Buying your first home is like jumping on an emotional roller coaster. One minute you’re on a high, the next you’re down in the dumps. Here’s a rundown of the emotions you’re likely to face at each stage of the process. We promise it gets slightly easier the second time around!
Stage 1: Curiosity
Are your friends buying their first home? Perhaps you’re wondering what it’s like to own instead of rent? Eventually curiosity sets in and you start looking at homes online and seeing if they’re within your budget.
Stage 2: Confusion
However, the more you search and the more information you read it’s easy to get overwhelmed. What kind of home should you be looking for? Is this the right decision? Is it all too hard?
Stage 3: Enthusiasm
Don’t let your confusion put you off. Visit open homes and talk to real estate professionals, read up about the process online and chat to your bank or mortgage broker about your finances. Once you’re clear on the home buying process and how much you can afford, you’ll start to feel more enthusiastic about finding a home of your own.
Stage 4: Optimism
The positive vibes continue as you start narrowing down your search to houses you can realistically see yourself living in. At this stage you may even be ready to put in an offer on a home you really like, how can anything go wrong?
Stage 5: Stress
Unfortunately two other buyers also like the home and you’re outbid. All your newfound enthusiasm flies out the window. It hits you like a brick that buying a home isn’t as easy as you thought. Stress builds as you realize you’re back to square one, and no closer to finding your dream home.
Stage 7: Euphoria
After a few days of negotiation, your determination pays off and your offer is accepted. You feel over the moon and ring family and friends to tell them the good news. Your dream has become a reality you will soon be a homeowner! Enjoy this moment.
Stage 8: Mental Exhaustion
After the euphoria fades you may be hit with a wave of mental exhaustion. After all, it’s been a huge learning curve to get to this stage, and it’s not over yet. Once an offer is accepted, the contract is binding. There are deadlines looming, house inspections and mortgage paperwork, plus lots of other things you need to do before the house is yours.
Stage 9: Excitement
After you’ve had a good night’s sleep, you’ll feel much more excited about your purchase. This is really happening! You’ll mark closing day on your calendar and set to work putting the wheels in motion on your mortgage and working through any home inspection issues that crop up. Congratulations, you’ve got your foot on the property ladder, and what a ride it’s been!