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Buying your first home is exciting, but let’s be honest – it can also feel overwhelming. It’s a big step, and with that comes plenty of questions. Am I making the right decision? Can I afford this right now? Will I be able to make ends meet if I have unexpected repairs? What if I lose my job?
Here’s the thing: Every first-time homebuyer has these thoughts.
Home-buying has always been a mix of excitement and nerves, and that’s completely normal. Here’s some information that can give you some perspective so you don’t have these concerns.
Focus on What You Can Control
Since homeownership is new to you, you probably feel it’s hard to know what to budget for. And that can be a bit scary. You’ll have the mortgage, home insurance, and maintenance to think about – maybe even lawn care or homeowner’s association (HOA) fees. It’s easy to let the dollar signs be overwhelming. As Zillow says:
“Buying a house is a big decision, and you might feel confused and indecisive as you assess your current financial situation and try to work through whether or not the timing is right. Making big life choices might come with some self-doubt, but crunching the numbers and thinking about what you want your life to look like will help guide you down the right path.”
The important thing is to focus on what you can control. By partnering with a local agent and a trusted lender, you can clearly understand what you can borrow for your home loan, what your monthly payment would be, and how your mortgage rate can impact it. Since that payment will likely be your biggest recurring expense, ensuring the number works for you is key.
Don’t Stress About Repairs
The maintenance and repairs? Those can be a little bit harder to anticipate. But don’t forget you’ll get an inspection during the home-buying process to give you a better look at the condition of your future house. And with your inspection report, you’ll have a good idea of what needs work. This way, you can save up to be ready if and when something breaks.
But even then, if this is still nagging at you, talk to your agent about asking the seller to throw in a home warranty. Those can cover repairs for some of the more significant systems in the house, like the HVAC, if they break within a specific time frame. While this isn’t a massive expense for the seller, the likelihood of a seller agreeing to one depends on what’s happening in your local market and how competitive it is.
It’s Okay To Stretch – Just Not Too Far
And remember, chances are that money will be a little tight – at least at first. And that’s kind of to be expected. When someone buys their first home, they often cut down on things like shopping and eating out for a while until they get a better idea of how their expenses will shake out in the new home.
But it’s a sign you’d be stretching yourself too far if you’re crunching the numbers, and you won’t have enough money left for things like gas, food, etc.. The last thing you want is to take on a payment that’s too much to handle. But stretching a little? That’s different. That’s normal.
Your Job Will Probably Change – And That’s Okay
And don’t forget, you’ll likely earn more down the road, so that slight stretch now won’t seem so bad as time wears on. As you advance in your career, you’ll probably start making more money. So, as your paycheck grows, the payments will get easier. Renting is a short-term option – one you deserve to get out of. Buying a home is a long-term play.
And just in case you’re worried about what happens if you lose your job, you should know there are options, like forbearance, designed to help you temporarily pause payments on your home loan due to hardship.
Bottom Line
Buying your first home is a big decision, and feeling a little nervous about it is okay. But if you’re financially ready, don’t let fear keep you from moving forward. These emotions are expected, and great agents help buyers get through them.
What makes you nervous when you think about buying your first home?
Let’s connect so you have an expert to explain everything.
