It is normal to have cold feet when buying a home. This is likely the biggest purchase you will make in your life. At the same time, this is a serious decision that will affect almost everything, from your lifestyle and physical, emotional health to your relationship with your spouse and the well-being of your kids.
While having cold feet is normal, it is important to make the resolve to get over it. Otherwise, you will be flooded with emotions clouding rational judgement or turn off sellers and agents in Victoria as they see you unsure. That said, here are the steps to getting over cold feet when buying a home:
Evaluate your finances
Money is the root of all jitters when buying a home. You are probably wondering, “what if I can’t keep up with monthly payments?” The cure to this worry is to review your finances. Know the total cost of owning a home and this includes not just your mortgage payments.
In Australia, you would have to prepare for conveyancing fees, stamp duty, building inspections, and more. Compare housing costs to your household income. In general, you want the cost to not be more than 30 percent of your gross income.
Do not worry though if this is not the case in your situation. A financial planner can help draft a budget that works for you.
Honour your search efforts
Sometimes, it is the feeling of not doing enough in terms of property hunting that is causing cold feet to some buyers. They feel like they have not seen enough houses and fear that they will miss out on a good property when they settle on one.
Be realistic about this. If you viewed a lot of houses already, pored over real estate websites and apps day and night, and in the end, admired a decent, lifestyle-fitting a house and land here in the Truganina community offers, that’s already a clear indication that this is it. Acknowledge your search efforts and learn to let go.
Make a list, a timeline or a chart
Whichever floats your boat. Sometimes, it is the overwhelming tasks people need to accomplish in the homebuying process that makes them anxious. A little bit of organisation can help in this. List down the pros and cons for each house you visit.
Make a timeline of what you need to accomplish. This will help you see every element of the process and reduce that feeling of helplessness of not being in control of the situation.
The anxiety when buying a home is normal. But do not let it get the best of you. Use these strategies to keep calm and get rid of those cold feet.