From the dawn of time, acquiring a place to call your own has been etched into our DNA. From caves to cud-a-sacs, we want a plot of land with a house we can call our own. Wars have been fought, and governments have been overthrown over this basic need. This adult-level acquisition is a right of passage, just as potty training, formal education, puberty, and obtaining your driver's license are. Not everyone passes through, but most do. This blog is for those about to launch themselves into the process but are questioning if they are doing the right thing.
If you are nervous or anxious about the process, I am here to reassure you that these emotions are normal and healthy. The excitement of the process can quickly morph into cognitive dissonance, where you can't sleep from wondering if this process is the correct path. You have buyer's remorse and have yet to collect the keys. Let’s further evaluate this significant life decision from where you stand in a fog of uncertainty.
It is important to understand why you are purchasing this home. If your answer is a home should be a great tax deduction, everyone else your age has one, or you fear missing out, your anxiety may be justified. If it is the next right thing to do in your life, let’s attempt to put your mind at ease.
First Tip: It is essential to understand that no home will satisfy all your needs. Even if it did, in short order, your life will change, and so will your needs, so being aware your definition of a perfect house will always be a moving target should diminish many of those nagging doubts. (See our Forever Home Blog). Now is an excellent time to review your needs/wants and confirm this is where you want to be - for now.
Second Tip: I believe the most critical element is in math. Do the numbers indicate this is a good decision? The great thing about math is there is no emotional component. Although it is nearly impossible to eliminate all emotion from such a significant investment, either you are comfortable with the numbers, or your financial foundation is off to a less-than-stable start.
Third Tip: Have you listened to professional advice? Inspections, disclosures, and solicited evaluations all provide insight into the condition and status of your new acquisition. The more unknowns or unresolved red flags, the greater the corresponding nervous coefficient will be. To be informed does not eliminate all potential issues but certainly creates a level of comfort. If doubt persists, you need to obtain more input.
Fourth Tip: The process itself can be unsettling. Negotiations, contracts, inspections, loan applications, and accompanying documentation only get the ball rolling. Then, you must decide if your furniture will fit, if potential updates or remodels are required, when movers are needed, and how to coordinate a remedial strategy for your previous accommodations. It will seem like every day brings a new list of items you need to address. Rest assured, this is only for a season, and there is light at the end of the tunnel.
Fifth Tip: You may resist this or believe it is impossible, but enjoy the process. This is a life-impacting event, not a life sentence with no chance of parole. The challenges you overcome are character building, delivering you to a new phase of your life. They will also become humorous conversation starters for years to come.
Countless have passed this test before you, and many will after. You can worry or embrace the process. It is an education you can and will draw from the rest of your life. Yes, there can be hitches, but ultimately, everyone is working to the same end. You are moving into a home you can call your own.