Thinking Ahead About
Thinking Ahead About
If you are thinking of buying your first home,
you should take out a pen and paper right now and draw a line down the center of
the paper. Calmly and logically, think of all possible advantages to buying a
home and write them down on one side of the page. Afterwards, you should list
all the disadvantages.
Then save the list in a place you will be certain
Of course it sounds silly. Who needs to write
down their reasons for buying a home? After all, home ownership is the central
theme to living the "American Dream."
Naturally, while in hot pursuit of this dream you
are going to be excited about the future -- researching neighborhoods, searching
MLS sites on the internet, viewing homebuyer’s magazines full of appealing
homes that are just "minutes from the beach" with "fantastic
views" and "cozy family rooms."
Next comes the really good stuff – looking at
houses. Full of imagination and optimism for the future, you wander about each
home envisioning a happy and contented life for you and your family. The first
house may be "too big," and another may be "too small," but
you are certain to find one that seems "just right." So you make an
offer and wait anxiously and excitedly for the counter-offer. Finally, you and
the seller agree on terms and you have bought yourself a brand new home!
Congratulations! Break out the
champagne and celebrate!
Later that night or perhaps the next day, you
start to worry about whether you made the right decision. Doubtful thoughts will
intrude. Can you afford it? Is it the right time? Should you have waited? What
if you lose your job? What if this happens? What if that happens? Anxiety and
stress set in. Sleep may be hours in coming.
This is a normal response to buying a home and is
called "Buyer’s Remorse." You have just made the single biggest
purchase you have ever made in your life and it can be downright scary. Logic
deserts you. Worry takes over.
Remember your list?
Back when you were thinking semi-logically, you
were fairly rational about home ownership. You catalogued the good and the bad,
weighed them against each other, and decided that buying a home was the smart
thing to do. Reviewing the list will help resolve your buyer’s remorse.
You will not be totally stress-free, but it will
Of course, in spite of this advice you will
probably not take the time to make that list now – before you buy a home.
Hardly anyone ever does.
So when buyer’s remorse sets in and you
remember reading this column, here is what you do -- get a piece of paper and
draw a line down the center. Then…
You know the rest.