First time jitters normal after closing?

11 Replies

We finally closed on a perfect house for us.  Its a little big now, but we plan on growing a family in it.  Now that we've moved in and are unpacking I find myself feeling uneasy.  Like this constant feeling of "OMG what if I suddenly can't work and can't pay for this anymore?!"  Now both my wife and I have good jobs, her for the state, and me with a small company where I handle all operations so we are quite secure (knock on wood).  We could limp by on just one of our salaries if need be, and we have about 6 months worth of mortgage/tax/insurance payments in the bank.. But for some reason I can't shake this feeling.. Is this normal??? I hope it goes away sooner rather than later.

Congrats on the purchase. I know I was terrified when I bought my first home so I am sure its perfectly normal for most. I lived in rentals until I bought my first home in 2007. Its a big responsibility and that worry should fade away once you are settled in and call it home. Hope you enjoy the trips to Target, Bed Bath and Beyond, Home Depot and places like that for home accessories more than I did. 

@Eric P.

Congrats! Totally normal. Give it time. Buy more rentals as it eases the stress of a possible job loss  :-)

When I bought my first home in the 90s, we barely had enough to close the deal. After a few days the anxiety fades away. Yes it is normal to have doubts, fears, anxiety, etc. with your first home.

You sound like you are in a good position financially. Dont sweat it. Enjoy!!!

Congrats, @Eric P. !  I felt the same way with our first house! All things new, especially something big like this have us guessing a bit. It's natural and healthy.  

Sounds like you have great reserves and stable incomes that will more than take care of you house payment.  Sounds like you were conservative and bought right!  Well done!

Just build higher reserves to feel more comfortable. Everybody has different feeling about accepting risk. By the way, when you will start building your rental portfolio banks will like to see your cash reserves at your bank accounts and Roth IRA accounts (my preference is Roth as you could take back your initial contributions tax free if you need to). Rental will be adding passive income and responsibility as well :))) try to find what level of leverage is comfortable for you, and what is your possible plan B. The beauty to have a bigger house is - it is appreciating better, you could take financing against it if you need to to buy more rentals and in the worst scenario you could rent out rooms for students :))) or develop bed and breakfast business :))) congrats on your first house !

Great guys thank you so much!  This does make me feel a lot better.  We don't really wanna touch that backup money so we're gonna go into crazy save mode and hope to purchase our first rental property within a year.  

Just an update, been almost a month and we're definitely more comfortable with everything

After closing on my primary, my wife and I dragged a mattress, some pillows, and a lamp and stayed the night just to see what it was like.

I didn't sleep a wink because I was convinced the house was haunted for no apparent reason other than my own nerves.

@Eric P.  - I think of this feeling as the uneasy feeling that comes with stepping out of your comfort zone and growing.  I've experienced it in the blink of an eye while surfing and I've experienced it over several month's/years as bigger decisions played out.  There were times when it was a warranted feeling after a mistake and sometimes it was just an uneasy feeling after a good decision.  Time will tell that part.  

For now, take comfort that you are making the best decisions for your family that you can at this point in time and get your emergency fund up to 6monts - 1year of living expenses.  With a solid emergency fund, you won't be stressed about making payments.  

Congrats to you and your family!

-Mike

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When my wife and I purchased our first home, a criteria was that we could make payments on either of our salaries. The realtor couldn't understand that thinking and thought we should be buying a larger home than the 1100 sq foot one we targeted. We were comfortable with our decision and committed to paying it off within five years. We reached that goal even though I was unemployed for more than a year of that time period. Rice and beans, beans and rice, lol. Congrats on the new place.

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