Avoid the Holiday Stress – Buy A New House!

IMPORTANT REMINDER: Your first half property tax payment, if not already paid, must be postmarked by ***MONDAY*** December 10Th to avoid a penalty. 

Buy A New House – But Avoid the Stress!

With the weather getting colder and the porch light coming on earlier every day, we know that the holidays are upon us.  NOW is a great time to buy a new house!

Buying your new house does not need to be stressful!  This week I offer some tips to help keep the stress level in check while shopping for and buying your new house.

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Take the Stress Out of Home Buying

Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality. (I could not agree with this more! As I have discussed several times before, the relationship that you have with your real estate professional is vitally important to the success of your transaction. – TB)

2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer – you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family – the people who will be living in the home. (I do NOT agree with this completely. Buying a house is a big purchase and you should have the benefit of all opinions from the people that you trust. – TB)

4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.  (As many of you have heard me say before, Unless you are building a custom house there will always be something that is not 100% perfect.  Buying a house requires you to make some compromises. – TB)

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.  (Have a say in the process but leave the rigors of negotiation to your skilled real estate professional who is experienced in the art of real estate negotiation and will be able to negotiate on your behalf without emotional baggage. – TB)

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself – room size, kitchen, etc. – that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.  (This goes back to the need to compromise. It is important to look critically at all aspects of the house you are considering. – TB)

7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers. (I could not agree with this more!  You MUST speak with a mortgage professional and start the process of obtaining a mortgage BEFORE you put an offer on your new house. – TB)

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased. (And remember, this purchase will probably not be your “Dream House”.  Ask yourself:  “Will the house I am buying now suit my needs?  Can I afford this house?”  If you can answer yes, this may be the right house for you at this time. – TB)

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.  (Yes!  However, I firmly believe that ANY property you buy today will appreciate over the next five plus years. – TB)