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There’s no denying that buying a house is stressful, whether or not you’ve done it before. A home is one of the biggest financial investments you’ll make in your lifetime, and there are many unexpected things that can come up throughout the process that could throw you for a loop. But worrying and feeling overwhelmed won’t help get you into a new place any faster. Try to take your time, do your research, and enjoy this exciting step in your life. Here are five tips for managing the stress of home buying.
1. Set clear house-hunting goals
Before beginning the search, have a clear list of what you want. If you’re unsure of what you’re looking for, you’ll spend a lot of time looking at houses that won’t fit your aesthetic or your lifestyle — not to mention your budget. Consider things such as the type of housing, number of bedrooms and bathrooms, type of exterior, square footage, distance to work and school, noise levels, neighborhoods, and amount of required maintenance.
2. Be flexible
After you’ve created a checklist for your dream home, decide which things you can live without. The odds of finding a home that checks all of the boxes are low, so compromising on some of your requirements is inevitable (but that doesn’t mean you have to settle for a house you don’t like). Determine the most important aspects of a home for you and your family, and keep in mind that being reasonable with your requirements could mean having more options to choose from.
3. Budget and save
Money matters can be the biggest stress factor in the home buying process. The cost of buying a home is hefty; keep in mind that you’ll need to save for things like home appraisals and inspections. Decide how much house you can afford and where you’ll be investing most of your money, like on repairs or real estate taxes, for example. Devising an expense plan can help you feel less overwhelmed.
4. Weigh the pros and cons of using a real estate agent
We know you want to do everything yourself, but working with a real estate agent could lessen the stress that comes with buying a house. The expertise of a real estate agent could help you feel more at ease because they can help with putting down a deposit and down payment, setting a closing date, determining closing costs, and arranging inspections. You want to work with someone who has your best interests at heart, so try to choose an agent that comes with good recommendations from trusted friends or family.
5. Take a deep breath
Once you’ve submitted your best offer and signed a purchase agreement that you’re comfortable with, the only thing left to do is to relax. While you’re waiting on the seller to respond, focus on other things that require your undivided attention. Call friends or family members who have bought a house before to talk through your concerns, but don’t let your worries take over.
We know that buying a house is stressful. To see how Mr. Cooper can help with your homebuying process, visit our website.