Is It A Gut Feeling, Or Just Pre-Purchase Jitters?
If you've been feeling very odd about your real estate purchase, like you're not sure you should go through with it, one of two things could be happening. One is that you're getting a gut-level feeling that something isn't right. The other is that you're getting a form of buyer's remorse, either due to something in the house itself, the location, or even just taking on the mortgage. Think this feeling through carefully because you don't want to ignore your gut instinct, but you also don't want to abandon a house based on natural nervousness.
Buyer's Remorse Is Very Common
The feeling that you shouldn't buy or shouldn't have bought a specific thing is very common, and you can experience something like this even when buying cheap items. The size of a real estate purchase only amplifies the feeling. Are you feeling this way because you're not sure whether this is the right place because another property had X, Y, and Z benefits? Does that nervous twinge in your gut occur only when you think of the size of the mortgage, even if you can afford it easily? Do you suddenly feel nostalgic for your current place or for renting when you think about signing and finalizing the purchase? That could all be a form of pre-purchase jitters and buyer's remorse that will dissolve soon after the deed is done.
However, if you get those nervous twinges when you think about a certain characteristic of the new place, then that could be a gut feeling. Does the neighborhood seem just a tad noisy for your tastes on the weekend? That could be a gut feeling that it may not be the best place for you. Those are times when you need to seriously think about whether to ask your real estate agent to find a few more listings.
Remember Rents Will Go Up, but Your Mortgage Won't
If the mortgage is the issue, and you're looking at the size of those payments and wondering what you're getting yourself into, remember two things. One is that, if the interest is fixed, you won't face surprises in the size of your payment. The other is that if you continue to rent (if you're leaving an apartment), your rent could go up, but your mortgage payment won't. Ask your mortgage loan officer to help you go over your budget and income again to ensure that you're on solid financial ground, and ask your real estate agent how many people they've helped who had the same concerns and who later found out everything was OK.
Get the property inspected and work closely with your real estate agent to ensure everything is in place. Buying real estate is big, but it doesn't have to be scary. Turn those inner nerves into exhilaration that you now have your own home.
Contact a local real estate service to learn more.