5 tips to limit home buying stress

Are you in the market for a new house? If so, you are likely experiencing some home buying stress. This is perfectly normal, as buying a house is a huge commitment that can cause some nerves and anxiety. However, you deserve to feel as confident as possible as you go through the purchasing process! Luckily, there are some steps you can take to help yourself prepare for the journey ahead. Here are five ways to help limit your home buying stress!

#1 Start saving early

Saving up for a home is one of the biggest stressors associated with the purchasing process. The good news is if you know you want to buy a home in the future, you can start saving as early as you’d like. This will help ensure you build up enough savings to comfortably make your down payment and have the funds to cover closing costs and mortgage expenses. For many people, that initial down payment is the biggest hurdle, as it costs tens of thousands of dollars. However, you can take advantage of certain savings accounts to maximize the impact of your money! In Canada, you can access a First Home Savings Account, a Tax-Free Savings Account, and a Registered Retirement Savings Plan. All of these accounts have different features, but what they have in common is their ability to help you build up your savings quicker. Depending on the account type you choose, you can contribute or withdraw money tax-free and put it towards your home purchase. If you can spend a few years building up your savings with one of these accounts, you will be in good shape to handle the home buying stress that comes with the purchasing process. You can read more about these accounts here.

#2 Research real estate and mortgage professionals

Working with the right mortgage professionals can make or break your house hunting experience. It is therefore a good idea to start researching local real estate agents and mortgage brokers so you can begin the process of finding the right professionals to help you along your journey. You want to work with a real estate agent who knows your area well and is familiar with buyers in your situation. For example, if you are a first-time home buyer, your needs will differ from a repeat buyer. Your realtor should be able to target their services to you. As for your mortgage broker, it’s important to find someone you trust to help you secure the perfect mortgage product. After all, your mortgage is the most significant part of homeownership! Your broker should make you feel confident and comfortable throughout the process. Take some time to research potential professionals, and meet with them ahead of time. 

#3 Determine an approximate budget

It can definitely be tricky to narrow down your buying budget when you are searching for a home. One of the largest causes of home buying stress is the challenge of determining your buying power. However, there are many ways you can start to firm up your budget. Start with a broad overview of your income, expenses, and savings. Try to compare this with average housing prices in your area to determine a price you think is within range. You should also get pre-approved for a mortgage, which will give you a more realistic view of your buying power. A pre-approval does not guarantee mortgage financing, but it does give you the chance to see where you stand in the market and what you might be able to afford. Finally, remember that your real estate agent and mortgage broker are here to help! You can work with them to finalize your home buying budget in today’s market.

#4 Narrow down potential areas

Of course, buying a home means deciding where you want to live! Depending on your situation, this could be a very simple decision, or a more complex choice. For example, people who have already put down roots might want to stay in a certain area, while others are searching for the right place to call home and are open to exploring multiple locations. While this can be overwhelming, take some time to look into areas of interest. Do some research on housing prices in these spots, and visit them to see if you can picture yourself living there. Try to make it your goal to know the general area you want to live in by the time you enter the housing market. This will save you time during the house hunting process, and will help you find the right property faster.

#5 Don’t rush the process!

Finally, the best way to limit home buying stress is to take your time in the market! It’s natural to want to get the process over with and secure a house as soon as possible. However, this can be a dangerous method. You put yourself at risk of buying a home that doesn’t meet your needs or is beyond what you can afford. This will lead to more stress down the road. Instead, take your time as you move through the market. Remember this is one of the most significant purchases of your life, and it deserves your time and attention. You will find that patience pays off when you are moving into a home that perfectly meets your needs.

Home buying stress is normal, and you are bound to experience it to some degree when you are purchasing a house. However, doing your research, saving early, and taking your time will all make the process much smoother. Plus, working with a mortgage broker will give you even more peace of mind! We can work with you to determine your needs and find the mortgage product that suits you best. 

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.