Since it's Halloween, let's talk about something really scary. By purchasing a home, I'm making perhaps the single biggest change I've ever made in my life. I, someone who likes to move around, travel, and be debt-free, am taking on a massive amount of debt and planning to stay put permanently. Here are some of the spooky thoughts that have been running through my mind during this process (particularly at night, when I am trying to sleep).
-Am I crazy?
-Is my loan ever actually going to close, or is this just a long, cruel, 50-day joke?
-Was it really necessary to buy a house now just to get out of my terrible apartment situation?
-Are we really going to be able to make this mortgage payment every month for 30 years?
-How can I pay this mortgage off early? The interest payments on a 30-year mortgage are insane.
-How will we pay the mortgage if one of us loses our job? Or both of us? (We're going to rent out the third bedroom, that's how, and the second bedroom, if it comes to that, and if we got horribly desperate we could even convert the garage, but we really don't want to do any of these things.)
-What if the economy keeps tumbling and we end up foreclosed on and bankrupt?
-Is this really a wise move financially?
-Are housing prices going to go back down to 2000 levels?
-What if I end up hating the city I'm moving to?
-Did I make the decision to move to that city too abruptly?
-Did I pick the right house, or should I have held out for something bigger?
-What if there is something horrible about the location that I'm not aware of yet despite talking to the next door neighbor and making multiple visits to the house on different days of the week and at different times of day?
-How will we be able to afford the major repairs that the home is going to need eventually, like new plumbing?
-Did I pick the right neighborhood?
-What if the neighborhood goes downhill and we can't sell because housing prices have plummeted and then I'm stuck living in the same unsafe neighborhood I've spent much of my life wanting to get out of?
-Am I going to have to deal with a bunch of unwanted people knocking on my door (Girl Scouts and other salespeople, kids who lost their ball)?
-How the heck am I going to make a living and remodel a house at the same time?
I think most people have worries and doubts like these when they're buying their first homes. If you haven't done it yet, be prepared for what you're in for!
Photo by Teo
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