Eliminating the Stress in Buying a House
Buying a house is stressful. At least, that’s what I hear. As someone who is planning on buying a house within the next few years, I want to make sure my experience is stress free… or at least as stress free as humanly possible. That’s why I decided to do a little sleuthing to see if I could uncover some tips and tricks to improve the home buying experience so that you can enjoy the process as much as possible.
Tip #1: Use a Real Estate Agent
Simple, right? Using a real estate agent will definitely cut down on the amount of stress you feel while purchasing a house, especially if you’re working with someone you can trust. Yet as of 2020, 12% of people still don’t use them. Why?
Well, most people who aren’t using a real estate agent are looking to save money. This can work out if you’re already familiar with the property and are buying from someone you trust, like a family member. But if you’re looking at properties that you’re not familiar with, it has the potential to lead to all sorts of issues. Long-term, not using a realtor has the potential to cause far more stress than using one.
But what about the money? Well, using a realtor may not be as expensive as you think. Of course, it’s not free either. You will need to pay realtor fees. But the real estate agent’s commission generally comes from the seller, not the buyer. So, it may not add up to quite as much as you expect.
Using a real estate agent does come with its own stresses (we’ll get to some of those later) but overall, it’s the correct choice for most people.
Tip #2: Get Pre-Approved for a Mortgage
While doing my digging, I decided to reach out to our team of Mobile Mortgage Specialists to see what the number one tip they would give prospective home buyers was. The answer was nearly unanimous: get pre-approved for a mortgage!
What exactly does that mean? Well, it’s just like it sounds. Having a mortgage pre-approval means that a lender has reviewed your financial information and has determined that they would be willing to provide you with a mortgage to buy a house. Having this in-hand while you’re shopping for a home makes it easier for agents and sellers to take you seriously and can possibly save you from future disappointment.
Don’t believe me? Here’s what Lehanne Potts, one of our Mobile Mortgage Specialists, had to say about getting a preapproved mortgage:
“Getting pre-approved for a mortgage is your first step towards homeownership! It’s important whether you’re a first-time home buyer or an experienced purchaser. When you have a pre-approval, you can shop confidently knowing that you are looking in the right price range. And if there are any issues with the application, we’re able to develop a game plan to set you up for success in the future. By taking this very important first step, you can help avoid any disappointment or frustration that may come along if you skip this process.”
Tip #3: Know When to Compromise
Home buying involves compromise. Odds are that you aren’t going to find that perfect home with the attached two car garage, huge walk-in closet in the master bedroom, partially covered back deck with a hot tub. And if you do find a house that has everything you want? Odds are that it’s probably going to cost twice as much as you can afford. What I’m trying to say is, it’s important to know what sorts of things you’re willing to compromise on and which ones you aren’t before you get started.
The budget for your home isn’t something that you should typically be making changes to halfway through the process. A study by homes.com in 2018 showed that 13% of people feel that they overpaid for their home. That’s not a good feeling and it’s not one that’s going to go away anytime soon either. Avoid bidding wars and stay away from spending above your budget on the things you “want” for your house (like that hot tub) and focus on the things you “need” your house to have (like enough bedrooms for your growing family).
Another thing you don’t need to compromise on is your timeline. I know I was just talking about how great realtors are a few paragraphs ago, but sometimes they will try to get you to work on their schedule instead of your own. That’s because they’re likely working with several potential home buyers and the sooner you purchase your future home, the sooner they can switch their attention to helping someone else.
Well, that speed has the potential to add stress. There are a lot of important things to do and decisions to make during the home buying process, even after you’ve put an offer in, and this is not something you want to feel rushed while doing. If you are feeling the pressure to move through the process too quickly, talk to your realtor and let them know you need more time.
Tip #4: Talk to Someone Who’s Done It Before
There are a lot of things to consider when you’re buying a house – more than we could possibly cover in just this one blog. It can be overwhelming, especially if you’re buying a home for the first time (and if you are a first-time home buyer, you might want to check this blog out as well). Like so many things in life, it can start to become clearer and you will start to feel better if you talk to someone about it.
Obviously, you can always go to your realtor to ask them questions. But you can also learn a lot by speaking to other people in your life who have already gone through the process of owning their own home. They might have great tips to share with you about what they thought they did well when buying their house. Or, more likely, they might be able to share things they wish they’d done differently during their own home buying experience.
To test this out, I decided to ask some homeowners from my own life what advice they’d have for me. Here’s what they had to say:
“Buying a new house for the first time can be filled with a lot of emotions – but the first one should always be excitement!
If I could go back to the first time my husband & I bought a house, I would make sure I sat down and prioritized a “wants” and “needs” list. My needs list would be the things that the house would HAVE to have and I would not budge on. The wants list would be filled with things that I really want in my first home, but that when push came to shove, I could sacrifice. For example, something that was on my needs list was three upstairs bedrooms and something that was on my wants list was an attached garage. I ended up sacrificing my attached garage in order to find something with three bedrooms upstairs.
Don’t forget to have fun and enjoy the process – you only get to be a first-time homeowner once!”
– Amanda, Moose Jaw
“As a first-time homebuyer, I found working with an experienced realtor to be extremely beneficial throughout the process. I had lots of questions, and they were able to answer everything I asked in terms I could easily understand. By using a realtor, I found that it took a lot of the stress of the process off my shoulders. I would also recommend doing your research into the home buying process beforehand so that you are able to ask the important questions.”
– Jarvis, Watrous
“I would recommend that people shop around. Don’t let the real estate agent dictate what you do or the speed you do it at – they are there to serve your needs. Also, make sure you get a house inspection. If you can’t afford one, you probably can’t afford a house.”
– Eric, Swift Current
The Answer to The Question…
So, can buying a house be totally stress-free? Honestly, probably not. There’s always going to be a certain level of stress that comes with making such a costly and impactful purchase.
But as I’ve learned while writing this, there are a lot of things that you can do to reduce the amount of stress you feel throughout the process. By using the tips in this blog as a starting point, you’ll be setting yourself up for a successful experience.
Happy house hunting!
I was born and raised in small town Saskatchewan (Watrous) but have been calling Regina home for the last 12 years. Standing at 6’6”, basketball was always going to be part of my life… but I still can’t explain how I somehow became the province’s biggest Minnesota Timberwolves fan. When I’m not watching the most losing professional sports team in North America, you can usually find me out having a drink with friends or binging the newest Netflix show at home.
When it comes to finances, I’m the type of person who has never tried coffee because I’m afraid I’ll like it and will need to buy one every day. I’m also someone who only orders food from places that offer free delivery or somebody whose idea of treating themselves with their tax return is to immediately max out their TFSA contribution and put the rest towards their RRSP. That’s a type of person, right?