There’s no denying that house hunting can be stressful, especially if you’ve already sold your current home and must find a new property before you need to go to the expense of temporary accommodation.
The technologies that we use in real estate these days have made it easier than ever to find your dream home. Video walk-throughs and 3D online presentations give you a great sense of a property without having to get into a car to visit it.
But as an experienced real estate agent, I know that even this new wave of technology doesn’t change the anxiety that comes with the search and negotiation for your next home.
Below are five tips to help you stay calm under pressure and maybe actually enjoy your house-hunting experience.
- Don’t rush – Our lives tend to be run by deadlines, but you can be flexible when house-hunting. If you’ve sold a property, then you can negotiate an extended settlement period to give you time to find your next home. If you’re renting and about to buy for the first time, it might be an idea to have an overlap of a month or so where you own and rent at the same time. The additional cost is minor compared with the benefit of achieving the life goal of ownership and the stress it will reduce.
- Decide what you want – Make a list of everything you want in your next home. This would include ideal neighborhoods, the price you’re happy to pay and number of bedrooms, and features but also whether you want a swimming pool, a short commute, a home office and so on. This way, you’ll focus only on the right properties. Consider splitting the list into “minimum requirements” and “nice-to-have”.
- Lean on your agent – Your agent will help you find the perfect property based on your criteria and negotiate the price. Having a written criteria is hugely helpful to your agent. They will ensure the properties they show you will meet your needs and guide you through the purchase process.
- Resist emotional attachment – It’s easy to fall in love with a home, but you need to adopt a tough exterior to avoid disappointment. You can be outbid on a property, or a building inspection may show it to be a potential money pit. Until the seller has accepted your bid, and the inspections are done, keep a clear head and continue with your search.
- Fear of Missing Out – We’ve all heard of FOMO. In real estate it emerges in property sales when prospective buyers become anxious about being outbid or not acting quickly enough. If your budget has been set and you’ve been clear with your agent, you need to trust the process and let your agent negotiate a fair deal. If you can’t get the property at a price that works for your budget, you need to be philosophical – it just wasn’t the right home for you. Double down with your agent about finding the next opportunity.