Ron Matin
For most people, buying a new house can be a daunting task. Moving from one place to another is disruptive enough – especially if possessions, pets, adults or children are part of the moving story. As long as you are lucky enough to be able to pay your cash, your financial life will not be examined by mortgage experts. You need to be careful with credit cards and avoid doing anything that could harm your credit points. Your mortgage agent may contact you to ask about your employer, and possibly a joint borrower about your earnings after a few weeks.
Through all this, there is this burning question: When I succeed in buying a real home, does the market stop and does my investment decline?
The best thing to do with this stress is to accept it. Buying a home should be one of the momentous events of your life. Talk to a friend who recently bought a house or someone who cares about you.
What are the other factors that cause buyers’ stress?
If you anticipate these potential catches at the beginning, you can plan for the worst and expect the best. No two buyers have the same conditions, but here are some common sources of anxiety.
1. Your real estate agent is not just about your wavelength
Your representative must be your secret. A good real estate agent will try to understand your limitations, needs and future goals and help you to achieve your mission wisely.
Tip: just be sure your contract is non-exclusive. That way, you will not be penalized if you later decide to look for an alternative property.
2. The seller is unreasonable or in a hurry
You may need time. An underwriter may refuse your loan for reasons beyond your control. At that point, you may have to split from a standard loan to an FHA loan.
Tip: When you buy a house, look for ways to build a real relationship with your current homeowner. This can make the difference between a rigid salesperson and a salesperson who can give you more rest if you need to.
3. Inspect the house to reveal serious repair needs
Is your representative willing to negotiate for you? Ask for repairs or, if it makes sense for you and the real estate, bargain for a fair price on the house. Keep in mind that home warranties, which some vendors offer, may severely limit your choice of parts.
Tip: Be more careful when looking at homes built more than 50 years ago. Some elements – plumbing, painting, insulation – were not adjusted as they are now, and you will have to replace the old infrastructure.
4. Evaluation seems to last forever
An appraiser can take a long time to evaluate a home you are to buy. This can shatter the strongest buyers.
Tips: Order an evaluation as soon as an acceptable offer is made.
5- The seller does not respond to the offer immediately
Buyers are often left wondering whether their offer is fair or how they should respond if sellers try to raise prices.
Tip: When the time comes, prepare yourself for healthy distractions and just have the salesperson space to respond.
Is it possible to buy a house without stressing out?
Yes, however, you may never feel completely ready. In some cases, you have to move quickly and there no time to gather advice and analysis. Putting reputable local experts around you can help you decipher these situations. Rely on knowledgeable people to guide you through the process, point out potential red flags, and negotiate on your behalf.