As a first time home buyer, it sets in rather quickly that you are making one of the most expensive (potentially THE most expensive) purchases of your life. Even if you luck out with a low money down mortgage program, you are still typically putting down thousands of dollars, which can be unnerving for anybody. You may feel some doubts, second guessing, and overthinking on the subject. With that said, here are some ways to get around that feeling.
Do your homework. By that I mean research. After you speak to a lender, you should have a pretty good idea of what you can afford and how those numbers pan out. You should constantly have your finger on the dial of current interest rates, your approval amount, and your potential monthly payments when aggressively house hunting. Having a good grasp of these numbers can let your mind rest assured you’re making a purchase you can actually afford. On that note, I would also closely analyze the market you are buying in. Are houses appreciating? How’s the neighborhood, school system, crime? All things worth looking at. With that said, try not to get something called “analysis paralysis”. This happens when you become so consumed with research and information, that you fail to take action or make the decisions that need to be made. Try to strike a healthy balance between educating yourself and taking action.
Surround yourself with industry pros. Honestly, this is a solution to many problems in real estate. Simply having the right people in your corner can help you navigate and mitigate the various obstacles in the home buying/selling process. These people include top notch real estate agents, lenders, contractors, and attorneys.
Look at the big picture, try to remove emotion. In my opinion, many people make reckless financial decisions when they are in a highly emotional state. It’s important to be mindful of this, remain neutral and logical, and stick to your numbers. What’s your end goal? Is this purchase aligned with that end goal? All things worth thinking about. The more proactive you are about answering these questions, the less doubt you may feel when it comes time to actually execute.
Sometimes, all the preparation in the world will still leave you nervous. That is okay. Discomfort is often where we begin to grow. Recognize that you are doing your best and hold yourself accountable when you are not. Most importantly, don’t quit. Just keep going. Thanks for reading!
*Note: This is for educational purposes only, this is not financial or investment advice.