Some call it buyer’s remorse while others say it is cold feet! Since, for most people, their home represents their greatest financial asset, doesn’t it make sense to educate yourself, learn thoroughly, and understand the best possible way to make your decision wisely? and in a polite way? While a certain amount of stress, tension and restlessness can be considered normal, the better prepared and educated a buyer is, the better the chances of making a wise decision, rather than an impulsive one. With that in mind, this article will briefly attempt to consider, examine, review, and discuss 4 reasons potential homebuyers might question and even reconsider their decision.
1) You won’t be comfortable with your monthly costs: After the initial excitement and often emotional reaction to a specific home, many begin to worry that they’re not sure they’ll be comfortable with their total monthly costs. These include: interest and principal on the mortgage; real estate taxes; maintenance, repairs, etc. To make an informed decision, one must examine their current monthly expenses and compare them on a net basis. This means taking into account certain tax-deductible items (such as property taxes, up to $10,000; property/property taxes, etc.). Also, it is important to note that when one rents, there is no return on the money paid, while historically, home value has at least kept up with taxes and therefore accumulates. some asset. accumulation/growth.
2. Reconsider the location: After the initial enthusiasm, many begin to question the specific location of the house. While this may be a wise consideration, one must be sure, it is not simply buyer’s remorse gold cold feet!
3. Job insecurities: How secure one feels about one’s job/occupation, and the continued earning power, often leads to stress and self-doubt! If you lost your job, or had reduced income, you could be, biting down, more than you can chew?
4. Possibility to relocate: How confident are you, or how convinced are you, that you will remain in the same geographic location, either through employment decisions/opportunities/opportunities, or choice, for at least five years? While historically, in the long term, there are often many financial advantages to owning a home, in the short term, there can be considerable fluctuations and variables. Everyone’s personal situation is somewhat different, and a buyer should focus on their own needs, goals, priorities, scenario, etc., rather than simply trying to, keep up with the neighbors!
As a general rule of thumb, an educated, informed, prepared, and prospective homebuyer is the smartest, etc. Will you pay close attention and answer the necessary questions, or will you alleviate some self-doubt right from the start?