Homebuyers: Stress & How to Deal with It (Part 1)
Let’s face it: buying a home is stressful. Even if you are one of those people who have been waiting with bated breath to finally get into a home of your own and would gladly throw the landlord a party (albeit a very small and cheap one) just to gloat over the fact that you are no longer to pay him rent every month, it is common to have pre-homeownership jitters. So today and tomorrow, I’m going to talk about the most stressful days you can expect to have throughout the home buying process. Hopefully, knowing that you will have these will help you to know how to overcome them and make the experience slightly smoother.
Don’t expect it to be all roses, though. Buying a home is inherently stressful. It involves two very dear things: money and - well - your home, a place you intend to live for a long time. It’s the perfect recipe for worry. But forewarned is forearmed. I know, it’s a cliche, but so true.
Stressful Day #1: Picking the Home
Shopping for a house can be relatively fun. I have only had one client so far who was not excited about looking for the right home. Some clients look on it as an adventure. Others just want it over with. Whatever your idea of house-hunting is, I can’t help but think it is a bit like shopping for clothes and therefore fun. Well, at least for a short while. But once the shopping part is done comes the first stressful day in a homebuyer’s life. It involves choice.
Researchers have found that the more choice we have the harder it is to choose. That is one reason they say life has become more stressful. Just the plethora of choices out there cause us to freeze and make it unable to calculate pros and cons. And on the real estate front, there definitely are a lot more choices today than a few years ago. In the real estate boom, when home buyers found a home they liked - even if it was just one - they had to run home and write an offer before it was gone. Today, you have days and sometimes even weeks to reach a decision. And that makes it harder, not easier.
How do you deal with it? The old fashioned way is as good as any. Get a piece of paper and pick your favorite three homes from all the ones you saw. That by the way is a good measure for when you can take a break from looking as well - once you see three homes you could live in, stop and pick. Then write down the pros and cons of each. Be creative. And don’t stick just to the floor plan and things like bedrooms and baths. Include financials in here as well. If one of them promises to be a long and iffy escrow, put that in as well. Soon, a picture will emerge that helps you decide which one you want to make an offer on. And save the others if you want as back-ups.
Stressful Day #2: Writing an Offer
Any day you just cannot forget your checkbook at home is bound to be a stressful day! But meeting a Realtor® in an office and putting down concrete dollar amounts and dates to be legally bound to can be nerve-wracking, especially to a first time homebuyer. I still remember my favorite couple I sold a home to. They were very savvy first-timers and yet while writing the offer looked so nervous, I brought them a glass of water. Everything worked well for them in the end and they got the home they wanted, but they still remember that day as one of their terrifying ones.
So how to do prepare for this? One way is to get a blank copy of the purchase agreement a day or two before the Realtor® writes it for you. That way, you’re not hit with 20 pages of initialing something you haven’t read before. Another way is just to discuss the offer over the phone and have the Realtor® write it out and email it to you. That way you have time to read everything before signing it and sending it back. Whichever way you decide to do it, remember to read everything. Knowing what you have signed and knowing that the offer has been written to be in your best interests and that you are protected with contingencies will make you feel more confident. And writing that check will not be half as hard as before!
As it turns out, there are more stressors than I thought there would be. So this will be a three part series. Come back tomorrow for more ways on how to deal with them as a new homebuyer. If you are a first time homebuyer, these posts are a must-read. They will help you - in the least - become aware of your anxiety and the reasons for it and at the most overcome it to make your home buying experience smoother than usual.
