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    Real Estate
    Saturday, April 27, 2024

    Keeping stress levels low when buying your first home

    As with any big decision, buying a home can cause you a great deal of stress. The process can include seemingly endless reams of paperwork, visit after visit to open houses, and plenty of fretting over your financial situation.

    Elizabeth Weintraub, a real estate agent writing for About, says there are plenty of other potential sources of stress as well. You might run into stubborn sellers, home inspections that turn up serious problems, liens on the property you're looking at, and more.

    You shouldn't let stress get in the way of the purchase. By making sure you're prepared to meet the challenge, you can start out more relaxed when you go house hunting.

    Before you get too deep into the process, you should set goals for what you want to find in a property. Anne Miller, writing for the National Association of Realtors, says you need to consider everything from how many bedrooms the house should have to how far you're willing to commute to work. Arrange these features in terms of their importance, and be willing to give in on some of the more minor points if you plan to purchase a property with a spouse or partner.

    Miller says getting pre-approved for a mortgage is best done as a preliminary step rather than in the middle of the home buying process. You can estimate how much you'll be able to spend on a house, but you won't know for sure until you're approved for a home loan. The pre-approval will give you an idea of how much you can spend on a home and allow you to make an offer more quickly than if you didn't have the paperwork handy. Focus on improving your credit score before this step by paying off outstanding debts or getting into the habit of making regular payments on any current loans.

    When looking at homes, have a budget prepared based on your preapproved loan. You'll be able to determine how big a monthly mortgage payment you can afford and consider which homes are in your price range. If you're willing to buy a home that requires some repairs, don't forget to include these renovations in your budget.

    Hank Bailey, writing for Realty Times, says buyers should also be flexible enough to understand that no home is going to perfectly fit their image of a "dream house." Bailey recommends focusing on the things that are most important to you and letting the more minor points go if need be. He also suggests that having a bit of buyer's remorse after the purchase is normal, but that buyers should remember that their reasons for buying a home and be confident that the home will appreciate in value over the years.

    Bailey also suggests that it's pointless to worry about whether it's the right time to buy. He says home prices and mortgages can easily creep up if you decide to wait, and your ideal house might also be sold to someone else in the interim. As long as the house meets your own needs, you shouldn't get too caught up in considering whether the price will drop or whether the value will appreciate significantly in the near future.

    The real estate agent can also take over much of the burden for you. Miller says a buyer can delegate tasks such as getting an inspection and figuring out closing dates to their agent. Bailey suggests looking for an agent who meets your own personality, making sure he or she also has a record of responsiveness, local knowledge, and expertise.

    When making an offer, Bailey says negotiation is key. You'll want to get a good deal and perhaps even receive some concessions, but you shouldn't be stubborn. Prolonged haggling between the buyer and seller will only increase your stress levels.

    Weintraub says one of the most stressful times for a buyer is the period where they are awaiting word on whether their offer has been accepted. You'll be concerned about whether they'll reject your offer or make a counter-offer that you can't afford, and you might even start wondering if you offered too much for the home.

    Weintraub says discussing your concerns with your agent or family is healthy. She also says you shouldn't stress out over something you cannot change, and that it would be better to exercise, read a book, and otherwise carry on your usual routine while awaiting the seller's response.

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