Interestingly, many financially secure and emotionally stable young professionals lose their confidence in the face of one exciting decision — getting their own place.
It’s not surprising. Buying your first condo is a big purchase, if not the biggest so far. Plus, independence looks cool with freedom and late-night partying, but it also comes with paying the bills, running errands, and doing the laundry without anyone’s help.
Stop overthinking. Here are the best ways to get over that cold feet:
Remember the good reason you’re doing it.
Perhaps you’ve decided to do this purchase because you want to be close to your office or raise a family really soon or simply train yourself towards independence.
These are all good reasons for getting your own place, and this is the good you want to focus on. Instead of feeding on anxieties, list down the rewards you get — less traffic jams, less wasted time, and less stress. The benefits you get could outweigh the risks you’re preparing for.
Organize your finances.
While you focus on the good, you should also address the bad. And one common source of anxiety among buyers is obviously money. Even people who are enjoying a six-figure salary worry about buying a condo, precisely because it’s such a big purchase.
The key to easing these anxieties is to simply plan. Calculate the costs of buying and owning a home, which includes not just your mortgage, but also taxes, association dues, utilities, etc. — then compare it with your income and savings. With this, you’ll get a sense of financial preparedness (and if you would need to have a side hustle).
Know what you want.
Another reason first-time condo buyers get cold feet is the lingering thought that there might be a better condo they’ll miss out. The result is they lose the imagined “better condo” and the condo they loved in the first place. The truth is, yes, there will always be a better unit. It’s just human nature to look at the grass that’s greener on the other side.
The rule of thumb is if you see a unit that ticks most of your needs and wants, then that’s the right one for you. Proscenium at Rockwell, for instance, recommends checking condo units near Makati if you want to be close to business and job opportunities. Before you check out units, list down everything you’re looking for — and stop seeing units once you found “the one.”
It’s understandable to get the cold feet when getting your own place. But don’t let it ruin this life milestone for you. Keep in mind these tips as you take the plunge.