Home buying isn’t always easy, but the rewards are sweet! Stay motivated and minimize stress with these tangible tips.
1) Enlist the help of professionals
With so much to prepare for, consider, and learn along the way, a great way to take the heat off is to get help.
Enlist the help of a solid team of home buying professionals. They will take a lot of the responsibility off your shoulders so you can focus on house hunting. Be sure to shop around and ask for any recommendations in your network.
The right advisors can help you overcome all the challenges of buying a house, which can help to reduce a lot of the stress.
2) Prepare in advance
A competitive housing market means you have to act fast. That’s why the best thing to do is prepare ahead for the mortgage process. Gather all your records in advance so they’re ready to go out at a moment’s notice when you make an offer. This will reduce a lot of time and saves you from scrambling around to gather paperwork at the last minute.
Another way you can set your mind at ease is to get a pre-approval letter from a bank. A pre-approval is an official document that shows how much a lender is willing to give you for a mortgage. This shows sellers you’re serious about buying which can put you ahead of other buyers. If you’re worried about other buyers, a pre-approval letter is the way to go.
4) Get a firm idea of your maximum budget
When the stress mounts and you find your dream home, there’s a danger of getting a bit overly enthusiastic with your budget.
When people are desperate to ‘win’ that house, they may be tempted to offer way over their original budget. This can be a dangerous thing to commit to in the heat of the moment and it’s something you could really regret later.
Before getting to this stage, sit down and draw up your budget. Have an ideal budget range and also decide on a figure which is your absolute maximum. Stick with that figure you’ve written down and don’t be afraid to walk away from a home that stretches your finances too far. There will always be other properties! Having this firm figure in mind removes the need to make a quick, stressful decision at the last minute.
5) Take time off work for house hunting
When house hunting, the last thing you want to do is leave viewings, negotiations, and stressful financial decisions until after a long day of work. You’ll be tired, pushed for time, and more likely to get stressed.
Instead, try to take some time off work just for house hunting. This can be a bit tricky if your house hunt stretches on for a long time. However, even taking an afternoon off or a day off here and there will help your stress levels and give you the time you need.
Another plus side to this is that you will be viewing homes and making offers when many people are in their 9-5 jobs. This could give you the head-start you need in a competitive market.
6) Find a stress-management tactic that works for you
While it won’t help you find your dream home, don’t overlook the need for a little stress management. Buying a home can take its toll on your emotional well-being. As you go through the process, try to find a healthy coping mechanism that you can turn to when the stress builds.
7) Find someone to talk to
To help mitigate the stress of buying a home, make sure you have someone to talk to. Don’t try and bottle it all up. Find a family member or friend (someone who isn’t buying the home with you) to speak with about all your worries.
If you’re a first-time buyer, try to find someone who has been through the mortgage process before. They can give you advice and prepare you for what to expect which can take some of the stress off.
Staying encouraged in a competitive market can be tough, but with the help of OVM, you’ll have experts on hand to help you through the entire loan process.
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