Is renting instead of buying the right choice for you? Here, we discuss when renting is your best move, and when you can consider buying.
Are you entering the market as a home buyer? If so, you’re likely feeling a little overwhelmed at the prospect of trying to buy a new home right now. It’s no secret there’s a lot of work to do, especially in a seller’s market, and it can make your experience a bit stressful. The good news is there are lots of ways you can help reduce your home buying stress, even in a competitive market. Here are five things you can do to make the process easier on yourself!
#1 Talk to other home owners
If you’re a first time home buyer, consider talking to someone who has gone through the buying experience before. In the past, you’ve likely asked for advice on things like which jobs to apply for, or which kind of car to buy. Buying a home is no different in that there’s likely to be someone to give you advice, and you should take advantage of it. This is especially true if you’re buying your first house, but even seasoned home owners can benefit from some extra guidance!
Think about the people around you. If you know a friend, sibling, or another close person who has recently bought a house, ask them about the process to reduce your own home buying stress. You can discuss things like budgets and down payments, how much they offered, how they found their agent or broker, how they found their home, and so on. They can draw on their own experience to help you know what to expect and what you can do to prepare.
#2 Find prices for similar homes
If you’re looking at a specific home or neighbourhood, it would be great to know how much other homes have sold for. Your real estate agent can see if there have been any other recent sales in the area to help you determine a ballpark budget. This can help you decide on your own offer and see what’s realistic. Sellers are also likely to know how much other homes sold for in the area, and will be looking for a similar offer. If you know what a seller is hoping for, you have a better chance of making the right offer.
One tip to remember here is to try to find a home comparable in size to the one you want when comparing prices. Home size determines value just like the area does!
#3 Get a good inspection
Buying a home without an inspection has become a trend during the pandemic, but not one you should follow! In a seller’s market, people have been putting in offers with no conditions to appeal to sellers, but you should never skip out on an inspection. Trust us when we tell you this will not reduce your home buying stress. Home inspections tell you if a home has major issues with plumbing, electrical, roofing, foundation, or literally anything else. Your home buying stress will become much worse if you buy a home that ends up needing tons of work. Don’t feel like you’re being a stubborn buyer for requiring an inspection — most sellers will expect and understand this. Down the road, it will save you tons of stress to know your home is in great shape.
#4 Don’t break your budget
Hopefully you’ve established what your budget is before you hit the market. It’s important not to go over budget when buying a home. Even though it seems tempting to offer more than you can afford if it means getting the home of your dreams, this will cause you more anxiety than it’s worth. Your mortgage funding might not be approved, or down the road you might find you’re struggling with your mortgage payments. Sticking to a budget will allow you to ensure the home you buy is affordable for you and will limit your financial worries.
#5 Contact a broker first
We always stress the importance of using a mortgage professional when buying a home for many reasons, all of which lead to a less stressful experience for you. Brokers save you time by finding the right lender for you, so you don’t have to do independent research. They save you money by ensuring you get the right product, and their experience means you have a handy guide in the market. Having an experienced professional on hand is one of the best ways to reduce home buying stress!
No matter what, buying a home will always come with some level of stress. However, you can significantly reduce your home buying anxiety by talking to others, doing careful research on budgets and inspections, and consulting a broker. These tips can make a huge difference in how you look back on your experience.
We want to be part of your home buying journey. If you’re interested in buying a home, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.