A rather accomplished gym friend of mine and I were on the elliptical machines at the same time when he told me of his nervousness about buying an investment property near his current residence. I am not representing him as a buyer as he started this process before we really got to know each other better. He is a smart, capable guy, who has lived with a chronic disease most of his life very successfully. He also is very successful at his work.
However he confessed how anxious his is about his purchase, even though he bought it for an excellent price and the property will generate enough income to pay his expenses.
I remember when I worked at my old firm, I answered the phone one morning when I was the only one is the office. A distressed gentleman called and asked if anything was wrong was him as he was having sleepless nights. He told me he was purchasing an apartment closer to work in Upper Manhattan and selling his apartment through our firm. I responded that buying (and selling) real estate in New York City, can be very anxiety producing. I have written about this before, but I want to emphasize that it is a more complicated process here and cause for much anxiety. I calmed the buyer-seller somewhat and ended up selling his apartment to one of my buyers.
I think it is important to work with a good team of professionals: broker, mortgage broker or banker and lawyer-all these people can ease some of your fears. The other important thing to remember is that you are dealing with property. Though your home is an important part of your life, and important to your well-being, anxiety is never helpful and none of the issues that surface are life-threatening. It is important to keep a perspective about the process and your life. It is all part of the journey.
For first-time buyers, the process can be particularly daunting. Again, it is important that a first time buyer, in particular work with professionals he or she can communicate well with, feel confident about. As always, feel free to contact me for any advice or counsel, or to suggest professionals to work with.