The best way to reduce stress when buying a house is to educate yourself about the process.
Buying a home can be a very stressful time in a person’s life. In this case, stress is a reaction to fear of the unknown. The best way to reduce this stress is to remove the unknown factors by preparing yourself through knowledge of the process and requirements. In being prepared to buy your home you need to be aware of the following:
• Research: Remove the unknown, by finding out everything you can about your prospective neighborhood and financial information. The internet is an excellent source for this kind of research.
• Credit: You need to know what your credit score is and whether or not it is good enough to purchase a house. You need to understand that the lender will give you your loan based on your credit history, which is a reflection of your bill payment history. It further indicates whether you have the ability to keep a job for an extended period and whether you take responsibility for your debts. Some people jump into the house buying process without ever knowing what their credit history looks like and this causes stress because they have no idea as to whether or not they will receive a loan or even how much of a loan they can secure. You can reduce this stress by securing copies of your credit history, for all three major credit reporting agencies, having all errors removed, and paying any debts that you may have ignored or forgotten.
• Pre-approval: You should also shop for a house you can afford. To find out how much you can afford in advance you should have the bank pre-approve you before you start shopping. This way you can shop for your new home stress free because you already know how much money you will receive for your new home as well as knowing that you will actually receive the loan.
• Realtor: By hiring a realtor to help you in the purchase of your home, you are removing a great deal of anxiety and unknowns because you have someone working with you who has been through the process numerous times. You should never let the sellers’ realtor represent you because that realtor is primarily looking out for the best interest of the seller. You need to hire a buyer’s realtor whose first priority is helping you find the home that is best for you instead of someone who is looking to make a sale. Remember at all times that in the end your realtor is still being paid by the seller. Take your time and find someone you can trust to help you purchase your home.
• Do not rush: If you try to purchase a how in a hurry, you will be sure to become stressed. There will be factors and roadblocks that you cannot control that can slow down the process. If you are buying a ready-made house, give yourself an extra month leeway. If you are renting you should pay an extra months rent to secure you have somewhere to sleep while you are waiting for you house to close. If you are building a house, you will want to take two or three months past the date the builder gives you unless he writes late penalties (that he will have to pay) into the contract. In any case, however, allow yourself extra time in your current home in case an unforeseen event prolongs the purchase of your new home.
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