Purchasing a house is not only stressful for first-time buyers – even the most seasoned buyers still experience enormous amounts of stress during the process. Even though the transaction may be going smoothly, there is always the worry of financing falling through, a higher offer being accepted by the seller or even having to look for another home if an inspection reveals serious faults. Below is some great advice on how to cope with the stress associated with the home buying process.
Obtain Mortgage Pre-Approval
Although you may think it’s a guarantee that you will obtain a home loan, lenders may think otherwise, especially if you carry large amounts of consumer debt. As a result, it is strongly recommended that you obtain mortgage pre-approval before starting to look for a home – after all, you don’t want to fall in love with the ‘perfect’ property, only to find that you don’t qualify for enough of a mortgage to purchase it. In addition, many agents and sellers are now only willing to work with buyers who have obtained mortgage pre-approval as well.
Save as Much Money as Possible
Before even looking at your first potential home, it’s essential that you save as much money as possible. This will go a long way in helping cover a down payment of between 3.5% and 5% as well as other costs such as closing costs, home appraisals and property inspections – you definitely don’t want to run out of funds halfway through closing your deal. Other fees you will need to cover include title insurance, underwriting fees, discount points, origination fees, title search and credit report fees.
Be Willing to Compromise
Chances are that you have made a list of what you are looking for in your dream home. However, it’s important to remember that there will never be such a thing as ‘the perfect property’ unless you custom build it from scratch. While you shouldn’t compromise on major requisites such as the amount of bedrooms or bathrooms needed, things such as avocado tiles or neon green pint can always be changed at a later stage. Aim to find something that checks the majority of items on your home wish list – the rest can always be changed or added as you obtain funds.
Have a Pre-Purchase Inspection Performed
Little else sours a home buying deal quicker than discovering that your apparent ‘dream’ home is in fact the stuff nightmares are made of because of serious structural issues that you only find out about after signing off on the deal. This is why it is crucial to schedule a pre-purchase inspection before you even think about putting your signature on the dotted line. Having a pre-purchase inspection performed by a qualified and experienced inspector will help put your mind at ease so you can determine whether that so-called bargain price is really that good of a deal or not.
If you are keen to have a pre-purchase inspection performed on a home you would like to purchase, get in touch with us to schedule an appointment today.
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