Buying a home can be an incredibly rewarding experience. It can also be equally stressful for anyone that doesn’t know what they are doing. Having said that, how can buyers enjoy more of the good, and less of the stress?
Expectations
How stressful or enjoyable the home buying experience is, or not, depends a lot on the expectations of individuals. There will almost certainly be hassles, delays, and moments of self-doubt. Those that have bought homes before know this all too well. First-time homebuyers may not yet. The better buyers understand the whole process, the less stressful it will be. The better they anticipate the quirks, the less stressful they will be. If you set your expectations to match you knowledge and experience, you may find the process a lot easier to handle.
When You Buy
Sometimes there may be no choice, but there are times when it can be more stressful to try and buy a home; Christmas is one of them. If buyers are not flush with cash, trying to balance buying a home with everything else can make life a little more stressful. The same might apply to tax time, and the end of summer back to school period. For the same reasons, these can be great times for make offers and score great deals. You just might want to set a closing date for a few weeks later, when there is less going on.
How Long You Have to Close
There are many sellers and agents who will demand extremely short closing times. This may be 45 days, or as little as a few days. Ironically, in the wake of the new TRID rules, the National Association of Realtors and others have advised giving more time to close. The longer you can give yourself to close, the less stressful the process can be. Of course there are rate lock issues to consider, but having 45 to 90 days to close can seriously decrease the pressure.
Who You Buy From & Work With
The sellers and Realtors you buy from can make a huge difference in the stress levels you experience. Some will look for any reason to kick your deal and keep your deposit. Others will go out of their way to help get it done. It should certainly be a major factor in choosing what to buy. If you really want a home, and the selling side appears difficult, at least get your own real estate professionals. This extends to who you obtain financing from and who is handling the title work at closing.
Be Financially Prepared
Buying a home often costs more than you expect. There can be extra expenses, such as inspections and appraisals, that need to be paid up front. You may even need to pay off outstanding collections, and find additional costs when it comes time to close. Having an extra couple thousand dollars on hand can really help eliminate these surprises.
Know the Market
Knowing the market can help a lot. Do your research and get to know what is a deal or not in advance. Know what will make you happy if you are to make a move. Then roll quickly, with confidence when you find it. Then you won’t be pressured to stretch farther than you should, and you won’t be second guessing yourself everyday.
Interrogate Your Loan Officer
Press your mortgage loan officer or mortgage broker to find out any potential additional documents, fees, or milestones that could come up. Will you have to settle old charge offs? Will your credit get checked again? Will you have to prove something difficult with a paper trail?
