Buying a home is one of the biggest investments you’ll ever make.
This is possibly a statement you will read about online everywhere while doing some research, it’s also an understatement and so obvious it’s become a cliché.
Most importantly however, is that it’s a statement that induces panic.
Don’t let the words get to you. Yes, you’re making a major financial investment when you buy a home, but you’re also buying a HOME. This is a place to live, to build memories and to surround yourself with the things and people you love.
The keys to dealing with home buying panic include:
- Gaining knowledge about the process
- Adequate preparation
- Following the steps, in order
All of these steps begin with the assistance of one person: your real estate agent.
Knowledge: a brilliant cure for anxiety
I see you shaking your head – yes, suggesting that you choose your real estate agent carefully seems a bit self-serving. That doesn’t make it any less important though, right?
We’re hardwired to fear, or feel threatened by, what we don’t understand. The only way to deal with fear is to face it, head on.
Stress-hardy people focus their energy on those events that they have influence over, rather than situations beyond their control. While there are several aspects of a real estate transaction over which you have no control, there are many more over which you do.
Educate yourself about the buying or selling process by boning up on mortgages, on how to choose your real estate agent and on the processes that will follow and feel your anxiety melt away.
Then, take a preparation and call me in the morning
Even the most experienced professional real estate agent experiences the quickened heartbeat and clammy hands when buying or selling property. The difference between you and them, however, is experience. They know what to expect, so the process is far less foreign.
Being prepared, not only with knowledge, but with practical steps to success, is worth its weight in gold in a real estate transaction. Once accomplished, the typical concerns of a novice fall by the wayside.
Planning is everything
If you won’t be paying cash for a home like most of us, you’ll need a mortgage, so the lending process is a good place to start your prep.
To ease your fears, you’ll need to know exactly what will be required to get the money you need for the least amount of effort and at the best price. This means a visit to the bank, or you can call our lending team, Bob Llewellyn or Craig Bonnington at Loan Market on 03 539 4045.
Learn all you can about the mortgage process. Visit more than one to make sure you are getting the mortgage that’s right for you and your banking needs.
Then, it’s time to get loan pre-approval.
Now that you know how much you can spend on a home, determine where you can afford to live and get crystal clear on what you want in a home. Yes, make a list and then check it, add to it, delete from it, but for heaven’s sake, share it with your real estate agent.
And, choosing that agent is the next step. You will be spending a lot of time with your agent, so it’s important to ensure that you choose the right one.
- First, the agent must be an ace communicator. Does he or she return calls, emails and texts in a timely manner? Is their knowledge freely given? Do they communicate in easy-to-understand terms?
- The agent you choose should also be a good listener. As you speak with agents, pay attention to whether or not they are truly listening carefully to your priorities. The last thing you want is an agent who doesn’t listen and insists on showing you homes that don’t fit what you want.
- Next, the agent should be experienced in the areas of the town in which you’ll be house hunting. Agents who are more active in your chosen neighbourhoods tend to be familiar with the market trends, schools and proposed developments nearby that could impact a home’s value in the future.
- Finally, how’s the chemistry? Don’t add to your stress by choosing one you don’t enjoy spending time with.
Once you’ve chosen your agent, get all the answers you need to relax into the process. Curious about what forms you’ll need to sign and their function? Ask your agent for blank copies so you can familiarize yourself with them. Wondering what happens when you make an offer? Ask your agent to walk you through the process.
Typical homebuyer concerns that you CAN deal with
Know what you want!
Don’t simply go looking at open homes to find something that may take your fancy. Have clear outlines of what you’re looking for. Don’t fall in love with something that is simply not practical for your needs or budget.
What if I can’t make my payments?
This is why we suggest that you see a lender first. You’ll be given an estimate of the maximum loan amount for which you qualify. If monthly finances are a concern, plan on buying a home well below that amount.
What if I overpay for a home?
This simply will not happen if you hire the right real estate agent. To ease your mind, ask your agent (if he or she doesn’t offer) to run a comparative market analysis on any home for which you plan to make an offer. Knowing the home’s market value will help you structure your offer.
What if there are problems not uncovered during the home inspection?
Even with the most extensive due diligence, problems with a home may not be revealed. Keep in mind that, although a professional home inspection is a must, you don’t have to stop there. You are free to hire a roofer, plumber, electrician, general contractor, engineer and any other inspector you please to produce additional reports.
Throughout the home buying process, keep checking your home buying plan, take the steps in order and tell your internal threat detector to chill. You’ve got this!!
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About the Author: The above article on Knowledge – the antidote for homebuyer panic was written and provided by Brent Palmer, a local leader in the field of Richmond and Nelson Real Estate sales, marketing, advanced technology for home selling, and social media. You can contact Brent Palmer here, or at 027 544 9921.
He has helped many people buy and sell homes in the Nelson, Stoke and Richmond areas for years, and would love the opportunity to help you as well.
Thinking of selling your home? I have a real passion for helping people sell their homes in our Nelson and Tasman Region, as well as the marketing, social media & advanced technology for home selling that goes along with it. I’d love to have the opportunity to sit down with you discuss how we can work together to get you the best price.
I help people buy and sell real estate in the following Nelson and Tasman towns & neighbourhoods: Wakefield, Brightwater, Hope, Appleby, Redwood Valley, Mapua, Stoke, Tahunanui, Atawhai and of course, Richmond and Nelson City. Connect with Brent on Facebook and pretty much everywhere else.
Know someone who needs help with real estate? Be rewarded and REFER them here