Whether you are a serial investor or buying your first ever home, home-buying is often riddled with lots of stress. It is cumbersome and exhausting not just because of the processes that you have to go through but also the amount of documentation involved.
Common causes of stress during home buying
Home buying can be a draining process and involve mental fatigue and emotional exhaustion. Some of the most common causes of these include the following:
- Difficult sellers
- Home inspection process may prove to be an obstacle
- Problems securing loans from lenders
- Inaccurate appraisals
- Difficult agents
- Difficulty with entitlement and so forth.
However, the home buying process doesn’t have to break you. With the right approaches, it is possible to simplify the process and get it right with minimal headache. Here are some useful tips on how you can go about this process without losing your sanity.
Know What You Want
Don’t go into a home buying process with a fuzzy mind. Remember that the real estate agents cannot read your mind so you must work this out over time and develop some clarity on what type of property you actually need. Without a clear idea on what you want, you will waste a lot of time looking at all types of houses. However, if you have the specifications, it is easier to streamline the process. Have a checklist of the things that you need and prioritize on them. These can be:
- The number of bathrooms you want
- Number of bedrooms
- Floor plan
- Type of community
- Age of home
- Distance from your place of work
- Type of interior and exterior finishing and so on.
Have a Pre-Approved Mortgage Loan
The other big headache when it comes to property acquisition is financing. By the time you are making the move, you have probably worked on your finances for years and you are in a prime position for the acquisition but don’t assume anything. Take the time to reach out to a lender and get a pre-approved mortgage. The advantage with this is that it allows you to negotiate with some confidence and with a concrete figure on hand. The last thing you want is finding that perfect property only to discover later on that you are ineligible for financing.
Save Some Cash
Buying a house is costly and you will have to make a huge down payment and foot various other home inspection cost so it is important to save enough cash for the transactions. Lenders will typically require anywhere from 3.5% to 5% based on the type of loan that you require. Apart from the deposits, you also have to factor in other costs such as property inspection fees, appraisal fees, document processing fees, underwriting fees among many others.
Talk to a Real Estate Agent
Unless you are a seasoned property investor, you will most likely need a real estate agent specializing in the niche or locality that you are targeting. Due to their knowledge and experience in specific markets, property agents can really streamline the process. They also have good market knowledge so they can help you get the best deals on your property purchases.
With a little focus and organization, your property pre purchase inspection can be a smoother and less tedious process and you can acquire your first home with minimal headache.