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How To Reduce Stress When Buying A Home

How To Reduce Stress When Buying A Home

Purchasing a new or existing home can be a very stressful endeavor and disrupt many aspects of a person's life. Part of the stress results from juggling all the requirements from obtaining paperwork, looking at properties and dealing with agents all while managing day-to-day life. As with many things, the more educated you are on the process and what is required, the more able you are to deal with the situation. Being prepared and knowledgeable is the best way to reduce stress when buying a home.

Optimize Your Credit Report

Your personal credit will have a big impact on how smooth or complicated the processes is when buying a home. When applying for a mortgage, the lender will pull your credit report to view your outstanding lines of credit and concentrate on payment history and total debt. Sometimes home buyers are so focused on house hunting that they never look at their credit report before starting their search. Be sure to take advantage of the federal law which requires each of the three credit reporting agencies to provide one free credit report per year to consumers. What is contained in your credit report will determine how much you qualify for and at what interest rate. So the more familiar you are with this information the better prepared you will be to answer questions.

Conduct Extensive Online Research

The Internet has made carrying out real estate research vastly more simple than it was in the past. Before, individuals or couples would have to contact a real estate agent and fill out detailed form as to what they're looking for in a property. Now all of this information is provided online and prospective home buyers can browse properties at their leisure from the comfort of their residence. The more research that can be done beforehand then the less stressed there will be when buying a home because it means less time in the field with your agent looking at properties you won't be interested in buying.

Find the Right Real Estate Agent

There are two types of agents when purchasing real estate which are the buyers agent and sellers agent. When hiring a real estate agent to represent your interests, make sure you're selecting a buyers agent as they will be more interested in helping you find your dream home than making a sale and a quick commission. More importantly, speak with family or friends and try to get a recommendation as this is more likely to result in finding an agent you can trust right from square one. If you can find an experienced and trustworthy real estate agent it will go a long way to reduce stress when buying a home as they will conduct all of the negotiations and leg work required when purchasing a property.

Get Pre-Approval Before Looking

The worst thing that can happen is to find your dream home and then find out after the fact that you don't qualify and are unable to obtain a mortgage. Speak with your lender, such as a bank or credit union, and have them run the numbers first to receive pre-approval when purchasing a home. Once you find out how much of a mortgage you qualify for you can make that part of the criteria you provide to your real estate agent when narrowing down properties. Finding a home to buy is stressful enough so don't make it even more so by trying to obtain a mortgage at the same time.

Patience is a Virtue

It is true with regards to the saying that good things come to those who wait. While it can feel like homes are flying off the market or that no matter how long you look you will never find your dream home, take a breath and take your time. If you compromise on a property, more likely than not you will have buyers remorse after the fact and regret purchasing a home that wasn't perfect for you and your family. Rushing into a home purchase can also negatively affect your current living situation by giving notice on your rent too early or trying to sell your existing house while purchasing a new house. Don't put yourself in an awkward living situation by rushing into a home purchase. The longer you wait the more likely you are to find your dream home which reduces stress as a direct result.

Image by: Photo Dean