I am a first time home buyer in a large city. My rental lease is up in May. I happened upon a condo that I really like in my current neighborhood – only problem is, I wasn’t planning on buying until closer to my lease being up, in several months time. As a result I feel unprepared and nervous. I don’t want to make an impulsive decision but at the same time, the place checks off a lot of boxes.
The condo itself is a very good deal. Needs some cosmetic work (updating bathrooms, minor kitchen updates, and putting in a deck on the rooftop) which is daunting but should be relatively straightforward. It’s totally liveable in the meantime. There are outdoor spaces, two parking spaces which is rare for a city condo, and low HOA. Newer construction.
I have been talking to lenders and got preapproved – all is a go to make an offer, and I can afford it. All signs point to “yes”, so why am I so hesitant? I’m just so nervous to take the plunge and not sure it’s the right time or if I should wait based on the market or my situation.
My current rent is very affordable (which has allowed me to save a lot). I love my apartment, but I can’t help but feel I’m wasting money on rent when I know I’ll be in the area for a while, which led me to wanting to buy. I can sublet if need be.
Lastly, I keep thinking I’ll regret buying or miss out on something better down the line. What if I want something other than a condo in 3 years? What if I have kids and don’t want to climb stairs to the top floor of the building? My brain is going crazy and I’m losing sleep, and I haven’t even made an offer yet… 🙄
Any thoughts or advice? Much appreciated and thanks for reading.