How to Reduce Stress When Buying Your New Home
If you have decided to buy a new home, chances are everybody around you is congratulating you on the decision and saying how great that is. Indeed, buying a new home is always an event that everybody is looking forward to. A new home is like a new clean slate. However, the overall excitement pretty soon turns into worry and anxiety because, as we all know it, buying a home is usually one extremely long and tiring process.
In order to help you deal with the upcoming challenges in the best way possible, here are a couple of suggestions which will definitely take some weight off your shoulders.
Get your finances in order
The very first time the thought of purchasing a new home crossed your mind is the moment when you should have started saving for it. Though, if you have failed to do so, there is still hope. In addition to putting more money to the side each month, it’s advisable to check if all your accounts are in perfect order. They should be in black, not red, if you are planning on taking out a loan, for example. Therefore, resolve any debts you might have on your credit cards.
Make a wish list
In order to know what exactly you are looking for, start compelling a list of all the features you would like your new home to have, including the priorities such as commute time, garden, neighbourhood facilities, number of bedrooms and so on. Additionally, decide which of the features are negotiable, and which ones are absolute necessities.
Apply for a pre-approval
Apart from the fact that this document is immediately classifying you as a serious buyer, it will also help you realize where you stand. A lot of people make the mistake of visiting a lot of houses and choosing the one which is way out of their price range. That is not to happen when you get pre-approved for a loan. You will know exactly how much money you can count on. Also, the document sets you apart from the competition.
Open an offset account
This is one of the best things you could do to shake the stress away when discussing high interest rates. No one is keen on paying extra, and oftentimes we can’t help feeling tricked for paying for some money which we didn’t even give to the seller – the interest. Luckily, there is a smart way around this.
Once you check this offset accounts guide, you will get the full picture. An offset account diminishes the amount you have to repay to the bank. In a nutshell, if you have $20,000 on your offset account, and you have to borrow $400,000 from a bank, you won’t be paying interest for the whole $400,000. Rather, you’ll be paying the interest for $380,000 thanks to this account. What is more, the account can be used for paying any costs or bills if need be.
Get a notepad
What we mean by this is that you should organize all the data you are given without delay, and that it should be stored in one place. A simple notebook or a notepad will suffice. There will be loads of information coming your way, so feel free to jot down everything. In addition, file your emails on a regular basis. As the process is drawing to an end, more and more information will be pouring in and it’s only too easy to become overwhelmed.
Continue with your hobbies
Even though your free time will be minimized by house hunting and collecting all the paperwork, it’s essential that you not give up on your regular free time activity. Having something that is constant in your life despite the unpleasant surprises will help you keep a clear mind and make sound decisions.
To conclude, getting stressed is simply inevitable during a house buying period. You are bound to become upset and irritated for one reason or the other. Nevertheless, should you apply these pieces of advice, you will definitely feel calmer and more confident during the process, which in turn will help you make better (important) choices.