I'm notorious for not being able to make decisions. And it's getting worse as I get older.
Well, now I find myself in another tight spot to make a very important decision, and it's making me go insane - literally. I can't sleep and I'm overanalyzing every detail.
You see, I'm getting ready to buy a house. HUGE decision, no? Well it is for someone who can't even choose what to eat for lunch daily.
I thought I found the house I wanted. It's older and needs some TLC. The price is just at my price range limit. But when I walked in the first time, I thought it was nice. There were some drawbacks, like only being 2 bedrooms and not having that big of a yard. But I thought I'd get through that some how.
My Realtor was giddy that I'd finally found a home. Just seemed like we'd been looking forever. And with the Nov. 30 deadline for closing looming, the pressure to find a home has multiplied. In case you're not aware, first time homebuyers need to close by that date to qualify for the stimulus money.
So then I speak to my dad (whose opinion I highly seek and respect). He went to go look at the house with me and thought it needed some work but if I liked it, I should go ahead with it. Two days later I call to tell him some stuff and he told me that maybe I should think twice about the home after all. He said I needed to weigh the costs of repairing some of the stuff versus how much it's really worth.
So now I'm dumbfounded. I kind of had the same feelings about the cost of all the repairs it would need in the long run. But I figured, hey, it's a starter home, I'd get through it. He told me not to get too emotional in my decision making (something I've done over and over and over again).
But how do I know which is the right decision? On top of it all, I've expressed real interest to my Realtor and we're getting the ball moving with the paperwork. It's going by so fast! Next step is the inspection and in the back of my mind I'm hoping he'll find some major damage just for an excuse to back out. Because if I back out now due to the mere fact that I changed my mind, I know I'd disappoint my Realtor AND my lender I'm sure.
UGH!! What should I do?!?!?!! This is too hard...way too hard.To buy or not to buy this home?
First of all. :) (smile) Buying a home is stressful and what you are experiencing is called buyers remorse. I'm a real estate agent and it's common for buyers especially first timers to go through this. Your dad gave you some good advice. Try to keep the emotions out of it. You won't be able to do this completely because it is emotional but try not to let that paralyze you. I would be worried about you if you weren't a little stressed about it. It is a big decision you are making. Look at the process as the glass 1/2 full. You are 1/2 way to becoming a new home owner. go to your inspection and keep an open mind. If the inspection turns out good then go for it. Does the payment make sense? Do the repairs that need to be done make sense? Are they afffordable? Remember when you go to your inspection that your inspection will come up with some things that need to be done. You will just need to decide if they are things you can live with. Remember its ';used'; or has been ';lived in';. You most likely are not going to find the absolute ';perfect'; house. Think positive and try to enjoy the process. Rely on your agent a little more. it sounds like you have been working with her for awhile so if she has stuck with you this long then she is probably a good agent. Ask her for her opinion. Rely on your lender too. They are both there to help you weigh the pro's and con's. They are getting paid to represent you and your best intrests.
Good Luck! I'm excited for you! You are one of the lucky ones that are in a position to buy at an idea time in the history of real estate!To buy or not to buy this home?
If you're having doubts, DO NOT DO IT! I am kind of opposite from you.. I am queen of making impulse decisions :)
If it passes inspection, I would go for it. My friend was in your exact same predicament, she was scared , couldn't sleep, etc. the house passed inspection, she moved in. Yes it needs TLC, but this way it has personal touch, it's the way she wants it. If you have enough $ to do the work, do it. Good luck on whatever you decide, First time home buying is scary but rewarding.
Speaking for myself, if I have that much doubt, I seriously reconsider my options. Most time's your gut feeling is pretty much on the mark.
If your repairs and payments are going to be close to what its worth, there is no equity to work with either, unless your buying it outright.
My opinion from what you wrote, %26gt;%26gt;way to much stress.
Realators an bankers have been disappointed before.
Now what was it I had for breakfast? uuummm
Base your decision on the outcome of the inspection report. If it's safe, and if you have 20% to put down, then buy it.
The most important issue is safety, and if you have the 20% down payment (to avoid having to get private mortgage insurance), and that you have no other debt - especially since it sounds like you'll be paying some repair bills.
As an fyi - the $8000 tax credit has to be paid back over 15 years. It's not a freebie.
ok you said:
Next step is the inspection and in the back of my mind I'm hoping he'll find some major damage just for an excuse to back out.
there is something that is telling me that you should not do it.
I just looked at four houses in my price range today, I also qualify for the 8,000 tax credit, three out tof those four houses were junkers.
I don't know what to do either, chances are the tax credit will be extended, although i do not know that.
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