Buying a Waterloo Region home often comes along with comes with a lot of stress and anxiety. Not only does it take a lot of time and effort to find and buy the right home, but it's also likely that you'll be disappointed along the way at some point, especially in a hot market when you will frequently be competing against others for the same property.
You should not let any of that put you off the idea, though. Let's take a look at some logistical and emotional ways to control your stress throughout this quest, as well as the actions you can take to make the process go more smoothly from the start, to help you enjoy the fun and excitement that comes with the purchase of a new house.
Why is a Buying a Waterloo Region Home Stressful?
It's perfectly normal if the prospect of buying a home makes you feel overwhelmed. The stress of buying a home is real, and many home buyers feel strained or under pressure as a result.
These are some of the reasons why purchasing a home can be so stressful. You must do the following:
Get a Mortgage
Most people do need to take out a mortgage to buy a home. To get a mortgage, you must first qualify. It takes a lot of time and effort to shop for and apply for a mortgage, and then you have to wait to see if the lender will accept you. Not to mention the fact that mortgages come with expensive closing charges that must be factored into your budget.
Find the Home That's Right for You
Finding the right home to fit your personal and financial goals can take weeks or sometimes even months of weekends spent at open houses or heading to showings. Once you've found the perfect property, you may have to compete with other keen buyers for it.
Waiting for That Offer Acceptance
When you really want to buy a house, the days spent waiting for a response from the seller might be lengthy and mentally exhausting.
Home Appraisals and Other Stressors
The work isn't done even if a seller accepts your offer. Most buyers must schedule an appraisal and a home inspection, which takes time and effort and can reveal faults with the home that you weren't aware of or cause financing issues.
Stress is often caused by a sense of powerlessness, and all of the above include an element of helplessness while you wait for decisions to be made. When you add in the fact that you're about to make one of the most important financial decisions of your life, it's no surprise you're feeling overwhelmed.
Logistical Steps to Reduce Home Buying Stress
While there will always be a few bumps in the road during the Waterloo Region home-buying process, no matter how prepared or organized you are, there are some basic steps you can take to reduce stress.
Obtain pre-approval.
It's a good idea to get pre-approved for a mortgage before you start house hunting, so you know how much you'll be able to borrow after you apply for a loan. These days many real estate agents make that a stipulation before they will show you a home, and that's not bad thing, as it really will be hard o get an offer taken seriously - especially in a hot market - if you are not.
Being pre-approved for a mortgage also strengthens your bid in a bidding war because the sellers know you'll almost certainly be able to finance the sale of the house if they accept your offer.
Work with a Great Real Estate Agent
Home buyers don't legally have to work with a Realtor, but there are lots of good reasons why they should. When choosing your agent, take your time interviewing a variety of real estate agents, getting suggestions from friends and neighbours and reading online reviews.
The entire process will go a lot smoother if you have the right agent on your side, especially if you hire an experienced agent who knows the ins and outs of your desired community and the quirks of the current local real estate market.
View Homes with a Checklist
Use a checklist to help you. There are a lot of factors to consider when touring homes for sale. It's a good idea to have a house hunting checklist with you to make sure you don't forget anything vital. List all of the musts, wants and other factors you want to keep in mind and check things off as you go.
Emotional Steps to Reduce Home Buying Stress
If the only source of stress during the home-buying process was logistical, you could just write a to-do list and cross items off until you were stress-free. Unfortunately, buying a home is also emotionally draining — and rightfully so, given that it's a major undertaking that we're not always trained how to navigate.
When you're looking for a new home, keep the following things in mind to help keep your stress and anxiety in check.
Don't Fall Victim to FOMO
Fear of missing out (FOMO) on the perfect property makes it difficult to be satisfied with the many wonderful properties you'll come across during your hunt. While it may be tempting to wait for the next fantastic home to come on the market, you must often put FOMO to the side and appreciate what you have to choose from right now.
Stop Looking for the Perfect Home
Allowing yourself to let go of the dream of the perfect home is one approach to avoid FOMO and make your home search less stressful. There isn't such a thing as the perfect home.
It's a very tall order to find a home that's the perfect size, in the right location, and at the right price. On top of that, you'll need to choose a home that suits your aesthetic tastes. If you can find a house that has most of those features you want, the lack of a walk-in closet or a separate tub shouldn't be a dealbreaker.
Don't Be Afraid to Speak Up
This is not the time to be a shrinking violet. Don't be hesitant to speak up for yourself, whether it's with your real estate agent, partner, or any of the other experts you'll meet along the way, such as a mortgage broker.
Don't let your fear of confrontation prevent you from advocating for what you want and need. It's best to express your emotions now, rather than wait till you've closed on a house and are left dealing with a serious case of buyer's remorse.
Don't Be Afraid to Ask For - and Accept - Help
As good as it feels to do things on your own, buying a home is a major undertaking that no one needs to deal with alone.
There are people who can help you a lot through the home buying process. And not just with the logistical stuff. As Realtors at Team Pinto, for example, we are always available to our clients when they just want to talk about their house hunt, when something is confusing them, or they are struggling with an issue.
Finally, don't let the hunt for a Waterloo Region home take over your life! One of the reasons working with a local real estate agent is so helpful is that we'll do all the finding for you and present you only with homes that meet your basic criteria. We'll also handle much of the offer and negotiation process, while keeping you in the loop every step of the way.
Considering buying or selling a Waterloo Region home? Let Team Pinto use their huge local real estate experience and expertise to help you. Contact the award-winning Team Pinto here, or book a free Zoom consultation to discuss your unique Waterloo Region real estate needs here