5 tips to reduce home buying stress

Buying a house and feeling a bit of home buying stress? This is completely normal! Purchasing a house is a huge experience, and it’s natural to feel a little overwhelmed. The good news is there are some steps you can take to reduce those feelings and feel more confident as you move through your buying journey. Here are five tips to help you navigate the process!

#1 Create realistic expectations and a budget

The best way to start your house hunting journey is to take the time to sit down and think about your expectations. The prospect of buying a home is very exciting, and it’s easy to be swept away in the idea of finding that dream property with everything you want. Of course, you should be on the lookout for a home that meets your needs. However, you should be realistic about what you need, and what you want.

Your needs are the things your home actually requires in order for you to consider buying it. This might include a certain number of bedrooms, location, access to transit or amenities, etc. On the other side are your wants, also known as your “nice-to-haves.” This could be a pool, a finished basement, or a recently renovated kitchen. Basically, these are items that shouldn’t be deal-breakers. It’s very important to separate your needs from your wants in order to avoid disappointment and stress.

Similarly, your budget should be as realistic as possible. It can be hard to know how much you can afford to spend on a home. This is why getting a pre-approval, using a real estate agent, and accessing the help of a mortgage broker are all important! 

#2 Search for the right real estate agent

Speaking of real estate agents, how can you find one that is right for you? There are lots of capable agents out there, but certain agents may be better suited to your needs. If you are a first-time home buyer, it’s important to work with a realtor who has experience with new buyers. The same is true for repeat buyers. Similarly, try to use an agent who knows the area you are hoping to buy in, and who is familiar working with buyers in your budget range. Again, if you are unsure about your budget, your realtor can help you narrow it down!

Real estate agents are also an important part of finding the right property, and getting your offer accepted. Sellers and their agents much prefer working with buyers who also have an agent on their side. This indicates the buyer is serious about purchasing the home, and has a professional on their team to help navigate the process. Often, people who try to buy a home on their own are passed over in favour of those who have a realtor on their side.

#3 Ask questions 

Throughout the house hunting process, you will undoubtedly have questions. The best way to reduce home buying stress is to turn to the professionals on your team, who have the answers! Your real estate agent, lawyer, and mortgage broker can address any questions or concerns you have about any part of the buying process. No question is too small or insignificant! Real estate and mortgage professionals understand that buying a home can be a complex and intimidating process, and they will be happy to help in any way they can. The more you know about how things work, the less stressed you will be. 

#4 Prepare for unexpected expenses

As detailed as your budget is, there will always be extra costs involved in the buying process. The good news is you can prepare for many of these expenses if you know what they are. Many people forget to budget for closing costs because they are so focused on their down payment and mortgage payments. However, closing costs often add up to about two per cent of your home’s purchase price! These include legal fees, moving costs, title transfers, and property taxes. Plus, you will need to save for ongoing maintenance and utility costs. You can significantly reduce home buying stress if you remember these expenses ahead of time and start preparing for them.

#5 Don’t rush!

Finally, the biggest way to limit your home buying stress is to take your time! As much as you may want to complete the process and move into your new home, don’t rush the process. This can result in making hasty decisions that aren’t in your best interest, such as buying a home you don’t truly want or cannot comfortably afford. There is a lot of pressure in the housing market to get in and out as fast as possible, but the market is not as competitive today as it was a couple of years ago. Conditions are much more favourable for buyers than they have been in the past, and odds are you will find the right fit for you! Just take your time, and make sure your future home checks all your boxes before you buy.

Home buying stress is a common part of house hunting, and it can be hard to get rid of it completely. However, you can significantly reduce it by following the above steps. Plus, if you need extra guidance, you should get in touch with your local broker! We are here to assist you in any way you need to ensure you get into the right home, with the right product.

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.