Buying a new home is a thrilling time and it is easy to get caught up in the experience. There is a lot to do, a lot to learn, and a lot of decisions to be made. And, they are not exactly small decisions but rather major financial and life decisions. While it is easy to get caught up in the frenzy or feel the pressure from a bidding war or from your realtor to make an offer, it is never a good idea to rush or be pressured into putting an offer in on a home unless you feel completely comfortable with the decision.
One of the biggest reasons not to be rushed or pressured into buying a home or putting in an offer that you are not comfortable with is that it is likely one of the largest financial decisions you will make in your life. It is not every day that you take out a mortgage loan for hundreds of thousands of dollars. This is not the time to make a rash decision or put an offer on a home that you are not sure about just because you might lose it by waiting. Sometimes, a home may seem like a great deal but later problems are revealed or you realize it really does not have all of the things you need like enough bedrooms/bathrooms, enough entertaining space, etc. A home should be purchased with future goals in mind. Do you plan on growing your family? You may need more bedrooms sooner rather than later. Are you planning on moving in two years because of your career or to be in a certain location? Perhaps you do not need a large house during this time. Weigh the future carefully to ensure you are buying the right home and making the best investment.
Another reason not to be rushed or pressured is that it can often lead to you spending outside of your comfort zone. The last thing you want is to buy a beautiful home and realize you have no money left for things like saving, travel, dining out, entertainment or other things. Don’t get lost in the tunnel vision of buying a home fast or ‘beating the competition’ – know your budget and stick to it. Never make an offer you cannot afford just because of pressure or rushing. Speak to your mortgage lender about what is best given your financial circumstances and future homeownership goals before rushing into any home buying decision or making an offer on a home.