If you’re feeling anxious about buying a home, you’re in the right place! For most of our clients, real estate isn’t their ‘every day’, and a purchase this large and permanent can set their nerves ablaze. Below are our tried-and-true tips for making the home buying process as stress-free as can be for all parties involved, especially yourself.
What many don’t consider is that participating in the real estate industry, especially as a buyer, is equal parts preparation of your finances as it is getting into the right mindset, that is, if you want to refrain from pulling your hair out. First, you’ll need an educated realtor you can trust. A standard realtor will do what they must to get the deal closed. An outstanding realtor will educate and guide you to the closing table (mostly) stress-free. Another crucial tactic to hacking real estate stress is to be flexible. We’ll dive into what that means when searching for homes further, but for now will focus on the overall mindset of what it means to be flexible when buying a home. From an appraisal falling short to last minute addendum signatures at the closing table, what may seem sudden to you is every day for your realtor, lender, and chosen title company. Choosing the best support will allow you to establish a level of trust in your realtor, creating more room for you to be flexible with unexpected circumstances.
Now that you’ve established the best mindset for handling an intense and exciting industry, we can dive into more tangible tasks to get ahead of the game. As a buyer, the beginning parts of a transaction are the most labor-intensive. The standard residential transaction is typically top-heavy, with most important items being accomplished within the first 15-30 days – keep in mind that every deal is unique. The rest of the period, the weight falls primarily on your realtor, lender, and title company who will call upon you when they need something. That does not mean after the first 30 days of the transaction, you can stop answering your realtor’s calls, texts, or emails. You will want to be accessible to your agent and lender, and return all communication as quickly as you can. Although they may be calling to see how you’re doing, chances are they are reaching out because there is an incomplete task in the transaction that needs your input. At this point, you’re probably wondering how you will keep track of everything. Once you get under contract, your realtor and their support team (and sometimes your lender as well) will send you a list of due dates and deadlines for deposits, inspection negotiation periods, title order deadlines, mortgage deadlines, and so on. If you don’t have a calendar, get one and mark it. Deadlines can sneak up on you and though our team will give you enough warning, it’s always good to know what’s coming without being reminded.
By now you may be anxiously asking: what do I actually do? As important as creating positive mindsets and habits are, there are plenty of tasks you can accomplish before you get under contract. After you’ve found the perfect realtor (and by that we mean messaging us), they can refer you to a lender or you can choose your own. A lender will assess your finances and issue a Preapproval for how much house you can afford. The worst you can do for yourself is forming an attachment to a home out of budget, or limiting what your home can have and where you can live by looking in the wrong places. Before you begin scheduling property showings with your realtor, familiarize yourself with the neighborhoods you may want to live in. Especially in a busy market, falling in love with a home before you research the neighborhood it’s located in can result in you losing the home. Taking the time to research schools, township details, how long your commute will be, and other factors can be time consuming, so it’s best to get that out of the way before you are serious about putting pen to paper on an offer. Another task you can complete prior to property showings is creating your ‘must-haves’ list while also being realistic. Needing a large bedroom closet or 2 car garage are two examples of practical must-haves. Needing a modern, yet colonial flat with 2 stories and a spiral staircase in a high-rise building on a sandy beach in Philadelphia with a 4 car garage, wine coolers in every room, two half bathrooms (one with a double vanity and one without), a covered balcony, exposed brick and duct work is an example of an impractical must-haves list, primarily because this property does not exist. If it does, call us asap; we’d love to see it! Earlier in the text, we stated that you need to be flexible not only with constant changes during the transaction, but also with the potential of a ‘dream’ home. Some buyers expect to fall in love with the first home they see. Understanding what’s adjustable and what’s not can decrease room for any disappointment when you can’t find the ‘perfect’ home. There are some items you can change, and some you can’t (i.e. you can’t take down a load-bearing wall). While it is possible you walk into the perfect home on the first try, keep in mind some properties can transform into everything you want, with a few adjustments. Luckily you’re reading this post on our website, where we are equally as knowledgeable about real estate as we are about home projects and rehabilitations. One topic you can discuss with your realtor during property showings is being realistic about your ability, patience, and confidence as to whether you can stomach having work done in your home, and potentially while also living in it.
Once you’re under contract and you’ve marked your calendars with deadlines and answered all of your realtor’s phone calls, it’s time to start packing. Our packing tip is to pack what you don’t need first. If it’s spring and you plan to close in the summer, pack away those coats, scarves, and gloves. Some last minute items you’ll want to keep out are medications, phone and laptop chargers, toiletries, and your everyday items. You’ll also want to clearly mark your boxes with the items inside and what room they should be in. Seems simple enough, right? Another super simple must to make things easier for you is not making any large purchases before settlement, despite how well a brand new BMW will match with your brand new home. It can affect your credit score and the loan you are receiving to purchase the home. Lastly, make sure you have enough money saved up after settlement so you can make the home your own. Believe it or not, most homes don’t come with curtains. Some may only have a washer and dryer hookup, but not the appliances themselves. You may also want to buy furniture, dishes, wall art, plants, pillows, and the list goes on.
Now, take a deep breath and pat yourself on the back for getting through this article; you are now more prepared than the average buyer. We can’t guarantee you won’t feel any stress (in fact it’s almost inevitable that you will), but understanding the basics of how to make a real estate transaction mostly stress-free is key to making the best decisions for yourself. Most of the tips above work for buyers, sellers, investors, and renters at every stage of the housing process. We began with it and we’ll say it again: the best thing you can do is find an outstanding realtor who will guide you through this process and insure you are on top of everything we listed as a requirement to make this process as easy as it can be.
Stephanie Slapin
January 20, 2022