With house prices predicted to fall in 2022, there has never been a better time to get your foot on the property ladder and find a house for you and your family, no matter how large or small it is currently. But, lower house prices are also bound to conjure more competition, making something that is already a stressful experience even worse.
And stress is one of the last things you need, especially when you consider everything else going on in your life. House hunting is a stressful experience, but you can consider a few strategies that make it easier to manage. If you’re planning to buy a home and want to avoid as much stress as possible, here are some vital strategies to remember.
Establish Your Budget
Knowing your budget is one of the most important elements of looking for a home and eliminating stress from the house-hunting process. This understanding will help you avoid homes out of your price range and means you don’t need to waste energy looking at houses that are not right for you.
While many believe you need to be strict with your budget, flexibility can be beneficial. You don’t want to raise the price too high or drop it too low, but giving yourself some leeway can increase your options without things becoming too overwhelming.
Get to Know the Market
It is also worth getting to know the market, as this gives you a better idea of how much you can expect to pay compared to similar homes in the area. Once you have established your budget and preferred location, look at recently sold properties to gauge whether you are getting a good deal.
You can also ask friends who have recently bought a home what they paid. If the house is of a similar size and location, you will have more confidence that you are paying what the property is worth.
Obtain Pre-Approval
A home loan pre-approval will dramatically reduce the amount of time you spend waiting around, and it can help get the ball rolling. This pre-approval demonstrates to the buyers and the real estate agent that you are capable of affording the property, which hopefully prevents delay in other stages.
Besides this pre-approval, try to avoid any homes that are part of a chain, as you might end up waiting for months to get into the house even after you have agreed on a price and organized all the paperwork.
Take Some Time Off Work
Working while house hunting is never a good combination. You either need to rush back from the office to catch the last showing, or you miss out on a viewing entirely. As the market is competitive, there’s the risk that arriving late could mean it’s too late.
If you can make viewings during regular working hours, you give yourself an advantage. You can see the property as soon as possible, meaning you can decide on the spot whether the house is right for you. At the very least, it will give you the chance to compare other properties and determine which feels right.
Seek Outside Help
If you’re unable to take as much time off work as you’d like, there are other options to consider. Working with a professional real estate agent and building a strong relationship may make them more inclined to find the right house for you. They may even give you a warning about other buyers putting in bids.
You could also consider residential property management which can alleviate the stress and do the hard work for you. This is a great choice for any house hunters who fell at the end of their tether and have been searching for a property for months without any luck.
Make A Strong Offer ASAP
There is no point in dilly-dallying when you find the right property (and you’ll know it’s right as soon as you walk through the door). If you feel that this house is what you have been looking for, you should make a strong offer as soon as possible.
You don’t want to give the sellers any excuse to consider other offers, so a strong first offer will make them take notice and realize that you’re serious. By doing this, you can accelerate the process and avoid the stress of other buyers coming in and stealing the house from right under your nose.
Don’t Get Attached
However, if you are unable to make a bid immediately, you should be careful not to become too attached to any property. As much as things can seem concrete at the time, there is always the chance that something goes wrong. The sellers might get cold feet; your situation could change before you finalize any details.
Getting attached to the house is a recipe for disaster, and it can affect your house hunting journey more than you might anticipate. So, as much as you might love the house, don’t get too excited until you iron out the finer details.
What Work Needs to Be Done?
The final issue to consider when buying a property is whether any work needs doing, as this can influence your decision. You might find a home that seems perfect on the outside, but digging deeper, there could be an array of issues that require significant home renovation (and ideally save some money) before you can feel comfortable.
If you’re a DIY hobbyist, this might be just what you are looking for. However, some improvements and repairs may end up costing more than you are willing to pay. This can cause significant stress after the sale is finalized, so take the time to analyze the house’s condition and consider whether you’re willing to make the necessary improvements.
On the Hunt
No one said that house hunting is easy, and you are unlikely to find your perfect property on the first attempt. But, rather than let the stress consume you, these strategies will help you keep calm and ensure you do not make a rash decision. Instead of buying a property that isn’t right for you, it will be easier to identify the perfect home where you and your family can start making hundreds of happy memories.
It is also worth getting to know the market, as this gives you a better idea of how much you can expect to pay compared to similar homes in the area. Once you have established your budget and preferred location, as well as investigated whether Tru Factory Direct Housing properties might be the ideal solution, look at recently sold properties to gauge whether you are getting a good deal.
You can also ask friends who have recently bought a home what they paid. If the house is of a similar size and location, you will have more confidence that you are paying what the property is worth.
