Purchasing a house can be stressful, it doesn’t matter if you’re a first-time buyer or have been through the process several times, it is still complicated, and emotions can run high. It’s not surprising really, it will probably be one of the largest financial investments of your life and will be one of your biggest assets.
If you talk to your friends and colleagues, most have a horror story or two to tell, that will make you shudder and think again about moving. Some things you simply can’t control, like a link further down the chain falling apart or your buyer pulling out, however there are a few key tips to help reduce the stress and make the process of buying a home smoother.
1. Know What You Want
If you don’t know what you want, you’re going to spend a lot of time looking at houses that just don’t match your needs.
Try to be as specific about your needs as possible and try to put them into two categories, must have and would like. That way you know where you are willing to compromise.
If you really don’t know, view a few properties and write down what you did and did no like about
them and take it from there.
Things to take into consideration include:
Number of bedrooms and bathrooms
One-level or multi-level
Practicality of the floor plan
Type of housing (detached, semi-detached, townhouse, flat or bungalow)
Distance from work and/or family
Age of the home
Amount of maintenance required
2. Be Flexible
This is where the ‘must have’ and ‘would like’ lists come in handy. The perfect property on paper will simply not exist and compromise is necessary.
When you find the house, you can see yourself living in and can make a home, you’ll be surprised how many of the ‘must haves’ become ‘would likes’.
Go view properties, don’t just browse through websites and discount them all before you have seen them. Be flexible and compromise on paper.
3. Get Pre-Approved for a Mortgage
Obtaining a Mortgage Decision in Principe (DIP) before searching for a new home is a must if you want to de-stress your property find.
First, you will know exactly what you can and cannot afford, so will not waste time vi
ewing properties that are out of your price range. Or worse still, finding the house of your dreams and then having to let it go because you don’t have the finances.
Secondly, it will put you in a better position when it comes to negotiating. If you hav
e a Mortgage DIP, your offer will be taken more seriously by the vendor who is then more likely to take the property off the market when your offer is accepted.
Before you obtain a Mortgage DIP, you will find it a lot easier to be approved if you pay all your bills on time and pay off your credit card debt. Both of which will give you a healthier credit score and not only increase the likelihood of lenders giving approval, but you may also get a more favourable interest rate too.
4. Get A Great Conveyancer
Your solicitor or conveyancer is probably the most important person in your property purchase or sale, they will review the contracts and represent your interests through the full process.
So, it’s important to find the right one.
Unlike the Estate Agent, the Conveyancer is paid by you and will check the contracts, searches and ask questions on your behalf. They have your back.
5. Save Enough Cash
This is by far one of the most expensive transactions you’re ever going to make, so be sure you understand the cost of buying a house before taking the leap.
Make sure you take all costs into account and have enough savings to pay the deposit as well as enough funds for any new items of furniture or white goods you may need in your new home.
I hope those 5 top tips have given you comfort and have not scared you off buying a new home. It will take time and it is an expensive process but it’s also exciting and your house will become your largest asset, usually growing in value in years to come.
If you’d like any further help in reducing the stress, please contact us.
What other tips can you suggest to reduce stress when purchasing a home?