Buying a home can be a stressful time and not knowing the process can really make a buyer feel overwhelmed. To be a savvy buyer there are some things you need to know about after you place the offer. Knowing them ahead of time can make the entire process that much less stressful.
When you make an offer on a new home and it is accepted, there are a couple emotions that can overtake you. One is buyers remorse. You submitted an offer and it was accepted and you are that much closer to your dream home when later that night thoughts of 'Did I make the right decision and can I really afford it?' start to haunt your dreams. Anxiety can set in wondering the 'what if's' of real estate buying. The thing to remember is that this is a normal emotion. This is however a very large purchase and not being careful about it can cost you. You do want to know you made the right move and to handle buyers remorse you want to make a list of all the positive things about the home and the negative things about it. Typically this results in visually seeing you did make the right choice. Keep this note with you throughout the process if you need to refer to it. And remember, you can always back out at the inspection if you just feel this is not the right house or time for you.
Another emotion that can overtake new buyers is the feeling of a shopping extravaganza! Buyers start placing all their existing furniture in the home in their mind and realize they may need more furnishings or appliances or new 'whatever'. Going on a shopping spree while still in the pending state of your transaction can cause your credit to bounce all over the place. It is never a wise idea to purchase large and expensive items until the sale has closed. You will have plenty of time to figure out all the placements of your existing furniture and new ones once you are in the home.
Also, once you are in the home you have a better idea of exactly how much money you have left. By spending all the money you have now, you may realize you need it for something else more serious once you are in the home. It's always a good idea not to blow your reserve funds until absolutely necessary. Buying a home also comes with major responsibilities. Not only will you now own this home and all the repairs and rewards that come with it but you will need to protect it. Make sure you have good homeowners insurance set up before closing. You will probably be borrowing on a loan for the home so make sure you are covered in case of fire or theft. The particular home may require some form of special insurance as well so ask your agent before signing an offer. This could include earthquake insurance, flood insurance or hurricane insurance. There are also taxes that must be paid on the home annually. This can be built into the mortgage as well as the homeowners insurance but make sure you know this before hand and not when you get the bill for either. All these extra fees and costs involved in buying a home can seem overwhelming but if you know about them ahead of time and plan and prepare for them then you won't be surprised when the mortgage comes due.