The Condo Mania Team
Feeling Anxious about Buying your First Condo in Phoenix?
Your first real estate purchase is probably the most expensive purchase you've ever made and it can be anxiety producing. Whether you are still trying to pull the trigger on a purchase of your first condo or you've signed the contract and are moving through the escrow process, anxiety can be lurking in every step.
A little anxiety is understandable and a sign that you take your finances and your decision making seriously. But over 8000 people EVERY MONTH are successfully purchasing homes in the Phoenix area. One thing that is different with first time homebuyers is the newness of every single step, from finding the right condo or townhome to getting a loan, to signing on the dotted line to make this condo or yours. If anxiety is causing paralysis, it can keep you from doing something that will improve your lifestyle.
Here are some affirmations that may help you through the process:
I'm not doing this on my own
You have a team of people that are (or will be) helping you through the entire process. Your real estate agent uses contracts and processes that have been used for years by hundreds of thousands of buyers. Your lender will take you through the approval process step by step. The title company checks to make sure there are no legal issues with property ownership and totals up the price and fees that you and the seller will pay.
But even though you are not doing this on your own, it's not a good idea to abdicate everything. You need to review the documents you are given and ask questions about anything you don't understand. Your team knows you are first time home buyer, so no question is a dumb question.
I can afford this
Your lender has given you a monthly payment amount. You've plugged it into your budget and it feels comfortable, perhaps close to your current monthly rent payments. You have an emergency fund. Now it's time to move on to enjoying having your own place!
A purchase certainly is certainly a higher order amount of responsibility than renting, but both require financial responsibility and both have ramifications if you don't pay. So if you've done all your due diligence with your budget then there's no need to stress out over a financial commitment that is larger than you've had in the past.
This is the right place for me
Most buyers will find the condo or townhome that is perfect for their needs and budget. Some fall in love. But others start to fret whether it really is the right one. Friends and family start to chime in about whether it's the right price, whether it's in the right neighborhood or whether its too small. However, most of your friends and family don't know the real estate market and what's available in your price range. If you are feeling anxious with some comments from your friends and family, TALK TO YOUR REAL ESTATE AGENT TO SEE IF THEY ARE VALID! Don't let the doubts fester.
I Can Change My Mind
The 10 day inspection period is the time for you to back out if you have serious reservations about your purchase. Attend the inspection and listen to the inspector. Read the buyer's advisory and look into any issue that is important to you. Spend time by the pool or walking around the community. Talk to a neighbor or two. Don't skimp on the time required to put your mind at ease in these first 10 days! If you've put in your time and due diligence during the inspection and decide to complete the purchase, then once you sign the Buyer's Inspection Notice with the list of repairs, it's time to close the book on doubts, unless something serious comes up.
Some Things can go Wrong, but That's OK!
Escrows rarely go smoothly. Seller's don't want to fix something, lenders want more paperwork, or the appraisal comes in low. Real estate agents are used to these issues, and in most cases, all of these little problems will get resolved. Expect the unexpected and small issues will go away in most cases.
If you expect a little anxiety and a few problems, then when they come they will be easier to handle. When you get those keys and start to put your pictures on the wall, you'll wonder why you worried so much in the first place!
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Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.
The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.
Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.
Last Updated: 2021-10-17 06:54:11