Purchasing homes, though exciting, comes with an array of stressors that leave home buyers feeling frazzled and stressed out throughout the process.
To help manage that stress, we contacted Trey Danna, a highly experienced real estate broker at Compass who shares the most common mistakes homebuyers make and how to remedy them to ensure the process goes as smoothly as possible.
Misjudging the Importance of a Good Real Estate Agent
Many buyers are tempted to avoid hiring a real estate agent because of fees, but did you know the seller actually pays those fees? In addition, having an excellent agent is essential to ensure you have a clear understanding of what you are buying and for what price, given the current market. It can make a difference to have someone in your corner with extensive experience and knowledge to help you feel understood during this time.
Not Fully Understanding the Buying Process
The buying process can be confusing and complicated, not to mention intimidating or different since you last bought a home – new even if you are a first time home buyer. Before you begin, start with online research or contact a trusted real estate agent who can answer your questions about the buying process and ensure you are prepared.
Overlooking Financial Preparation
A lot of financial planning goes into buying a home, and many home sellers will not accept an offer without pre-approval on a mortgage. Ensure you have thoroughly planned for the necessary finances, including budgeting for unexpected or additional costs like inspections and home warranty plans.
Unrealistic Expectations of the Property
It’s common to have a list of wants and ‘must haves’ in your next home along with a desired image of what your dream home will look like. Unfortunately, with the way the market is today, fulfilling every aspect is highly unlikely. Set realistic expectations with a list of essential items and features so that your real estate agent can find a home that will meet your priority needs.
Getting Emotionally Overinvested
Making a potentially lifelong commitment purchase is stressful in itself, so it’s easy to become emotionally overinvested. Put strategies in place – like watching the inventory, talking to people who live in or own businesses in your desired neighbourhood. This will help you to maintain a balance between emotional and rational decision-making during your home-buying process to help manage this stress.
Neglecting A Detailed Conversation With Your Agent
A detailed discussion with your real estate agent about strategies to gain a comprehensive understanding of the property’s condition, despite the market’s pace is critical. This conversation should focus on exploring alternative ways to assess the home, understanding potential risks, and the best steps to take in your unique situation.
Inadequate Preparation for Closing Procedures
There are a lot of moving pieces that must fall into place before you close on your home. Ensure you know all the steps you and the seller must take, how to understand the paperwork, and how to manage last-minute stress.
Remember, buying a home, though stressful, is exciting! If you have done all of the reading and still feel unprepared, a real estate agent will be happy to walk you through the process and answer any questions to ensure you are prepared from the start.
Featured Photo by Maria Ziegler on Unsplash.