Buying a new home is an exciting event, but it is also stressful. There’s so much to do that it’s easy to get overwhelmed by the whole experience. Fortunately, there are simple steps you can follow to reduce your stress and make finding your dream house easier. By knowing exactly what’s ahead of you, and finding the right professionals to help you along the way, you reduce the mental strain of the hunt.
1. Do Your Prep Work
The more information you have before you start searching for homes the better. Begin by assessing your own finances and determining a reasonable budget for your home. Remember that property taxes vary by location, so two houses with similar costs may result in completely different monthly expenses on your mortgage. Ideally you should plan to make a deposit of at least 20% on the home if possible, to reduce additional fees on your mortgage.
Pay attention to real estate listings in locations you are interested in buying, even if your actual time frame for buying is further down the line. When the time comes to begin your hunt in earnest, you’ll be armed with knowledge of how the market stands, such as what types of homes are in your budget and how quickly they are selling.
2. Get Pre-Qualified
Pre-qualifying lets you know exactly how much you have to spend on your hunt. Get in touch with a mortgage broker and simply answer the financial questions they have for you. After taking an assessment of your financial standing they will get back to you with a pre-qualified amount. You do not have to spend the entire amount, but it gives you the opportunity to put in bids up to that amount.
3. Find a Realtor
The real estate market can be confusing. Hiring a realtor to assist in your search means you get the experienced eyes of a professional. Realtors also have access to home listings not available to the public, giving you the first crack at new homes.
Home buying is a long and at times challenging process. Making a plan which incorporates professional help, then sticking to it, makes it as enjoyable as possible. You’ll be glad you did when you close on your new home.