It is no surprise that buying a house is a dream come true for many. After all, it is something that you could treasure and even give to your children in the future. It can also be a good source of income, whether you buy it as a rental property or you plan to sell it in the future.
No matter how good of a dream homeownership is, however, the process of getting a house is not that easy. Unless you are that rich to buy it in one go, you would need to prepare a lot of things. These include finding a trusted real estate agent, preparing the necessary requirements for your loan, and finding a house that will satisfy all your (and your family’s) needs.
Mentioning all these, you would probably think that it is too much work. But it truly is, and you cannot escape from them if you want to make the most of your money.
Buying a house can be truly overwhelming that, according to a recent survey, first-time homebuyers feel anxious throughout the process. If you are planning to buy a home soon, you are in for an emotional roller coaster — but one that can be managed through thorough preparation.
The Jitters of Home Buying
According to a study conducted by OnePoll, people who made their first home purchase experienced a range of emotional issues, from applying for a mortgage down to making a down payment.
For one, 33% of homebuyers shared that they cried at the process, with 38% of the participants not expecting the long duration they endured. Others have described the purchase of the home as the “most stressful event in modern life.” Still, for some, they felt insecure and unconfident about their home search. As a result, 28% ended up not having the property they want.
The emotional roller coaster did not stop when homebuyers got their home. One in 10 experienced buyer’s remorse. Some also think that they have overpaid. The experts who conducted the survey attributed the anxiety experienced by homebuyers to not having enough preparation.
The Cure to the Anxiety
Getting yourself ready for the biggest purchase of your life is the key to calming the anxieties. The more you are prepared, the more you feel that you are in control of the situation. There are two things you would need to get in order before you take the leap: finances and your needs-and-wants list.
For the finances, the first thing you need to do is to boost your credit score, then set a budget and identify what you can afford.
From there, look for a reputable mortgage company. Many St. George financial experts highly recommend shopping around for loans, as this will not just let you save money, but also make you more familiar with all sorts of financial terms and processes. This will boost your confidence in navigating the financial aspect of home buying.
For your needs-and-wants list, you have to agree to disagree with your spouse on amenities, whether they are essential or just a nice-to-have. In general, your essentials should only include the number of rooms, the size of the house, and the availability of outdoor space.
Buying a home is indeed taxing, but there are ways to curb all that stress you are feeling. All you have to do is ride that emotional roller coaster, but in a smarter way.