About Home sheds light about this common dilemma among any real estate buyer.
"What if I lose my job? How will I pay the mortgage?"
"Did I pay too much?"
"Did I choose the right house? Is the other house better?"
Trust us; it could get worse. A friend or family member will then worry together with you and make you feed more into those tears. You begin thinking about worst thoughts together; like, what if the house catches fire on the day you sign the deal?
If you find yourself in this situation, quickly break away and seek advice from someone who was not connected to the real estate transaction - a neutral third party. Real estate agents are trained to help you with this dilemma but you will benefit more from an advice given by someone separate from the home buying process.
You can also use the Ben Franklin approach; it simply means weighing in the pros and the cons. Get a piece of paper and draw a vertical line in the middle. In one side put the heading NO, and on the other, YES. Under the NO column, list down all reasons to not buy the house and counteract it with a reason to buy on the YES column.
These are some of the most common worries that make buyers uncomfortable with their decision; the NO column:
- The price seems too expensive.
- You're not keen with house repairs and stuff can go wrong.
- What will your new neighbors be like?
- You might not like the home after months of living in it.
- The house might need home improvement you can't afford.
- You might lose your job and end up losing the house.
- The fire might burn to the ground due to a dry spell.
In the YES column, you counter the reasons you identified on the other column:
- You are prequalified and preapproved by a mortgage lender, so you can afford the house.
- You can be covered by a home warranty paid by the seller for the first year repairs.
- Talk to the neighbors even before closing the deal to see how you will get along with them.
- If you decided to buy the house, it means you have reasons why you like it.
- You can do home improvement as your budget allows; after all, the sellers may have already dealt with the bigger projects when they sold you the house.
- Your spouse can still pay for the house if you lose your job; and you will collect unemployment insurance payments so you should be alright.
- If your house gets hit by a meteor, well, that's what homeowner's insurance are for.
