Buying a house is an emotional experience – it can be thrilling, exhilarating and stressful. Whether you are a first time buyer or are haunted by a previous experience, it is no secret that the process can be confusing and complicated.
These emotions can lead buyers to take quick and bad decisions based on feelings and the whole experience can be quite overwhelming. If your emotions get out of hand, perhaps you should strongly consider taking the time to educate yourself in order to be fully prepared to deal with whatever could arise instead of jumping in this process blindly.
After all, there are so many things to consider and this is what makes buying a home so stressful. A seller can end up being unreasonable, a home inspection may reveal that the house is ultimately not your dream house because of the many hidden defects and flaws, your mortgage application can be rejected, there could be problems with the title of the property.
Here are some tips to help you cope with the stress of buying a house:
1. Hire a Real Estate Agent
Buying a home is all about knowing what you want and this is why hiring an experienced real estate agent can be extremely useful and can make the entire process of house buying less problematic and stress free. You can save yourself a lot of headache and time by using the services of an agent to find properties within your budget.
Rank all the features you want in a home so you can objectively compare different properties and know what kind of compromise can be made. By discussing those desires and needs with a real estate agent, it will be easier to find a home that meets your priorities on top of staying within your budget.
Not only it is free, but a real estate agent has a lot of experience and education in the field which will help to professionally advise you and save you precious time. They probably know more about the market and the neighbourhood. They have a great network and their negotiation skills are a great asset. An agent will also help you handle the paperwork and answer your questions. At the end, it’s about finding the right one!
2. Get Pre-Approved for a Mortgage
Most house sellers will not take an offer without a pre-approval from a lender. This should be your first step when looking for a home to buy. You must meet either a mortgage broker or a lender to help you determine the maximum amount of money you may able to afford to start your house hunt with confidence. Your agent can help you find a suitable lender and work with you to prepare the documentation for pre-approval.
This also will help you decide the amount you can afford for the house and the anticipated monthly instalments you would have to pay. Pre-approval depends on your credit history and report. So, work towards clearing outstanding debts and organizing your finances. Once your credit history is in good order, you can approach lenders.
3. Make an Offer
When you like a house and make an offer, you should make sure to do it properly in order to avoid any kind of stress. Typically, when you are interested in a house, the offer is made via a purchase agreement.
This agreement gives the seller information on the price you are offering, down payment, earnest money deposit, loan details, closing date, information on home inspection and appraisal, how the closing costs will be paid and by whom and the time frame for accepting the offer and handing over the keys to the property.
It is best to work with a real estate agent who can explain all the details of the purchase agreement to you. Take it home, study it well and when you are satisfied, sign on the dotted lines. This will help you understand the agreement and also give you enough time to absorb the fact that you will be making an offer to the house seller.
On that note, always try to visit a house twice. Online listings never do a house justice. Plus, you have to be fully aware of the renovations that will need to be done if any. After all, maybe you’ll realize it was not worth the money anymore.
4. Wait for the Seller to Accept Your Offer
This is the crucial phase that can be nerve wracking. Each time the real estate agent calls you, you will begin shaking and your heart will start pounding with nervous anticipation. You will stay awake at night wondering whether the house owner will accept your offer.
Then thoughts of rejection will come to mind, and this will lead you to start planning what to do if the seller rejects your offer. Different scenarios will play in your mind, and you will not have an answer for each situation. After all, you probably found the right home that meets all your criteria and so you surely really want it.
Obviously, you cannot do anything else than wait, so take the time to relax and meditate instead of letting your emotions take over you. Watch your favourite TV show, take a bubble bath or read a book.
5. Talk to a close friend who bought a house
Speak about your worries and feelings. Alternatively, you can speak to your real estate agent if you have any doubts or question concerning the home buying process. Don’t forget to stay on good terms with your Realtor and lender. Even though it might be a stressful or frustrating experience, you should remain respectful.
6. Close the Deal
Once the seller accepts your offer, the next stage of stress begins - waiting to close the deal. Instead of getting worked up and letting your blood pressure skyrocket, sit with your real estate agent and find out exactly how the closing is done.
If you know each step, you will be mentally and emotionally prepared to handle the situation because you will know what to expect. An experience agent will be able to tell you about possible issues and how to resolve them before they become a big problem. So, tap into the experience of your real estate agent and get answers to your questions if you are worrying about or don't know the answer.
Using the services of an experienced real estate agent can help reduce the stress of buying a house and also help you deal with the nervousness, anxiety and pressure associated with each stage of the buying process. Once you close the deal, then you can celebrate your victory!