Philip: 0:00

Welcome to the first time home buyers podcast. On today's episode. I want to answer the question. Are you emotionally ready to buy a home? Now we hear this all the time. Am I ready to buy a home? What you'll often hear about being ready to buy a home is when you can afford it and when you're ready to commit to a longterm financial obligation. Some advice is to wait until you're married or until you're in a stable career. We hear all the time that people are buying homes because they're turning a certain age. Can I just say you don't have to buy a home? Renting is fine. And for many people there's nothing wrong with renting and not owning a home. When it comes to owning a home, the mental aspects of this decision are often overlooked. While there are certainly financial considerations to be made. It's essential to give thought to the mental implications that come with being a homeowner, owning a home is more than just an investment. It's also a lifestyle change. So let's look at how, you know, when you're mentally prepared to buy a home, because it is a large financial and mental commitment. And you want to make sure you're doing it for the right reasons and that you're ready both financially and mentally. So there are several emotional aspects you need to ask yourself. To prepare. And the first one. Ask yourself. Are you comfortable with the idea of owning a home? Or is it intimidating. Now, if you aren't a little intimidated by owning a home, then I think you may be missing an important piece of the puzzle. Buying a home is a huge responsibility. One that comes with a lot of financial obligations, but also emotional stakes. If you're psychologically ready for it, then it could be one of the most rewarding experiences out there to really make something your own and to live in it. I do think there's a point where you've made that decision to become a homeowner it's beyond just affordability and stability. It's about being ready to take on the challenge and make a commitment to having a home of your own. When it comes down to it. Only you can decide if you're ready or not. Think through the emotional aspects of ownership and make sure that they line up with what you want out of life right now. The next question, ask yourself, are you ready and confident to be solely responsible for ensuring the home is always in a safe and livable condition. You are the final person responsible for how the house looks and any issues that may arise? There's nobody else to go to. There's no landlord or property manager. So there's much more responsibility. This also means that you can ensure that things are taken care of and to your liking. When it comes to owning a home, the mental aspects of this decision are often overlooked, but they're really important. Being ready and confident to be solely responsible for ensuring the home is always in that safe and livable condition is a big responsibility and it shouldn't be taken lightly. This means that you must accept the fact that you'll be responsible for all of the upkeep and maintenance that arises. And this includes minor repairs to major repairs. You also need to plan for future expenses that are going to come up and make sure you're prepared to handle them. Things like your roof every 30 years or so. It needs to be replaced water heaters last, anything from 10 to 15 years, those are major responsibilities. And though it may be five or 10 years from now, you want to make sure that that doesn't sneak up on you. Your home really isn't livable. If you don't have hot water or a roof over your head. And so those are major things that you need to make sure that you can handle Taking on the responsibility of home ownership requires financial discipline. But also emotional resilience. So make sure you're ready before you take that plunge., and again, some of the things that are examples that you need to pre-prepared for are. Minor things like changing air filters or fixing leaking faucets, but you also may need to replace outdated AC systems and install a new roof. Those are very big expenses. You need to be aware of other expenses like taxes and insurance payments and other fees such as HOAs or anything like that. As a renter, you're only responsible really for your own property and the upkeep of your rented space. Homeowners are responsible for all aspects of maintaining their home inside and out. In addition to the upkeep of the interior of the home. As a homeowner, you also need to be prepared for any outside outdoor maintenance that may arise. This can include anything from lawn care and landscaping. Snow removal or exterior painting while these tasks. May see minor, they can quickly become time-consuming and expensive. If they're not taking care of properly. And so that's the third question here. Do you have the time and energy to take care of a home? Similar to knowing that you have to take care of the home. Do you have that energy for it? If you come home from work every day, exhausted, and the weekends are spent, recuperating homeownership may be too much work for you. Something would have to give and neither work or your home are ones that should. Really think hard about the amount of mental energy you have at the end of the day. And on days off to ensure that you can keep your house in great working order. With the time you already have. An example of this happened to me. I came home from work and our kitchen sink was leaking and we were having people over the next day. I couldn't call our landlord. He was me who had to take care of it. So trip to home Depot that night and fixing it. Because it needed to get taken care of. Do you have that mental energy at the end of the day? The next one here is, are you comfortable knowing that you can't move whenever you want? So, are you comfortable with the idea of staying in one place for the next probably several years or do you prefer the flexibility to move around more often? Do you prefer more flexibility in your life moving each year or two, and not being locked down to a longterm commitment for some, this is a plus. Others, couldn't imagine staying in the same job, home, or even car for more than a handful of years. And maybe it's your time in your life where you want to go spend six months traveling Europe, or you're looking for a more consistent lifestyle for the next several years. Those are things you want to ask yourself before you decide to purchase a home. This next one is really a big one. Are you buying a home because you think that's what you're supposed to do? Don't make owning a home, a source of stress or anxiety. You may have heard that home ownership is the most important milestone in your life. Or one of those top milestones. But it may not be right for everyone before you decide to buy a home, really make sure it's the right decision for you, just because you can afford it and qualify for a loan. Doesn't mean it's the best option. The next question here is, are you just looking for more room to live in? Do you just need more space? If you've rented apartments you'll know. They often have very little storage space, garages or workshop areas are usually non-existent. You're typically very limited in the number of rooms they have. It's not very common for more than three bedrooms in an apartment. Ask yourself. If it would make more sense to rent a home with the amenities you're looking for from bedrooms, garages, parking spaces, to the garage area. Is that all you really need? It's just a little bit more space. Instead of stressing yourself out with maybe a larger mortgage payment or the whole process of taking care of the maintenance. Maybe it's just not the right time in your life, but you need that extra space. Would it make sense to rent a small coworking space or storage unit? Maybe you work from home. There are a lot of other alternatives. If you just need some more room. So don't just buy a house because you need a little bit more room in your life. The next one is, are you comfortable with the idea of settling down in a particular neighborhood and potentially building roots and connections in the community? Many of your neighbors will also be long-term homeowners. You aren't going to be able to move to the next apartment down the hall to get away from a loud neighbor. You won't have anyone to file a noise complaint to, and. Rare cases you can file police reports, but that should be a last resort. Being comfortable in your neighborhood is not only important for your happiness, but also a big factor when considering longterm ownership, considering what qualities make up an ideal neighborhood for you. Is it a quiet street, close to amenities and schools. Or is it an eclectic mix of people with an easy walking distance from other activities? No matter what your ideal neighborhood looks like. Try to establish relationships with the people who live near you. If you know them well, it will make settling down in one place, much easier, and it will be a great asset with your house. You'll have people to turn to for advice or assistance. Oftentimes when you're renting and you're in an apartment community, you get a lot of people moving around and so you don't really get to make those good connections with your neighbors. And this is something that's very new for a lot of homeowners. The last one here is how secure do you feel in investing so much money in one place over such an extended period of time? While it's wise to be cautious when making large purchases. Buying a home can provide significant long-term benefits. Maybe a large financial investment and for many spending that much money can be a daunting prospect, but when done correctly with the help of experienced professionals, Buying a home can provide stability and even financial security in the long run. It's important to spend time researching. All the potential financing options before making a decision. This is going to give you an idea of what works best for your individual circumstances. A sound financial plan. Is key to making a successful purchase. This will likely be your largest purchase ever. So make sure to align yourself with honest and reliable professionals who have your best interests in mind. The more knowledge and understanding you have of the entire home buying process. The better prepared you'll be to make an informed decision about which house, the right one for you. There are a lot of things to consider when purchasing home. But having sound advice from experienced professionals can help make the process smoother and less stressful with the right knowledge and resources you can rest assured you're going to have made a sound investment for your future. At the end of the day, owning a home is a major milestone in life and should be celebrated. It's important to take the time to ensure it's right for you from an emotional and financial perspective, your home should be a place of comfort and security, not one that causes you undue stress or worry. So take time. Do your research find the right professionals to partner with. And enjoy the experience along the way. if you'd like more information or to talk to someone on our lending or real estate team, head over to FTHBPros.com. You can listen to our podcasts, read articles or join our Facebook group, where you can post your questions and our team will be happy to answer them. As always. Thank you for your support and happy home buying.