A lot of people in the United States aspire to own a home. A survey published in Inc. revealed that 89 percent of millennials want to buy a home.
Purchasing a house, however, can be a stressful experience. A lot can go wrong, after all.
Here are some instances:
- You could receive a low or unfavorable appraisal
- The real estate agent that you’re working with might not meet your expectations or communicate well with you
- Lenders may reject your loan – or approve you for a loan with a high interest rate
- An inspection uncovers defects in the dream home you want to buy
- The home seller can be argumentative, unreasonable or even just plain rude
As stressful as purchasing a residential property can be (especially if things aren’t going your way), it should also be a cause for celebration. Remember that buying a house is incredibly rewarding. Look at it as the culmination of a lot of hard work, dreaming and determination.
If you’re feeling stressed and anxious at any point in the home buying process, take note of these six suggestions:
Reach Out to a Mortgage Broker: A professional and independent mortgage broker offers friendly and honest mortgage advice. If you’re buying a home for the first time, you could get in touch with this person to obtain great home loan deals and help you navigate the underwriting and closing process.
Assess What’s Most Important to You: This may look like a no-brainer, but by focusing on what you want and need in your new home, you can minimize anxiety and stress over location, budget and other factors.
So, take the time to evaluate your must-haves and priorities for a home, such as the following:
- The style of the floor plan
- Price range
- Number of bathrooms and bedrooms
- Location
- Access to public transportation
- Commute distance
Work with a professional, along with trusted friends and family members, to determine a balance among your priorities.
Create and Follow a Checklist: If you’re experiencing worries or come across problems in your dream home, come up with a checklist of what you need to do.
Your goal is to solve each problem one day at a time. This could mean that you’re installing a new light fixture today and tackle painting the inside of your home tomorrow. When you cross each item on your checklist, you’ll feel more at peace that you’re able to knock those problems out of the way.
Be Patient: A home is (and should be) a long-term investment. Buying and selling a residential property is both expensive and time-consuming. As a homebuyer, you should not rush into something because you don’t like to miss out. Instead, take a logical and steady approach to homebuying.
Whenever you feel that things are going slow in the home purchase process, take a deep breath and relax. Buying a house takes time, so you should make sure that you pace yourself.
Read the Fine Print: When you buy a house, you will be signing documents at every step of the process. From contract negotiations to the agreement with your real estate agent, paperwork is typically the most stressful part of the entire process.
Before you sign real estate documents, read them carefully. Don’t sign anything until you fully understand the document you’re reading.
If there’s something that you do not understand, don’t try to handle the problem on your own. Ask questions or get in touch with a reliable real estate agent for assistance. A dependable and knowledgeable agent will walk you through the important details and even assist you in navigating contract adjustments.
Practice Stress and Anxiety Management: Certain what-if thoughts can easily dominate your thinking. A few examples include:
- What if the home seller gets annoyed at my offer?
- What if the house seller rejects my offer?
- What if the property seller does a counteroffer that’s completely unreasonable?
When you entertain these thoughts, you may start to strategize needlessly. You could say to yourself, “If the property seller does X, I’ll do Y.” Then, you do this for all possible scenarios. This can cause unnecessary stress and anxiety.
If you’re feeling anxious or stressed after presenting an offer, minimize your stress by following coping techniques and strategies.
Start by calling your family and bringing up your feelings and concerns. After that, focus your attention on something else that requires your undivided attention, such as watching a travel show, reading a book or playing a video game. Tell yourself that you won’t always be able to control the outcome. The seller is making the call. You just have to trust that you submitted the best offer possible.
When you’re feeling anxious or stressed about home buying, take note of these suggestions. Just remember to be confident about your decisions and avoid falling into the trap of second-guessing yourself. If you need help, communicate with people who can help you personally and professionally.