Before the Purchase: How to Feel Confident About Buying Property

This article was written by Yurie Goto

As the initial excitement of buying your dream home wears off, questions doubting your decision may start to pop up in your head. “What if I end up overpaying for the property? What if I’m never satisfied with my decision?” Well unless you buy the property off of Craigslist, chances are the home is perfectly fine and you just have the case of the home jitters. What’s the reason for this anxious feeling? Let’s consider some of the possible causes.

Listening to others instead of listening to yourself.

Friends and family will always find something wrong with a property. It’s not because they question your taste or ability to choose the right home, but because they don’t share the same vision as you do. They might want a traditional style home, but you prefer modern and contemporary. They might insist on a property with a backyard, but you would rather not deal with mowing the lawn. In terms of getting advice from someone who has experience in buying property, it is a good idea to absorb but not always to exploit.

You have more questions than answers.

Buying a home is not as easy as they make it out to be on reality TV. There’s countless paperwork to be filled out, documents to be signed, and properties to be inspected. With so much to do, it’s natural to come across terms or concepts that you’ve never heard of. And as you progress further into the process, you might feel overwhelmed by how much you don’t know.

Now that we’ve addressed the root of the problem, here are some tips and tricks to help you handle your anxiety.

  1. Take a good look at your financial status

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To help you get started, here are some questions that you should be able to answer:

a) Do you have a monthly budget set up? If so, have you been abiding by it?
b) Do you know how much you use every month?
c) Do you make timely payments on your monthly expenses?
d) Do you have room in your budget for another monthly payment? In other words, do you have a steady, reliable income?
e) Do you have enough savings in the bank for an emergency fund?

If you were able to respond yes to the above questions, good for you! Now remember, the rule of thumb is to allocate 30% of your income to housing and have enough money to sustain you and your family for three months. Also double check the total costs of not just to buy a home, but to own one as well. Did you remember to include insurance fees, homeowners’ association fees, and property taxes in your monthly estimate? On the other hand, if you had more no’s than yes’s, then you may want to put off buying property at this time until you feel more confident with your finances.

  1. No need to rush

Everyone gets excited to finally own a house of their own but be careful as not to fall flat on your face because you were rushing. Take your time to analyze and compare properties. Consult your wish list as much as you need to in order to recall what your most important needs are. Talk to other people who have experienced anxiety when buying property.

  1. Speak up

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Were you the shy kid in class who sat in the back and never spoke a word? Back in school, it didn’t matter if you were talkative. As long as you were getting good grades, you were automatically moved up a grade. There were no negative consequences. Going with the flow during property hunting, on the other hand, can have a negative effect on your quality of life. Because having unanswered questions can be one of the biggest causes of your anxiety, you should proactively seek the answers to those questions. If you feel unsure about a feature, ask the developer. If you feel worried about the crack on the wall, ask the inspector. If you feel insecure about where you stand financially, ask your mortgage broker. It might even help to understand if you read all of the available documents. Who knows, you might be able to pick up on a mistake! Even if you don’t have questions, it doesn’t hurt to double-check to make sure the home is right for you.

  1. Don’t be afraid of over payment

If you absolutely love a property, chances are, so do five other people. In order to claim ownership, you may have to compete with other buyers, causing an increase in sale price. Because of the unexpected price surge, you may feel like you are overpaying for the property. To put your anxiety at ease, check the prices of comparable homes. You may be surprised to find that you are still paying less than the average cost for the property.

  1. Plan for your future

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Wouldn’t it be wonderful if we could see into the future? If only we had such supernatural powers. But even if you don’t have the ability to predict everything about your future, some elements are easier to foretell than others. One such element is children. Unless you are absolutely certain that you don’t want children, you will need a home with extra bedrooms. Another element to consider is your parents (or maybe even your in-laws) whom you  might want to move into your house later. Not all elements revolve around family as well. Depending on your job, you may have to move around every few years. You may also want to change jobs if the current one doesn’t seem to suit you. Take some time to think about your future. If the property does not match your future needs, you may run into some drawbacks later.

  1. Be flexible and expect the unexpected

When you first visualized your dream home, you may have had a swimming pool, a hot tub, an open floor concept, a fireplace in the living room, a library filled with books, or a spacious master suite. But can you really get all of that and stay within your budget? Clinging on to your high expectations will cause you to feel anxious when small issues and conflicts arise.

Finding the perfect home may seem like a daunting task and so you might be feeling anxious. After all, you’re about to make one of the biggest commitments in your life. But just remember: if you have a good financially standing and you took your time to explore your options, you are more than likely to be ready to purchase a property. Head over to NuProp  for a great variety of options on newly launched properties and find your dream home today!

If you still not ready to make a purchase, take this time to educate yourself. Follow our Facebook  page to make sure you always get your hands on our helpful articles and guides for first-time home buyers. Good luck!

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