We all know that there are several scenarios in the world which are up there with the most stressful – usually starting a new job, having a new baby, getting married, and buying a new house. If you’re about to embark on the latter, you could be forgiven for feeling like you’re going to pull your hair out, confused with technical jargon, too much choice, things going wrong at the last minute, and money matters giving you more than a migraine.
Whilst we can’t take the stress and uncertainty out of buying a new home completely, you can try and arm yourself with as much knowledge as possible beforehand, and pre-empt any possible pitfalls.
Here’s four tips to help you on your way.
Make sure you understand the full cost of buying a home
If it’s your first time, then you need to do a whole lot of research, and if it’s your fifth time, you still need to do the research because things change. Look into hidden costs, because there will always be something which you might not have thought about, and which needs to be incorporated into your budget. It’s not always about the deposit alone; do you need to do a survey? Do you need to do any work on it? If someone is acting on your behalf, such as an agent, or financial advisor, how much do you need to pay them? These are all things you need to think about.
Don’t let your heart rule your head where your budget is concerned
It’s easier said than done, but you need to be totally realistic, and not listen to your heart too much. Consulting a financial expert is the best advice here, so you can work out a budget which is realistic, do-able, and sustainable. Sometimes borrowers are given false advice, or encouraged to go for a mortgage that they can’t really afford comfortably in the long-term, and you need to be able to recognise a situation such as this.
Shop around for the best mortgage rates
It goes without saying that you should always do your homework and shop around a little. Plan ahead and do your research into the different types of mortgage available and which one is best for you. Work out which lenders offer the best rates to buyers, and make sure you get all your paperwork in order to save time. Doubling back on yourself will only add to the stress.
Totally easier said than done, but remember to stay calm! Buying a house is stressful, we can’t avoid this, but you can be careful about how stressed you get. Yes, you will probably be unable to think about anything else, but try and keep a sense of balance about things. What will be, really will be.
In the case of dreaming of a new home and buying it, all that’s left to say is two words – good luck!