Do you have your heart set on a wrap around front porch, while your partner won’t even attend an open house without the promise of a finished basement? This maybe leaving your home search dead in the water. What are prospective home buyers to do?
Work together with your partner or spouse to make a list of ‘needs’ and ‘wants’ in your home search. You may want to put it down on paper and commit to it. Expect that list to evolve as you view different homes. When there is a disagreement between partners/spouses, refer to the list of objectives that everyone agreed to in advance.
Stage 2: At long last, you find your dream house
Finally! You can’t believe your luck. This home checks off nearly all the boxes on your list. You’ve measured, and your furniture will fit perfectly. You know exactly where you’ll hang the flat-screen. Bust out your welcome mat, you’re ready to move in!
Stage 3: You can’t stop talking about your dream house
You can't stop scrolling through the photos you took of this magnificent house. In fact, you’ve shared them with everyone from your great-aunt and to your dog groomer. You’ve already invited 75 of your nearest friends and family to the housewarming party you can’t wait to host. You realize you haven’t had the home inspection yet or gotten approved for a mortgage yet, but you’re just so excited!
Stage 4: You’re having panic attacks about the home inspection
Termite damage to the sill plate and columns on crumbling footings are some of the things that are crippling you with insomnia as you await the home inspection.
“Going through home inspections is a bit like a couple taking their first vacation together. Youlearnthings. The clients discover all of the realities , and realize they are buying the house ‘for better or worse'.
As heartbreaking as bad news can be, it’s always better to know before you sign on the dotted line. Speaking of those all-important documents…
Stage 5: You’re drowning in paperwork
Tensions are mounting as you’re forced to peruse a stack of paperwork thicker than “War and Peace.” You’re also crossing your fingers that the financing comes through and those library books you lost in the late 1990s don’t come back to haunt you. How many relationships have ended as a result of a low FICO score, you ask yourself. Hopefully, though, all goes well and you keep slogging forward to the next lovely stage.
Stage 6: OH WOW, this is costing you a fortune
With home inspection and survey costs, title, appraisal, and lender’s origination fees, you may feel like you’re hemorrhaging cash. Closing costs typically amount to 3% to 6% of the purchase price. The best thing you can do is be prepared.
Stage 7: You have cold feet about the closing
You’re about to take title and own this thing. Is this what you really want? What if you lose your job and can’t make the payments?
It turns out getting cold feet before closing is normal. You can stay calm by, going over your “wants and needs” list again. Facing the facts will help you remember why you fell in love with this house in the first place.
Stage 8: Did I just make the biggest mistake of my life?
What were you thinking? You shouldn’t own a home. This is madness!
This is kind of a carry-over of the cold feet—it’s just as natural to have a reflexive case of buyer’s remorse when you’re putting out so much money.
But, if you’ve done your due diligence, stuck to your list of non-negotiables, and resisted getting caught up in the heat of the moment, chances are you will settle into your home just fine.
Author:Dawn Borkowski Phone: 864-313-4608 Dated: February 8th 2016 Views: 462 About Dawn: ...
With approximately 50 years combined experience, Guest Group brings a wealth of varied experience in both Residential and Commercial Real Estate.
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"Kim Guest was our agent with The Lawton Team and was THE BEST!! She took the time to really explain things to where we understood them since we were first time homebuyers we had a ton of questions. We never had to wait more than a couple hours to get a response to our questions."