February 7, 2023 • 11 mins
8 questions to ask yourself to make sure you are ready to buy a home from an emotional standpoint.
Full Article and show notes @ https://fthbpros.com/are-you-emotionally-ready-to-buy-a-home/
- Are you comfortable with the idea of owning a home, or is it intimidating?
- Are you ready and confident to be solely responsible for ensuring the home is always in a safe and livable condition.
- Do you have the time and energy to take care of a home?
- Are you comfortable knowing that you can’t move whenever you want.
- Are you buying a home because you think that’s what you are supposed to do.
- Are you just looking for more room to live in? Do you need more space?
- Are you comfortable with the idea of settling down in a particular neighborhood and potentially building roots and connections in the community?
- How secure do you feel in investing so much money in one place over such an extended period of time?
At the end of the day, owning a home is a major milestone in life and should be celebrated as such. It is 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 to do your research, find the right professionals to partner with, and enjoy the experience along the way!
Find all our episodes, articles, newsletter, and resources on our main site: https://FTHBPros.com
Looking for a local real estate agent outside of California? We’ve partnered with Home & Money, simply go to https://homeandmoney.com/FTHB/ and we’ll help connect you with a local, vetted agent.
Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
(949) 357-5029
Phil@HomeLoansPM.com
NMLS# 2141541
DRE# 02141890
Monica Mastroianni – Real Estate Agent
(951) 395-1848
Monica@HomesMM.com
DRE# 02099257
Legacy Homes Realty
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Philip (00:00):
Welcome to the first time home buyers podcast.
On today's episode.
I want to answer the question.
Are you emotionallyready to buy a home?
Now we hear this all the time.
Am I ready to buy a home?
(00:20):
What you'll often hear aboutbeing ready to buy a home is
when you can afford it and whenyou're ready to commit to a
longterm financial obligation.
Some advice is to wait untilyou're married or until
you're in a stable career.
We hear all the time thatpeople are buying homes because
they're turning a certain age.
Can I just say you don'thave to buy a home?
Renting is fine.
(00:40):
And for many people there'snothing 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 arecertainly financial
considerations to be made.
It's essential to give thoughtto the mental implications
that come with being ahomeowner, owning a home is
(01:01):
more than just an investment.
It's also a lifestyle change.
So let's look at how, youknow, when you're mentally
prepared to buy a home,because it is a large financial
and mental commitment.
And you want to make sureyou're doing it for the right
reasons and that you're readyboth financially and mentally.
So there are severalemotional aspects you
(01:21):
need to ask yourself.
To prepare.
And the first one.
Ask yourself.
Are you comfortable withthe idea of owning a home?
Or is it intimidating.
Now, if you aren't a littleintimidated by owning a
home, then I think you maybe missing an important
piece of the puzzle.
Buying a home is ahuge responsibility.
One that comes with a lotof financial obligations,
(01:43):
but also emotional stakes.
If you're psychologicallyready for it, then it could
be one of the most rewardingexperiences out there to
really make something yourown and to live in it.
I do think there's apoint where you've made
that decision to become ahomeowner it's beyond just
affordability and stability.
It's about being readyto take on the challenge
(02:04):
and make a commitment tohaving a home of your own.
When it comes down to it.
Only you can decide ifyou're ready or not.
Think through the emotionalaspects of ownership and make
sure that they line up with whatyou want out of life right now.
The next question, ask yourself,are you ready and confident
to be solely responsible forensuring the home is always in
(02:26):
a safe and livable condition.
You are the final personresponsible for how
the house looks and anyissues that may arise?
There's nobody else to go to.
There's no landlordor property manager.
So there's muchmore responsibility.
This also means that you canensure that things are taken
care of and to your liking.
When it comes to owning a home,the mental aspects of this
(02:48):
decision are often overlooked,but they're really important.
Being ready and confident to besolely responsible for ensuring
the home is always in thatsafe and livable condition is
a big responsibility and itshouldn't be taken lightly.
This means that you mustaccept the fact that
you'll be responsiblefor all of the upkeep and
maintenance that arises.
And this includes minorrepairs to major repairs.
(03:10):
You also need to plan for futureexpenses that are going to
come up and make sure you'reprepared to handle them.
Things like your roofevery 30 years or so.
It needs to be replacedwater heaters last, anything
from 10 to 15 years, thoseare major responsibilities.
And though it may be fiveor 10 years from now, you
want to make sure that thatdoesn't sneak up on you.
(03:31):
Your home really isn't livable.
If you don't have hot wateror a roof over your head.
And so those are majorthings that you need to make
sure that you can handleTaking on the responsibility
of home ownership requiresfinancial discipline.
But also emotional resilience.
So make sure you're readybefore you take that plunge.
(03:52):
, and again, some of the thingsthat are examples that you
need to pre-prepared for are.
Minor things like changingair filters or fixing leaking
faucets, but you also mayneed to replace outdated AC
systems and install a new roof.
Those are very big expenses.
You need to be aware ofother expenses like taxes
(04:13):
and insurance payments andother fees such as HOAs
or anything like that.
As a renter, you're onlyresponsible really for
your own property and theupkeep of your rented space.
Homeowners are responsiblefor all aspects of maintaining
their home inside and out.
In addition to the upkeepof the interior of the home.
(04:35):
As a homeowner, youalso need to be prepared
for any outside outdoormaintenance that may arise.
This can include anything fromlawn care and landscaping.
Snow removal or exteriorpainting while these tasks.
May see minor, theycan quickly become
time-consuming and expensive.
(04:55):
If they're not takingcare of properly.
And so that's thethird question here.
Do you have the time andenergy to take care of a home?
Similar to knowing that youhave to take care of the home.
Do you have that energy for it?
If you come home from workevery day, exhausted, and
the weekends are spent,recuperating homeownership
may be too much work for you.
(05:15):
Something would have to giveand neither work or your
home are ones that should.
Really think hard about theamount of mental energy you
have at the end of the day.
And on days off to ensurethat you can keep your house
in great working order.
With the time you already have.
An example of thishappened to me.
I came home from workand our kitchen sink was
leaking and we were havingpeople over the next day.
(05:37):
I couldn't call our landlord.
He was me who hadto take care of it.
So trip to home Depotthat night and fixing it.
Because it needed toget taken care of.
Do you have that mentalenergy at the end of the day?
The next one here is, are youcomfortable knowing that you
can't move whenever you want?
So, are you comfortable with theidea of staying in one place for
(05:58):
the next probably several yearsor do you prefer the flexibility
to move around more often?
Do you prefer more flexibilityin your life moving each year
or two, and not being lockeddown to a longterm commitment
for some, this is a plus.
Others, couldn't imaginestaying in the same job,
home, or even car for morethan a handful of years.
And maybe it's your time inyour life where you want to
(06:20):
go spend six months travelingEurope, or you're looking for
a more consistent lifestylefor the next several years.
Those are things you wantto ask yourself before you
decide to purchase a home.
This next one isreally a big one.
Are you buying a homebecause you think that's
what you're supposed to do?
Don't make owning a home, asource of stress or anxiety.
(06:41):
You may have heard that homeownership is the most important
milestone in your life.
Or one of those top milestones.
But it may not be right foreveryone before you decide to
buy a home, really make sureit's the right decision for
you, just because you can affordit and qualify for a loan.
Doesn't mean it'sthe best option.
The next question hereis, are you just looking
(07:03):
for more room to live in?
Do you just need more space?
If you've rentedapartments you'll know.
They often have verylittle storage space,
garages or workshop areasare usually non-existent.
You're typically very limited inthe number of rooms they have.
It's not very commonfor more than three
bedrooms in an apartment.
Ask yourself.
If it would make more senseto rent a home with the
(07:24):
amenities you're looking forfrom bedrooms, garages, parking
spaces, to the garage area.
Is that all you really need?
It's just a littlebit more space.
Instead of stressing yourselfout with maybe a larger mortgage
payment or the whole process oftaking care of the maintenance.
Maybe it's just not theright time in your life, but
you need that extra space.
Would it make sense torent a small coworking
(07:46):
space or storage unit?
Maybe you work from home.
There are a lot ofother alternatives.
If you just need some more room.
So don't just buy a housebecause you need a little
bit more room in your life.
The next one is, are youcomfortable with the idea
of settling down in aparticular neighborhood and
potentially building roots andconnections in the community?
Many of your neighbors willalso be long-term homeowners.
(08:09):
You aren't going to beable to move to the next
apartment down the hall toget away from a loud neighbor.
You won't have anyone to filea noise complaint to, and.
Rare cases you can filepolice reports, but that
should be a last resort.
Being comfortable in yourneighborhood is not only
important for your happiness,but also a big factor
when considering longtermownership, considering
what qualities make up anideal neighborhood for you.
(08:32):
Is it a quiet street, closeto amenities and schools.
Or is it an eclectic mix ofpeople with an easy walking
distance from other activities?
No matter what your idealneighborhood looks like.
Try to establishrelationships with the
people who live near you.
If you know them well, it willmake settling down in one place,
much easier, and it will be agreat asset with your house.
(08:54):
You'll have people to turnto for advice or assistance.
Oftentimes when you're rentingand you're in an apartment
community, you get a lotof people moving around and
so you don't really get tomake those good connections
with your neighbors.
And this is somethingthat's very new for
a lot of homeowners.
The last one here is how securedo you feel in investing so
(09:14):
much money in one place oversuch an extended period of time?
While it's wise to be cautiouswhen making large purchases.
Buying a home can providesignificant long-term benefits.
Maybe a large financialinvestment and for many spending
that much money can be adaunting prospect, but when
done correctly with the helpof experienced professionals,
(09:35):
Buying a home can providestability and even financial
security in the long run.
It's important tospend time researching.
All the potentialfinancing options before
making a decision.
This is going to give you anidea of what works best for
your individual circumstances.
A sound financial plan.
Is key to making asuccessful purchase.
(09:56):
This will likely be yourlargest purchase ever.
So make sure to align yourselfwith honest and reliable
professionals who have yourbest interests in mind.
The more knowledge andunderstanding you have of the
entire home buying process.
The better prepared you'llbe to make an informed
decision about which house,the right one for you.
There are a lot of things toconsider when purchasing home.
(10:17):
But having sound advice fromexperienced professionals can
help make the process smootherand less stressful with the
right knowledge and resourcesyou can rest assured you're
going to have made a soundinvestment for your future.
At the end of the day, owninga home is a major milestone in
life and should be celebrated.
It's important to take the timeto ensure it's right for you
(10:39):
from an emotional and financialperspective, your home should
be a place of comfort andsecurity, not one that causes
you undue stress or worry.
So take time.
Do your research find the rightprofessionals to partner with.
And enjoy the experiencealong the way.
if you'd like more informationor to talk to someone on our
lending or real estate team,head over to FTHBPros.com.
(11:01):
You can listen to our podcasts,read articles or join our
Facebook group, where you canpost your questions and our team
will be happy to answer them.
As always.
Thank you for your supportand happy home buying.
Welcome to the first time home buyers podcast.
On today's episode.
I want to answer the question.
Are you emotionallyready to buy a home?
Now we hear this all the time.
Am I ready to buy a home?
(00:20):
What you'll often hear aboutbeing ready to buy a home is
when you can afford it and whenyou're ready to commit to a
longterm financial obligation.
Some advice is to wait untilyou're married or until
you're in a stable career.
We hear all the time thatpeople are buying homes because
they're turning a certain age.
Can I just say you don'thave to buy a home?
Renting is fine.
(00:40):
And for many people there'snothing 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 arecertainly financial
considerations to be made.
It's essential to give thoughtto the mental implications
that come with being ahomeowner, owning a home is
(01:01):
more than just an investment.
It's also a lifestyle change.
So let's look at how, youknow, when you're mentally
prepared to buy a home,because it is a large financial
and mental commitment.
And you want to make sureyou're doing it for the right
reasons and that you're readyboth financially and mentally.
So there are severalemotional aspects you
(01:21):
need to ask yourself.
To prepare.
And the first one.
Ask yourself.
Are you comfortable withthe idea of owning a home?
Or is it intimidating.
Now, if you aren't a littleintimidated by owning a
home, then I think you maybe missing an important
piece of the puzzle.
Buying a home is ahuge responsibility.
One that comes with a lotof financial obligations,
(01:43):
but also emotional stakes.
If you're psychologicallyready for it, then it could
be one of the most rewardingexperiences out there to
really make something yourown and to live in it.
I do think there's apoint where you've made
that decision to become ahomeowner it's beyond just
affordability and stability.
It's about being readyto take on the challenge
(02:04):
and make a commitment tohaving a home of your own.
When it comes down to it.
Only you can decide ifyou're ready or not.
Think through the emotionalaspects of ownership and make
sure that they line up with whatyou want out of life right now.
The next question, ask yourself,are you ready and confident
to be solely responsible forensuring the home is always in
(02:26):
a safe and livable condition.
You are the final personresponsible for how
the house looks and anyissues that may arise?
There's nobody else to go to.
There's no landlordor property manager.
So there's muchmore responsibility.
This also means that you canensure that things are taken
care of and to your liking.
When it comes to owning a home,the mental aspects of this
(02:48):
decision are often overlooked,but they're really important.
Being ready and confident to besolely responsible for ensuring
the home is always in thatsafe and livable condition is
a big responsibility and itshouldn't be taken lightly.
This means that you mustaccept the fact that
you'll be responsiblefor all of the upkeep and
maintenance that arises.
And this includes minorrepairs to major repairs.
(03:10):
You also need to plan for futureexpenses that are going to
come up and make sure you'reprepared to handle them.
Things like your roofevery 30 years or so.
It needs to be replacedwater heaters last, anything
from 10 to 15 years, thoseare major responsibilities.
And though it may be fiveor 10 years from now, you
want to make sure that thatdoesn't sneak up on you.
(03:31):
Your home really isn't livable.
If you don't have hot wateror a roof over your head.
And so those are majorthings that you need to make
sure that you can handleTaking on the responsibility
of home ownership requiresfinancial discipline.
But also emotional resilience.
So make sure you're readybefore you take that plunge.
(03:52):
, and again, some of the thingsthat are examples that you
need to pre-prepared for are.
Minor things like changingair filters or fixing leaking
faucets, but you also mayneed to replace outdated AC
systems and install a new roof.
Those are very big expenses.
You need to be aware ofother expenses like taxes
(04:13):
and insurance payments andother fees such as HOAs
or anything like that.
As a renter, you're onlyresponsible really for
your own property and theupkeep of your rented space.
Homeowners are responsiblefor all aspects of maintaining
their home inside and out.
In addition to the upkeepof the interior of the home.
(04:35):
As a homeowner, youalso need to be prepared
for any outside outdoormaintenance that may arise.
This can include anything fromlawn care and landscaping.
Snow removal or exteriorpainting while these tasks.
May see minor, theycan quickly become
time-consuming and expensive.
(04:55):
If they're not takingcare of properly.
And so that's thethird question here.
Do you have the time andenergy to take care of a home?
Similar to knowing that youhave to take care of the home.
Do you have that energy for it?
If you come home from workevery day, exhausted, and
the weekends are spent,recuperating homeownership
may be too much work for you.
(05:15):
Something would have to giveand neither work or your
home are ones that should.
Really think hard about theamount of mental energy you
have at the end of the day.
And on days off to ensurethat you can keep your house
in great working order.
With the time you already have.
An example of thishappened to me.
I came home from workand our kitchen sink was
leaking and we were havingpeople over the next day.
(05:37):
I couldn't call our landlord.
He was me who hadto take care of it.
So trip to home Depotthat night and fixing it.
Because it needed toget taken care of.
Do you have that mentalenergy at the end of the day?
The next one here is, are youcomfortable knowing that you
can't move whenever you want?
So, are you comfortable with theidea of staying in one place for
(05:58):
the next probably several yearsor do you prefer the flexibility
to move around more often?
Do you prefer more flexibilityin your life moving each year
or two, and not being lockeddown to a longterm commitment
for some, this is a plus.
Others, couldn't imaginestaying in the same job,
home, or even car for morethan a handful of years.
And maybe it's your time inyour life where you want to
(06:20):
go spend six months travelingEurope, or you're looking for
a more consistent lifestylefor the next several years.
Those are things you wantto ask yourself before you
decide to purchase a home.
This next one isreally a big one.
Are you buying a homebecause you think that's
what you're supposed to do?
Don't make owning a home, asource of stress or anxiety.
(06:41):
You may have heard that homeownership is the most important
milestone in your life.
Or one of those top milestones.
But it may not be right foreveryone before you decide to
buy a home, really make sureit's the right decision for
you, just because you can affordit and qualify for a loan.
Doesn't mean it'sthe best option.
The next question hereis, are you just looking
(07:03):
for more room to live in?
Do you just need more space?
If you've rentedapartments you'll know.
They often have verylittle storage space,
garages or workshop areasare usually non-existent.
You're typically very limited inthe number of rooms they have.
It's not very commonfor more than three
bedrooms in an apartment.
Ask yourself.
If it would make more senseto rent a home with the
(07:24):
amenities you're looking forfrom bedrooms, garages, parking
spaces, to the garage area.
Is that all you really need?
It's just a littlebit more space.
Instead of stressing yourselfout with maybe a larger mortgage
payment or the whole process oftaking care of the maintenance.
Maybe it's just not theright time in your life, but
you need that extra space.
Would it make sense torent a small coworking
(07:46):
space or storage unit?
Maybe you work from home.
There are a lot ofother alternatives.
If you just need some more room.
So don't just buy a housebecause you need a little
bit more room in your life.
The next one is, are youcomfortable with the idea
of settling down in aparticular neighborhood and
potentially building roots andconnections in the community?
Many of your neighbors willalso be long-term homeowners.
(08:09):
You aren't going to beable to move to the next
apartment down the hall toget away from a loud neighbor.
You won't have anyone to filea noise complaint to, and.
Rare cases you can filepolice reports, but that
should be a last resort.
Being comfortable in yourneighborhood is not only
important for your happiness,but also a big factor
when considering longtermownership, considering
what qualities make up anideal neighborhood for you.
(08:32):
Is it a quiet street, closeto amenities and schools.
Or is it an eclectic mix ofpeople with an easy walking
distance from other activities?
No matter what your idealneighborhood looks like.
Try to establishrelationships with the
people who live near you.
If you know them well, it willmake settling down in one place,
much easier, and it will be agreat asset with your house.
(08:54):
You'll have people to turnto for advice or assistance.
Oftentimes when you're rentingand you're in an apartment
community, you get a lotof people moving around and
so you don't really get tomake those good connections
with your neighbors.
And this is somethingthat's very new for
a lot of homeowners.
The last one here is how securedo you feel in investing so
(09:14):
much money in one place oversuch an extended period of time?
While it's wise to be cautiouswhen making large purchases.
Buying a home can providesignificant long-term benefits.
Maybe a large financialinvestment and for many spending
that much money can be adaunting prospect, but when
done correctly with the helpof experienced professionals,
(09:35):
Buying a home can providestability and even financial
security in the long run.
It's important tospend time researching.
All the potentialfinancing options before
making a decision.
This is going to give you anidea of what works best for
your individual circumstances.
A sound financial plan.
Is key to making asuccessful purchase.
(09:56):
This will likely be yourlargest purchase ever.
So make sure to align yourselfwith honest and reliable
professionals who have yourbest interests in mind.
The more knowledge andunderstanding you have of the
entire home buying process.
The better prepared you'llbe to make an informed
decision about which house,the right one for you.
There are a lot of things toconsider when purchasing home.
(10:17):
But having sound advice fromexperienced professionals can
help make the process smootherand less stressful with the
right knowledge and resourcesyou can rest assured you're
going to have made a soundinvestment for your future.
At the end of the day, owninga home is a major milestone in
life and should be celebrated.
It's important to take the timeto ensure it's right for you
(10:39):
from an emotional and financialperspective, your home should
be a place of comfort andsecurity, not one that causes
you undue stress or worry.
So take time.
Do your research find the rightprofessionals to partner with.
And enjoy the experiencealong the way.
if you'd like more informationor to talk to someone on our
lending or real estate team,head over to FTHBPros.com.
(11:01):
You can listen to our podcasts,read articles or join our
Facebook group, where you canpost your questions and our team
will be happy to answer them.
As always.
Thank you for your supportand happy home buying.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.