This could be your first time buying a home or have you could have plenty of experience. Regardless, purchasing a new home is beyond stressful. It’s a very time consuming and emotionally involving experience, after it might be the biggest investment of your life. Even when the process is going as smooth as possible, one hiccup or issue can ruin the deal you have worked so hard on. Your loan could fall through, another buyer could submit a higher bid, the home inspection could reveal major issues, or the appraisal could come in low and affect your loan.
It does not matter how hard you try and how much research you do, some aspects of buying a new home are beyond your control. However, there are several tips and ways you can minimize the overall stress involved with buying a new home.
Tips to Minimize Your Home-Buying Stress
1. MAKE A LIST OF WHAT YOU WANT IN YOUR NEXT HOME
Real Estate agents are not mind readers, and if you don’t have a list of things you want/need in your next home, you will be spending several days or even weeks looking at houses that don’t meet your criteria. The more specific you are with your requirements the easier your real estate agent can narrow down your search. Real Estate agents can be a tremendous help, especially when you give them a cut and dry list of needs vs wants.
2. BE FLEXIBLE WITH YOUR CHOICES
After you have compiled your list for your perfect home search, know now that there is no such thing as a perfect house. Learn to be flexible with your choices and weigh your options. Take all considerations into account when narrowing down your search. You must take several things into consideration and if you have a family, there is several more opinions/suggestions to consider. A good real estate agent with knowledge and experience can help you determine what could work best for you.
A good way to do this is by prioritizing your wants vs needs. Let’s say you want a house with a nice master bathroom with his and her closets, an updated kitchen, a game room, an impressive backyard, and a pool. Well, you’re probably not going to find it everything you want, but that doesn’t mean you can’t find a house with most of the items on your list. Decide what’s most important to you and your family and be reasonable with your requirements.
3. GET PRE-APPROVED BEFORE ANYTHING
The loan process for purchasing a home can create some serious headaches. You may feel that qualifying for a loan should be easy, but after reviewing of your credit score and income, the bank might think otherwise. It is always an advantage to be pre-approved before searching for a house. In most cases a real estate agent or seller will not give you the time of day until you have been pre-approved. Save yourself the unnecessary stress and get all the financial requirements done before you even consider looking at houses.
4. LISTEN TO YOUR EXPERIENCED REALTOR
Everyone can do research and have some input in every real estate discussion, but unless you have a background in real estate in that specific area, there is a good chance your realtor knows a lot more than you. You have chosen a realtor to represent you during this journey of finding a new home, thus it only makes sense that you listen to the advice they give you. Let your real estate agent be your tool and allow them to do their job. You won’t always agree on everything, but they are looking out for your best interest.
5. SAVE ENOUGH CASH
This will be one of, if not the biggest investment of your life, so be sure you understand the cost of buying a house before signing the paperwork. You’re financing a huge amount of money, but there will be more than just the loan the to worry about. You will several other transactions and costs you must consider such as closing costs, earnest money deposits, appraisals, and home inspections. If you run out of money mid-deal, you may have to pull out and take a huge loss for nothing. Its always wise to get some insight into what it will cost you to buy a home and being able to create a budget and savings is a good way to make sure you’re prepared for the day you decide to buy your next home.