5 tips to help you keep your cool while house shopping

Shopping for a home is not like a trip to the grocery store. For example, you may have a list of things you need at the grocery store. You can’t deviate from that list without facing a dinner-time problem later. When buying a house, you may have a similar list of things you think you need. But unlike a trip to the store, you’ll probably compromise on your wish list at the end of the day. That’s because looking at homes to buy is more about seeing the long-term potential of a house for you and your needs. For some people, that’s overwhelming. Buying a house is a significant commitment for most people. For some, it’s the biggest financial commitment of their lives. So, what can you do to make the shopping process less stressful and overwhelming? We have some tips that can help.

• Finalize your budget before you start shopping. Owning a home involves many extra expenses, such as utilities, maintenance, closing costs, property taxes, etc. Make sure you have a detailed idea of exactly how much you can afford and what your budget can handle each month. When you know exactly how much wiggle room you have, you won’t be tempted to look at properties above what you can afford.
• Hire a good real estate agent. A great real estate agent can answer your questions, negotiate for your needs, and be honest with you. Ask for references, check reviews, and be willing to have hard conversations before you choose to work with a particular real estate agent.
• Make a list of your needs/wants. Most real estate experts agree that you should put an offer in if you can find a house that fits 85% of your needs. Unless you’re building your dream custom home, you will have to compromise on some of your house wishes. So focus on what matters most, like solid construction, size and layout, and location when shopping for a home. You can always update the rest in time.
• Keep it cool while shopping. Most real estate professionals suggest that the average house buyer looks at between 6-12 homes while shopping. This way, they get a good idea of their needs without being overwhelmed by too many choices. But while you’re viewing a home, make sure to keep your cool. Owners may be able to view your tour on house cameras or get a report on your impressions from their real estate agent. So put your poker face on and keep your commentary to a minimum while touring, even if you love the home. This way, you still keep your negotiating power!
• Get pre-qualified for financing first. The most stressful part of shopping for a house is the mental calculation you’ll begin to do when you think about buying the house. If you find a house you love but aren’t sure you can afford, it can be devastating to have to pass on it. So we recommend getting pre-qualified for financing first so you know exactly how much you have to spend. This way, you don’t waste time falling in love with properties you can’t afford. Plus, the pre-qualification process will make closing easier and faster, too!

Shopping for a house can be stressful, but it doesn’t have to be. The more prepared you are to buy, the easier the process will be. So, if you’re ready to buy your first home, visit your local PRMI loan advisor today and start the pre-qualification process. It’s the first step you should take for a low-stress home shopping journey!