What to Do to Avoid Stress Over Buying a House
Finally! You now have enough money to buy your own house. But even though a large share of financial worries is now behind you, there are other things that may stress you out from scouting your new home to competing with other buyers and transferring the title.
The rigorous process of buying a home starts with saving up lots of cash, which can often take years. Then comes the choosing part, where future homeowners spend a lot of time traveling and meeting with agents. And when you have finally decided which house has proven worthy of your investment, things get even more problematic from there on.
A Stressful Process
It’s no surprise that one of the most common causes of stress nowadays is purchasing a house, which can take up to three months on average. There are a lot of horror stories surrounding the process of buying houses and all these lead to frustration and a feeling of hopelessness.
A survey, conducted by Which? Mortgage Advisers, stated that one in five home buyers experience a problem when delays occur due to other interested parties. Ten percent of the respondents said that they had trouble in securing a mortgage and the same percentage had an issue with removal companies.
Meanwhile, 12 percent reported that they had problems even on completion day and 7 percent experienced an issue with surveyors. Eight percent of the respondents had difficulties with conveyancers, while one in seven said the original owners left the house in poor condition.
With that said, your frustrations are totally valid. According to David Blake of Which? Mortgage Advisers, there are things you definitely can do to avoid being stressed out when purchasing your house:
It is best to think ahead and plan in advance by securing a mortgage in principle, a statement from your preferred lending company that basically says they are willing to lend the borrower a certain amount. What good does this bring? You basically have an advantage over other buyers because the statement acts like an assurance for your payment.
You might also want to consider the time frame the seller is looking at. The owner may be selling the house under specific conditions that you need to be wary of. Also find out if there is a lessor staying at the property who may extend the lease, which will then make the waiting period longer before you can actually move into the house.
If you own a house that is on sale and at the same time you are looking into buying a new one, it is best to find a buyer before closing the deal for the new property. This is so that you can use the payment for the old house to outbid other buyers who may also be interested in the property you are eyeing. It can be upsetting to find out that you have been zapped away by another buyer’s offer, in which case you should increase your offer to outbid other interested parties.
Conveyancing, or the legal process of transferring titles, also takes time and patience, and is often considered to be the most time-consuming part of purchasing a house. With that said, it is important to stick with established and efficient law firms out there to avoid any delays.
Communication Is Key
Lastly, proper communication is the key to efficiency – and in this case, a smooth transaction. Make sure the agent knows when you’re going for a vacation or if there’s an emergency so that they won’t think you are not interested anymore. It also pays to attend meetings and to air your concerns throughout the process. While this may be time-consuming, it will give the seller and the agent the notion that you are a serious buyer.
But if the whole process is not for you, you may have to wait for more progress in the field of digital mortgage. Last month, the first digital mortgage was approved, which means that the future of homeownership is about to become a whole lot simpler.
More in Loans & Mortgages
The Doctor is Home—Here’s a Look Inside Dr. Oz’s Family Mansion in New Jersey
About two decades ago, Turkish-American celebrity doctor Mehmet Oz and his author wife, Lisa, went on looking for the perfect home...April 30, 2020
Coronavirus and Retirement: Mistakes to Avoid with Your 401(k)
Anyone who got accustomed to viewing his 401(k) account balance move higher for a considerable length of time, the market’s ongoing...April 29, 2020
This L.A. Abode Was HGTV Star Leanne Ford’s ‘Forever Home’ Until She Realized Something Life-Changing
When HGTV star Leanne Ford decided to take on this renovation project of a house located in Rustic Canyon in...April 29, 2020
List of Wealthiest Charitable Foundations and Their Area of Focus
Here are some of the wealthiest foundations which are listed according to their net assets. Bill and Melinda Gates Foundation The...April 27, 2020
A 3 Minute Read for Students who are Thinking about Launching Their Careers During the Outbreak
Usually, graduates who receive their diplomas and degrees always have new jobs available for them in the job market and are...April 23, 2020
The Career Woman’s Guide to Managing Stress
It’s not easy keeping a balance between striving for professional success and maintaining a happy personal life. With all the things...April 22, 2020
New McLaren Sports Series Hybrid Seen in Production Bodywork
Although the camouflage is quite heavy, one can clearly see that the new McLaren prototype is going to follow the tract...April 22, 2020
A Noob’s Duide to Investing in a Bear Market
If you looked closely at the stock movements these days, there is a question that you might ask. The bear market...April 21, 2020
Want to Save More During the Crisis? These Are the Expenses You Should Give up ASAP
Due to the aftermath of the coronavirus pandemic, the economy has reportedly gone into a recession. That, paired with the sudden...April 21, 2020