5 Ways To Manage Your Home-Buying Anxiety

5 Ways To Manage Your Home-Buying Anxiety
5 Ways To Manage Your Home-Buying Anxiety. Image source: Pixabay

There are a few milestones that are just as exciting in our adult lives as they are stressful. Buying a home is right near the top of that list!

As what’s probably the most expensive purchase you’ll make in your lifetime, it’s understandable that you’re feeling a bit of anxiety. From finding the right house to finalizing the real estate transactions, it’s an emotional process.

You’re not alone if you find yourself second- and third-guessing (or more) yourself. In fact, it’s normal to be nervous. But anxiety is never fun, and you should be able to relax and enjoy this incredible occasion.

Luckily, billions of other people have been in your shoes, and they have some good advice to help you navigate this time with a little less stress.

With these five tips, you can manage your home-buying anxiety and focus on the adventures ahead!

1. Make a List of Preferred Features

Before you hire a realtor or start looking at homes, grab some real estate magazines and look at what you’re getting into. It doesn’t matter what area the books are from. You just need to use those blurbs to start a list of your preferred features.

Grab a sheet of paper or your computer and make three columns. Label them Must-Have, Would Like, and Absolutely Not. As you’re skimming through the magazines and you come across something that falls in one of those categories, write it down.

Include features like:

  • Number of bedrooms
  • Stairs or no stairs
  • Type of community
  • School zone
  • Preferred square footage
  • Age of house/roof/air conditioning/etc.
  • Distance from your job/school/shopping

Some of these things won’t matter to you, but you’ll have strong feelings about others. Keep a list of these and give it to your realtor or use it as you start the home shopping process.

2. Get Pre-Approved Before You Shop

When you’re pre-approved for a mortgage, you know exactly how much you can spend on your home.

Some people are pre-qualified, and they head out thinking they’re good to go. This term is different from “approved,” though. “Pre-qualified” means you probably have the finances to get approved, but it’s not official yet.

To be pre-approved, you’ll have to go through a lender, who will run your credit and have you fill out an application. If you’re approved, they’ll let you know how large of a loan you can take out.

Many realtors won’t work with a client unless they have pre-approval. This shows they’re a serious buyer. It relieves some of their stress about putting in a contract for someone who can’t afford the home. And it reduces your anxiety because you know what price range to shop in.

3. Find a Home Insurance

Instead of waiting until the end of the process, start looking around early for an insurance company you’ll want to use. You won’t be able to get an exact quote until you have a house in mind, but you can start getting recommendations and connecting with an agent.

If you’re possibly looking for a manufactured home, check with the insurance company to make sure they underwrite these policies. Mobile home insurance isn’t the same as traditional homeowner coverage.

Manufactured homes are considered to be movable property. Work with your agent to find out what the best policy for your needs would be and if you need any add-on policies.

4. Save Up for Your Down Payment

Because the lender is putting down a hefty portion of your home’s cost, they want to see that you’re invested in it, too. That’s why you’re going to have to foot the bill for the down payment and, likely, the closing costs.

The average down payment on a house is usually between 3.5% and 5%. However, the amount of cash you’ll need to have on hand depends on a lot of factors, like your loan type, closing costs, application fees, and inspections.

The more you have set aside for your purchase, the less stress you’ll have when the little things crop up that need to be paid for.

5. Remember, It’s Not Going to Go Perfectly

Realtors have seen it all. The process of conducting a real estate transaction rarely runs smoothly from start to finish. So, when snafus snag your flow, turn to your agent for guidance.

Like the flight attendants on an airplane, if your realtor isn’t stressing, you don’t need to. Chances are, there’s going to be a setback along the way. Some will be little, but occasionally, there are big issues that have to be dealt with.

Keep in contact with the realtor and your mortgage lender. It’s in their best interest for your purchase to go through, too. They are going to try to help you to overcome any challenges that come your way. You can relax knowing you’re not alone in the process.


Conclusion

You’re well within your rights to be concerned about your real estate purchase. It’s a big deal!

But that concern doesn’t have to turn into full-blown anxiety. Use these tips to turn your major milestone into an enjoyable experience, getting you into your new home as quickly as possible!