Buying a home is a huge investment, and it can come with some major anxiety. However, if you can calm your nerves and stay level headed, you will have a much better chance of making the right choice. Here are three ways to calm your anxieties about purchasing your first home.
Don’t Rush It
Buyer’s remorse is something we have all heard stories about. However, this is far more likely to happen to you if you make a rushed decision. Before you even start looking for a home, do your homework. Take some time to crunch the numbers. It is imperative that you understand exactly how much you can afford. This should include taxes and insurance, as well as HOA fees and regular maintenance costs. Additionally, determine how much money you can securely use as a down payment. You don’t want to find out you miscalculated after you have already made an offer and put down thousands of dollars in earnest money, so double check your work. Next, get pre-approval at several reputable lending institutions. Finally, make a list of everything that is important to you in a home and begin ranking available options according to your list. Once you have compiled a list of several interesting properties, it is time to schedule viewings.
Work With an Agent
A house is probably the biggest thing you’ll ever buy, so you want to have some guidance. Real estate agents are well versed in the current market, they understand the areas they serve, and they have an eye trained to notice important details that you might overlook. They are expert at noticing red flags. Plus, agents can get you into a property that you might have trouble scheduling on your own. Share your priority list with your agent. It is easy to get blindsided by a luxury feature that isn’t on your list and forget what really matters to you, but your agent can help you keep a clear head.
Never Bypass Inspections
In a hot market, people are willing to do anything to get a house, including removing all inspection and appraisal contingencies. However, this is a very risky move. You will only receive funding for the appraisal amount. If the appraisal comes back far lower than your offer, you could end up owing thousands of dollars out of pocket. Additionally, inspections can uncover any major issues with the home. Without these contingencies, you are without protection if either of these circumstances occur. Purchasing your first home is an exciting time, and it can be a great investment. Still, there are plenty of reasons to be anxious. Follow tips like these and rest easy, knowing that you will make the right decision for you. Read this next: Achieving the Dream of Homeownership