Couple being toured around a house

How to Get Past Cold Feet When Buying Your First Home

It’s not surprising that most people get cold feet when buying a home. It’s probably the biggest purchase you’ll ever make in your life. Plus, it’s the decision you can’t reverse that easily. When you go in, you basically go all in.

While cautiousness is a healthy attitude when it comes to this kind of commitment, in most instances, delays in decisions can backfire. Due to cold feet, some homebuyers miss out on a really good home. Others, tired and stressed from the nonstop house hunting and overthinking, just settle for a so-so home, less than their ideal.

To avoid these, you have to pin down what you’re most fearful about so you can get over cold feet. These might be among your reservations.

“There might be a better house in the market later.”

The truth is, yes, there will be. There will always be something better. So, you’d keep hunting and hunting for that perfect space, without ever really accomplishing what you came here for, which is to get your own home. Don’t look for the “dream home.” Go for the home that’s just perfect for your needs.

Create a list of your non-negotiables when it comes to home features and location. Once a property ticks off all those criteria, stop looking at other homes. Settle on that one. Remember that the more that you see homes, the more you’re going to get stuck in this cycle of believing that there’s something more perfect out there, keeping you from seeing the good that’s already in front of you.

Focus on your home needs, rather than wants. Check out this condo in Makati, Philippines that that might just fit your home feature and location preferences.

 “We might not be able to pay for the house.”

Couple looking at a billOf course, money is the biggest source of hesitation for many homebuyers. However, it’s also the easiest to address. What you only need here is a clearly defined budget. Lay down your income, the non-negotiable expenses, and the homeownership costs, which shouldn’t be more than 28% of your gross income. From there, talk to a few lending agents.

The general rule of thumb is to get at least four quotes from different institutions. This will create healthy competition among them, and may just increase the likelihood of getting a better deal. Once the details of your finances are clear, you may not be as bothered as you were before.

Aside from the budget, do take note that there are far more affordable home options now than the traditional houses in subdivisions. Condo units, for instance, are a cheaper choice, but are of high-quality all the same.

“Owning a home is complicated. Renting is easier.”

It’s true that there are lots of responsibilities in homeownership that it becomes quickly overwhelming. But you’re only feeling such because this is something you haven’t tried yet. Because it’s new to you. The key here is to keep your eyes on the prize. Reflect on the benefits of having your own place.

When you have your own home, the payments you make don’t go to someone else’s pocket, they contribute to your equity and take you one step closer to payoff. Remind yourself of this fact, whenever the cold feet strike.

Buying a home is a serious decision. Such a big commitment can easily trigger fears and insecurities, but don’t let it. Get past the cold feet, and go all in.

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