First-Time Homebuyer Doubts and Fears

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!

Happy Halloween!

Photo by Teo

Related Posts:
Signing Loan Documents for Our House
How I Feel About Locking My Mortgage Rate
Looking At New Real Estate Listings When You're Under Contract
Making Home Ownership Affordable
Navigating Real Estate Listing Lingo
Why You Should Use A Buyer's Agent
Understanding Closing Costs

3 comments:

Bisi Morgan said...

Dear soon-to-be-ex-nomad, Please forgive me for being so over familiar, but I thoroughly enjoyed reading this post.

You are echo-ing so, sooo many first time buyer fears and concerns. I hope, as the bright moon returns to the vampire-free, post-halloween night, that a few of these fears will have gone.

Here's what I'm thinking – these two fears: “What if I end up hating the city I'm moving to?” and “Did I make the decision to move to that city too abruptly?” are probably the main issues for you. Because no one can see the future, most of the mortgage-related worries are real and we need to prepare/ safeguard ... as much as possible.

But how you feel about where you live is BIG. That can colour sooooo much of your vitality, optimism, and simple abilities to see options and take opportunities. Not so? But you've looked around, haven't you? There must be one or two things that still excite you about your new place – not so?

Amy said...

Hi bisi morgan,
Thanks for your comment. Don't worry, I am happy with the location I'm moving to--I guess I'm just worried about my ability to predict the future--how I will feel about it after I've lived there awhile? Will I still think everyone is friendly and wonderful? I've definitely looked around, and I still think I chose the best option.

Maria said...

Love this post. I am moving to my first condo in two days and every question you posed has been in my head since closing. I'm glad it's not just me going insane but just normal first time homebuyer's fears. If any of my fears come true, I know that I will make do--sell or stay, get another job, etc...but thanks for posting this!