It would be nice to think that buying a home could be planned and executed as easily as you imagined - however, in simple terms it is a matter of knowing what you want (and what you are prepared to compromise on) and knowing how much you can afford. Unfortunately, buying a home is never quite that straightforward...partly because it is an emotional decision, which means that you might not like what, on paper, could be the perfect house and end up passing over that home because it does not "check off all the boxes". Once you have decided on a particular house those emotions can lead to the whole thing being very stressful. Nevertheless, it is possible to keep that stress to a minimum (even if the stress cannot be entirely eliminated) by following some simple advice.
Buying a home is a complex process of lengthy contracts, back and forth negotiations, and important deadlines...that few of us do on a regular basis and it fundamentally affects our emotions, lifestyle and finances for many years, which is a very scary thought. What is most intimidating are the things we don't really understand like the mortgage jargon and legal jargon involved in dealing with banks and vendors (i.e. home inspectors & surveyors). But if you can relieve this fear by reminding yourself that the professionals involved in the process are just that - PROFESSIONALS - who do this sort of thing every day of their working lives. This does, of course, mean that they sometimes use jargon without thinking that the ordinary person might understand it. So if you don't understand something then just ask your real estate agent for a simple explanation. Questions and concerns that remain unresolved will just fuel your anxiety.
You can also educate yourself on some of the more common aspects of house purchasing by doing some research in advance - there are plenty of professional websites offering advice and clarification about the whole buying and obtaining financing process.
If you are moving to a new area you may also have some concerns about that but, again, you can do some research to find out as much as you can. Frequent trips to the area may not be possible if it is too far away but try getting involved in online communities focusing on a particular neighborhood and find sites designated for specific local information, such as school ratings.
Once you are at the point of making an offer, prepare yourself for a range of outcomes to avoid an emotional roller-coaster. Any or all of the following - may happen before a house is legally yours:
- Your best offer will not be accepted
- Your offer will be accepted but then you will be gazumped
- You will get involved in a bidding war with another buyer
- The buying process will be delayed by others in the chain
- You cannot secure a good mortgage deal
- The survey finds unexpected defects with the property
- The appraiser undervalues the property
- The local authority search reveals some problem in the immediate vicinity
- Your buyer withdraws from the purchase of your existing home
- You or your spouse loses their job
If you know what the worst events could be then you can handle them relatively calmly if they actually happen. But don't forget that moving houses can go smoothly and that a new home is an exciting new chapter in your life, so don't forget to enjoy it. If the worst happens...being prepared will allow you to handle those extreme situations.
Buying or Selling a home should be an enjoyable experience...Begin your NEW home search with the Ryan Jennings Group at Keller Williams Realty Wellington.
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