Buying a home is stressful, we are not going to lie. Making such a decision will rarely happen more than once in a lifetime, so nobody takes them lightly. If you have decided to buy a home, you have probably asked around your friends and family for advice, as we all do. Every person will tell you a different story of how they got a hold on their current property, but most of them will have something in common: they all have to pass through different phases of angst and despair!
1. CONFUSION: Checking your financial situation and getting pre-approved like
It’s important to know how much you can actually afford before you start searching. If not, you are risking falling in love with a property you can’t afford and end up either making a bad decision or heartbroken. Once you know that, you’ll have to research for banks to get a mortgage. Then you must go and speak to them, so you get a confirmation on how much to expect for a loan. We recommend you to read this article by magnifymoney.com to be prepared by the time you have to face the lending institution.
2. WONDER: Deciding which features are Must-Haves and which ones you can live without
Everyone wants to have that staircase from Titanic, where Jack waits for Rose. But let’s be honest: what do you really need, and what can be expendable? For example: if you are a family of five, a priority will be space for a dishwasher and a washing machine, while you could probably live without a central music system. Once you have cleared that out, you must write it down and keep it with you when you go visit the properties. Just remember that sometimes less is more in life.
3. EXHAUSTION: Starting to study the market (prices, location, square meters…)
If you start house hunting without knowing the market value of properties, you are going to be meat for real estate vultures who rip off careless home buyers. Even if you get a real estate agent, it’s always wise to look up for the prices per square meter in the neighborhoods you are interested in, the features are usually included and the ones you rarely find, the best location according to your needs (close to transport hubs, schools or supermarkets, depending on your priorities), etc. Of course, this is not maybe the most entertaining of activities, and you are probably pass through a phase of exhaustion from your computer screen. But always keep in mind your final objecting: finding the house of your dreams.
4. ON THE EDGE: Starting home-scouting like there’s no tomorrow
This is the fun phase! Take your time to check EVERYTHING on the market and imagine yourself in those homes. Think with your brain, but also with your heart. Also, it is of vital importance to print our checklist for visiting properties, because even if you think you are going to remember everything, after the fourth home you are going to start mixing them up! Always remember to bring it with you, so you don’t end up living in a wreck.
5. LOVESICK: Finding your potential home and falling for it
Let’s be honest: you will need to visit many properties until you find the perfect one for you. And once you weed out the unwanted, you are probably going to be divided between several options, so it is imperative to think everything through. Warning! Don’t settle for the first one that comes around. Once you’ve got it, celebrate!
6. UNEASINESS: Getting a house inspection
Buying a house without a house inspection is like going to a restaurant without a cooking license… risky to say the least. It might seem like you have got all covered, but these professionals really know what their are doing, so they are worth the expense. Follow the expertise of NOLO Law when they are telling you it’s not an expendable luxury.
7. PURE DESPERATION: Making an offer and waiting patiently
Believe me: this is going to be a stressful phase. Every time your phone rings you are going to be jumping from your sit, but try really hard to remain calm. Just as you need to take your time to make a decision, home-sellers also have a hard time choosing the right buyer, so don’t panic if their answer is not immediate. We suggest you to practice patience and resoluteness.
8. MISTRUST: Arranging the loan
Congrats! You have a home waiting for you. But now it’s that ugly moment when you need to actually get the money for it, so go get it! Breath deeply and don’t think of all those years you’ll need to repay it, or how old you will be by then… Just keep in mind that the average loan term is approximately 25 years.
9. SELF-DOUBT: Signing the contract
In this moment, you might start panicking and wondering if you really thought this through. This is normal! Just try to keep in mind that if you did your homework, you are doing the right thing. It’s inevitable to start doubting yourself, everybody does. Try to calm down and remembering your goal: having your perfect home!
10. FEAR: Getting an insurance before anything happens!
This might be more obvious to some people than others, but such an expensive property should be at all times secured, unless you want your life savings going down the drain by a situation you can’t control. Of course, depending on how risky is the area you live in, you should get a different kind of coverage. Choose carefully your insurance company and type!
11. JOY: Have fun moving in your new home!
This is it! You have passed through all these phases and are a home-owner now! You can start settling in and organizing your stuff! Here’s a useful checklist to keep with you when you move, so you don’t leave anything behind. Also, remember to clean your new home before you start unpacking, or it will be very frustrating afterwards. Now just relax and start enjoying it!