Does Commitment Scare You When Buying Property?
Does the thought of commitment scare you half to death? If so, you probably keep putting off signing on the dotted line when it comes to buying a home. You may have said you want to “eventually” buy a nice piece of land and stop renting, but when it comes down to the final moment, you keep procrastinating. You come up with every excuse in the book in order to “postpone” buying. First, the economy is not stable enough; the housing market is “a seller’s market right now”; “I don’t really have enough money saved for a down payment on the house of my dreams”; etc., etc., etc. If that is you, keep in mind that some fear is normal, but you probably have a commitment problem.
Lack of Proper Research and Data Lead to Fear of Commitment
Whenever we rush into anything in life without first carefully and fully researching, we are setting ourselves up for a fear of commitment. The larger and more iron clad the commitment, the greater the fear. The only way to control the fear is to know ahead of time that you have done all the necessary collecting of data and you have a firm plan of action from the facts that you have studied.
A word of caution here: As important as it is to plan carefully, gather all the data available and connect with the best real estate experts for their input, you will at some point need to take action. It is possible to over analyze to the extent that you heighten the fear and become paralyzed by it. Remember, your preparation is being done so that you will feel more comfortable in taking action.
Some Steps to Take that Will Help You Diminish Your Fear of Commitment
Studies have shown that the most common hurdles to fear of commitment are the following:
- Fear of the economic future of the property market: When you make a large investment like the purchase of a house it is natural to be concerned about the current and future stability of the real estate market. Henny Stier, a Buyers’ Agent at OH Property Group, says:
“Some buyers are concerned they are buying at the peak of the market and paying premium prices and that the market might all collapse. Or if the economy turns bad, jobs might be lost and mortgages cannot be repaid.”
That is why you need to consider why you are buying in the first place. If you are planning on living in a home for many years, you don’t need to be overly concerned with the market fluctuation. What you do need to consider is whether you are buying a solid valuable property that will have a good resale value down the road.
- Fear of not buying the best property: Not having done thorough research and having a firm plan of action enters into this fear. If you’re undecided when you begin to seriously look for a property, you will not know ahead of time what areas to look in and how much you can afford to spend. Knowing the answer to both of those questions is crucial if you want a property you will be happy with. Commitment becomes easier if you are sure of what you really want and need.
- Fear of agents and auctions: Let’s be honest here. If you don’t know a professional selling agent, it may be hard to trust their judgment. My advice, don’t. This also falls under the heading of research. When buying a house, it is essential to “pick” the brains of many professionals. Interview as many real estate professionals as possible, especially if you are going to go to an auction. Once you have found someone you feel comfortable with, use that person and their knowledge when you start bidding and negotiating.
- Fear of paying too much: This can be easily avoided IF you educate yourself on the current real estate market prices of homes in the areas where you are looking. Data can be found through price guides and real estate experts. Don’t just take their word, do your own research.
- Fear that you may miss your dream home because you settled: If you think by waiting a week or two you may find that “perfect” house of your dreams, then wait. Sometimes, however, we can wait so long that we lose the home that would have been the best for us. How many times have you found something that you loved but let it go only to wish for years later that you had purchased it when you found it? Nothing in life is totally perfect. It is wise to decide before you seriously look what you are, and are not, willing to compromise on.
If you follow these suggestions, commitment will be so much easier for you. Take a deep breath and go for it!