It’s an exciting yet stressful prospect, which hasn’t been made any easier with average UK house prices continuing to skyrocket month after month. With this in mind, Pete Mugleston, MD and Mortgage Expert for OnlineMortgageAdvisor, has outlined six stress management tips to help avoid burnout during the property-buying process for prospective buyers:
Avoid making big financial changes right before buying a home
When buying a home, you’ll want to keep your finances as smooth and steady as possible in the months leading up to making an offer on a house (or even looking to get a mortgage in principle). You don’t want to be applying for new credit, closing accounts, changing jobs or making big purchases if you can avoid it.
These types of changes can alter your debt-to-income ratio and complicate getting your mortgage approved. Getting your finances in order before starting the property buying process is essential, however, so speak with a mortgage advisor as they’ll be able to provide advice on how to improve your chances and will also ensure that you’re ready to take the next step.
Be prepared for any additional costs
The mortgage deposit isn’t the only upfront cost you need to be prepared for – you also need to factor in the additional costs of inspections, solicitor fees, estate agent fees, stamp duty and any kind of changes you may want to make before you move in. It’s even worth having an extra buffer of savings set aside to cover unforeseen charges too, such as further surveyance or maintenance costs. Without a doubt, money-related worries are the main stressor for most when it comes to buying a house, so it’s important to have sufficient funds in place before you start looking.
Don’t lose sight of the big picture
It’s incredibly easy to get hung up on superficial details like staging and paint colours. Stay focused on the big picture by creating a list of must-haves and deal-breakers at the start of your search. It will help you evaluate houses without getting too distracted and having a definitive list will help you narrow down the properties you view and consider for purchase. However, if you’re struggling to find a house that ticks all the boxes, it might be time to think about what you’re willing to compromise on or, at the very least, holding off for the house that’s right for you.
Conduct surveys before committing
Once you’re sure you can borrow what you need for the mortgage, you need to make sure the property is in good condition and be aware of any potential issues. You are actually able to delay this until after your mortgage offer has been made, but make sure you do it before the exchange. If any issues do arise, get quotes for any repairs from a reputable builder and take into consideration whether or not you think the house is worth the cost of fixing the issues on top of the mortgage itself.
Although it might be tempting to waive these surveys to try and speed up the process, we’d advise that you don’t as you could potentially end up with lots of hidden costs later down the line otherwise.
Take time off house-hunting
The property buying process can become all-consuming, especially for first-time buyers looking to find their dream home, therefore it’s important to have a break away from house-buying activities every so often. It’s easy to get caught up and solely focus on the process, but that will also contribute to any long-term stress you might be already experiencing with house-hunting. Perhaps try setting aside a long weekend or just take off a day or two to relax and unwind. This means you’ll feel rejuvenated and ready to continue the house-hunting process when you’re back.
Don’t be afraid to ask questions
When buying a home, you’re also joining a neighbourhood and a local community, so you need to make sure you feel at home thereby doing some research. Be sure to ask the estate agent everything you want to know about the area and do plenty of online research about area stats before making any kind of offer.
If there’s anything in the paperwork that confuses or alarms you, speak to your solicitor, estate agent or mortgage broker – they’re the best informed to advise you. Also, ask them to decipher any complex terms and explain how this will impact your house purchase, to avoid misunderstandings.
You don’t want to agree to anything you don’t understand and that you potentially won’t be happy with down the line when it’s then too late to ask questions.
