Saturday, February 23, 2013

A Buyer's Emotional Rollercoaster

Buying a home is tied to a lot of emotion.  
It's always tied to a life change and change can be extraordinarily stressful for some people and exhilarating for others so it's only natural to go through a range of emotion when looking for that perfect home.

As with many big milestones in life, home buying is initially more of an emotional commitment than it is a financial one. Sure, you're saving up thousands of dollars to fund the down payment and yes you will be paying hundreds of thousands of dollars in monthly payments which makes it sound like primarily a financial decision. But the bottom line is that most home buyers purchase first from their emotions, and then justify the purchase with their wallets. You may have set of criteria but then just by chance you see a house (or condo or farm) and your heart skips a beat! It LOOKS PERFECT! But then, you realize it doesn't meet some of your criteria... and you still buy it!

Are you ready to buy a house?
Are you ready to buy a house?
How do you keep your emotions at bay in the heat of the process (as much as possible anyway) so that you will be satisfied with your emotional choice?  The best answer is to do some research and have a plan.

Know how much you need to have for downpayment and moving expenses. Talk to a lender about your financing options, downpayment and closing expenses. Ask a real estate agent to help you make a list of potential moving expenses. Get a pre-approval letter if you will be financing your purchase.  Have a your current financial statement available for proof of funds if you are buying on cash.

Think about your motivation for the move. Where are you moving to?  Why that location?

Decide on your time frame.  When do you want things to happen?  What if your house doesn't sell? What if your house sells too fast? Moving can take months of planning!

Understand the challenges in the current market.  It's easy to be let down when you can't find a house in the time frame you would like or can't get the house you want in your price range... but it happens.

Get prepared to move.  Pack and clean your current home. *Do NOT pack away your tax records and financial information. You will likely need this info for the mortgage company.

Hit the internet, scour the phone book, ask your family and friends or check with your agent; however you choose to do it, get help. Research neighborhoods, schools and anything else important to you.

Build a team. Inspectors, handymen, cleaning companies may be an added expense but they will come in handy and it's always less stressful when a professional does it than trying to get everything done yourself.

If you have done your research, you might make an offer on one of the first houses you actually go out to see!  You will know what is out there in your price range and it when that "one" comes up, you will jump on it!

There will always be hiccups along the road but if you have spent time weighing your options and preparing, you can tackle them!

Need help getting through this? Call me!

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