Buying a home, whether a first home or even a fourth home, can be a very emotional experience to a buyer. As the experience is so emotional, it can also be extremely stressful. Not only does the purchase cost more than anything else you’ve ever bought before, there’s an extensive list of everything that can go wrong. It’s no wonder you feel like your blood pressure is through the rough when going through something like this.
If you’re buying a home and you want to keep both your emotions and stress levels under control, the advice here will help you.
Practice Coping Mechanisms
Having coping mechanisms you can use in any situation is helpful, but they are especially helpful in intense situations like this. You need to consider how you will react if the seller rejects your offer, or makes an unreasonable counter offer that you can't afford. Before you know it, you have hundreds of questions whizzing around your brain and don’t know what to do or think. You can’t control what happens, but you can control how you react to it. Minimize stress by calling a loved one and talking to them, practicing deep breathing exercises, or going to focus on something else entirely when you feel it taking over your brain. Trust that you have done all you can so far to get the best results.
Know What You Want
When you buy a home, you need to know exactly what you want - you’re going to spend hours looking at houses and scrutinizing them from every angle. When you know what you want, you can cut down this time substantially and end up with something you’re happy with. Ask yourself the following so you can cut down your options:
- How many floors?
- How many bedrooms and bathrooms do you want?
- What is your desired square footage?
- What schools are in the area?
- How old is the property?
- How long will it take you to get to work?
- What is the neighborhood like?
So, let’s say you now have a detailed list of exactly what you want in your perfect house. You still need to be flexible. Unless you’re planning on building a house from the ground up, you're always going to need to compromise on something. You shouldn’t compromise on the major requirements, but you should know what is not a necessity. What can you absolutely not live without, and what is just a bonus? This will help you to narrow everything down further.
Get Pre-approved For Your Loan
Financing your dream property can lead to some issues. Getting pre-approved for your home loan before you even start bidding on houses is crucial and will mean you can save yourself a lot of headaches in the long run. It’s a good idea to clean up your credit if you haven’t done this already, and you can make the process to getting pre-approved so much smoother. Take a look at your rating and make sure you’re paying your bills on time and that there are no mistakes on your file - this does happen sometimes. You should also make sure you have enough money for things like moving costs, mortgage fees, repairs, furniture, and other related expenses. This will ensure you don’t need to stress about costs you weren't expecting.
Always Listen To Your Real Estate Agent
You can educate yourself on the buying process as much as possible, but unless you have a background in real estate, your agent is going to know a whole lot more than you. Make sure you trust this person - you chose them to help you find a house, so listen to their advice. Doing so it can save you a lot of money, labor, and stress. Additionally, your agent may discourage a low-ball offer, knowing that this could potentially offend a buyer and ruin your chances of getting the property. Your agent has no reason to try to ruin your deal - they want it to go through as much as you do, they have been doing this a long time so just trust them. A company like Knoxville Home Team's real estate agents will have all the information, knowledge and experience to guide you in the right direction.
Save Plenty Of Money
In general, when buying a house, the more money the better. This is one of the most expensive purchases you will ever make, and you absolutely must understand all of the costs before taking the jump. Make sure you’re aware of all of the other mortgage-related expenses, such as money deposits, home appraisals, and home inspections. You can check out Utah home inspector for more details. If you run out of money and can’t afford these things, you will have only a few things you can do. You’ll need to find the money from somewhere, or the deal will fall through - this means having to add the cost onto your mortgage, so you’ll be paying interest on it for a long time rather than just getting it paid off as quickly as you can. Don’t forget about closing costs either, which can range from 3% to 5% of the mortgage balance. Closing costs include origination fees, discount points, title insurance, title search, underwriting fees, recording fees, and credit report fees. How to pay closing costs will completely depend on how you manage your money, as you can see, it’s always better to have more money than you think you need as costs and fees will always creep up on you if you’re not careful. Having more than enough money will help to give you peace of mind.
Of course you’re going to experience some kind of anxiety and stress when buying a house, but you can seriously minimize it by following the advice here. You don’t want to start losing sleep and getting caught up in your own head about things that probably don’t matter too much in the long run. Preparation is key, so take your time, learn as much as you can, and do a little legwork. You will live in this house for a long time, so it only makes sense to take your time with it.
What other tips can you suggest to eliminate stress?