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For many, buying a home is the largest transaction of their lifetime – a farewell to a nest egg they’ve been amassing for years. It’s also a vastly complex process, a labyrinthine network of various agreements, legal responsibilities and paperwork. In hot markets, the process is a grind – you have to compete with several other buyers to find a desirable place. And the whole thing unfolds on a tight, strict timeline that leaves little room for homebuyers to catch their breath.
In other words: buying a home can be stressful. You can count on having at least one argument with your partner (assuming you're buying a home with a partner). And you can count on having at least one moment where you want to throw in the towel.
But don't worry too much. This article describes a few tried-and-true ways to take the stress out of homebuying. By leveraging technology, pre-planning and effective communication, you can smoothly sail into your new home.
Find and Appraise the Right Agent on a Digital Marketplace
In the past, finding the right real estate agent was a stressful experience. You had precious little to go by except a few recommendations and some untrustworthy online reviews.
On Nobul, you simply input your criteria (sales history, location, reviews, etc.), and their algorithm recommends relevant agents. Next, agents compete for your business. It’s a sure-fire way to find a representative that will go to bat for you.
According to CEO Regan McGee , “People think buying and selling real estate is complicated. He explains in an interview with Toronto Life that, “that’s a way for agents to justify their fees.”
Create a Comprehensive, Realistic Budget
Money is one of the most common stressors. But you’ll find that a funny thing happens once you analyze, plan and allocate your money – you rob it of its stress-inducing potential.
Creating a comprehensive, realistic budget is a fantastic first step in your home buying journey. Factor in your monthly mortgage payments, third-party fees, taxes, etc. Look at what you have saved and what you can reasonably expect to earn in the future. And then try to arrive at a rough price range for a home. You can use one of several mortgage calculators online (typically offered by major banks) or make your own with a spreadsheet and calculator.
Get Pre-Qualified Online
The pre-qualification process doesn’t need to be overly complicated or protracted. It can be as simple as filling out a few fields in an online form and submitting a few financial documents.
Online pre-qualification is a straightforward first step in your home buying process that can help take some of the uncertainty out of the process.
Hold Routine Check-ins with Your Partner
Don’t let the interpersonal aspect of homebuying make you nervous. Yes, emotions can run high, especially as you both contend with entering a long-term contract worth hundreds of thousands of dollars.
As with most things in a relationship, the key is communication. Lots of it. Take time at the end of each day to "check in." Ask how the other is feeling and what concerns they have today. Conversely, ask them to list what excites them. Weighing out the negative and positive aspects of the experience together can help you both parse out the nuanced emotional complexities of homebuying.
Follow these straightforward steps to manage your stress. With the help of the right agent, a thorough pre-approval, a comprehensive budget and a robust communication system, your home buying experience should be effortless and fun.
