Equity and Reality

One of my best friends called me two nights ago to congratulate me on my potential new home. The more we talked, the more reality started to set in: this is really happening. In a few short weeks, I'm going to be a home owner. There's very little doubt anymore that this purchase is going to be completed and settled in mid-January. And then this house will be mine (well, mine and the bank's). I was starting to feel a little nauseated at the thought of repairs and furnishings and major household purchase that I'm going to be responsible for, all by my little lonesome.

Then my sister called to ask about specific things I'd like for my new house because she didn't want to just get me a gift card for Christmas. I realized I had absolutely no idea what to tell her, so I started doing some internet searches. Pretty soon I had picked out an address plate for the front of my home, new book cases for my basement "office," lamps for my bedroom, wall hangings for my bathroom, and a variety of other odds and ends that I'd like to include in various rooms of my house. The more I looked at bedroom furniture and paint colors the more real this purchase became to me. I thought I was going to be sick.

When my realtor called in the middle of my wish list creation to tell me that the appraisal report had been submitted, I almost asked her how we could back out of my contract. My nerves were getting the best of me. I mean, how can I expect to afford all that I'll need to make this house my home? How will I ever afford utilities and repair fees for a house when I've gotten so used to being responsible only for my rent? But before I could voice my doubts, she told me that the house had appraised for $5000 more than I was paying for it. Immediately, relief flooded my body. I was going to be ok. I had chosen well. Before I even move into this home, I will have $5000 in equity. My investment will already be paying off when I sign those papers at settlement.

So I'm not as nervous today about becoming a home owner as I was yesterday. It's still a stressful experience, despite my research and preparation, but knowing that I'm making a sound investment helps to take the edge off a bit. And looking at these pictures regularly, reminding myself of why I chose to put a contract on this house in the first place, keeps me from shredding the stack of signed documents and running for the hills.