Finance Globe

U.S. financial and economic topics from several finance writers.
2 minutes reading time (415 words)

Answer these 5 Questions to Ease the Stress of Buying a Home

Answer these 5 Questions to Ease the Stress of Buying a Home

Buying a home should be an enjoyable experience. It doesn’t matter if you are buying your first home or you have gone through this process in the past, nothing should steal the excitement.

If you don’t know how to deal with the stress of buying a home, it could soon drag you down. It may even stop you dead on your tracks, causing you to second guess your decision.

Fortunately, you can ease the stress by answering these five questions:

1. What types of features are most important to you? This can help eliminate many options, giving you the opportunity to focus on the properties that suit you best.

For example, you may only be interested in homes with four bedrooms and a big backyard. With a feature list in hand, you can add a layer of efficiency to the search process.

2. What is your buying timeline? Maybe you are interested in buying a home as soon as possible. Or maybe you have begun your search, but aren’t looking to make a move for another few months.

Once you know your timeline, you won’t feel any pressure to do something that doesn’t suit your schedule.

3. What is your budget? Perhaps the most important question, it is essential to know how much money you are willing to spend on your home.

Even more important, you must stick with this number no matter what. Set a budget and let this number guide you from beginning to end.

4. Have you received preapproval for a mortgage? You may think you can spend a particular amount of money, but you won’t know for sure until a lender approves you.

Get a preapproval as soon as possible. This way you know exactly how much you can borrow. There is no guesswork. There are no concerns of finding the right home, just to realize that you cannot afford it.

5. What are you doing with your current property? If you rent, make sure you know when your lease is up. If you own a home, it’s time to think about the sales process. Is the property on the market? Do you have an agent?

Are you selling by owner? Like many, you may not be able to buy a new home until you sell your current property.

There is no way of avoiding every bit of stress associated with the home buying process. Even so, if you address these five questions, you can put yourself in a better position.

What’s the Best Way to Find a Car Loan?
5 Credit Card Mistakes Almost Every Newbie Makes
 

Comments 1

Frank on Tuesday, 08 March 2016 09:02

Great questions to ask yourself Chris. I am actually in the process of beginning to purchase my first home so these questions are very helpful in thinking about what my plan is going to be.

Great questions to ask yourself Chris. I am actually in the process of beginning to purchase my first home so these questions are very helpful in thinking about what my plan is going to be.
Guest
Thursday, 22 August 2019

Captcha Image