Getting cold feet on my purchase. Advice?

[Amna Khan]

Hi all, we won an offer on a 335K townhome in Houston close to the heights area (Airline Drive so not exactly heights but nearby). It has been my goal to purchase for a long time and I am of the camp that I’d rather purchase in a high interest rate climate than run out of options during low interest rate bidding wars climate. HOWEVER, I cannot ignore the fact that the majority of your initial payments go towards interest rate and don’t help to build as much equity.

I can afford my monthly payments of course, but it does make my budget very tight of course (I was renting at 1.2K and monthly payment will now be 3K). I still have the option to back out, but I’m here posting so someone can knock some sense into me or give perspective that buying is still a smart financial choice because it will ultimately help build equity.


My second concern is that although location is great, it is a townhome at the end of the day. With loads of townhome supply coming, I wonder how smart this decision really is. I’m back tracking on all my reasoning that ultimately made me decide to buy but I wonder if I’m thinking out of fear. Any thoughts?

property address is on redwing ridge street FYI.