6 Ways to Take the Trauma out of Home Buying

No matter how many times you've bought a home, it always has the potential to be a traumatic experience.  If you're a first time homebuyer, it may be one of the most complex processes you've ever been through.  

Here are some suggestions to make it easier:

1. The choice of a home is both an emotional decision - and a financially significant one as well. You should choose a home because you love it and because it meets your needs for size, location, price, and amenities. You want something that is safe and comfortable, but it's okay to consider the investment potential as well.

2. If you're buying the house with a spouse or significant other, be prepared to make compromises. Discussing your desires with one another ahead of time will greatly reduce the stress. You should determine what features you cannot live without, and what features would simply be nice to have. Accept that no house is perfect. Major on the majors, and let the minor things go.

3. Don't ask for too many opinions. It's natural to want reassurance, but input from too many friends will make it much harder to make a decision. Ultimately, it's up to you. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.

4. You don't have to be a tough negotiator. Negotiation is definitely a part of the real estate process, but homes are only sold when both the seller and buyer feel that they are being treated fairly - a "win/win" situation. Your buyer's broker can help you determine the true value of the home, analyze the seller's motivation, and help you negotiate the best price.

5. Don't wait until you've fallen in love with a home to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers. Also, spending a lot of time looking at houses before you know how much you can borrow will only waste time and emotional energy - especially your own.

6. Consider using an exclusive buyer's broker to protect your interests. When you see a house for sale, the agent whose name appears on the yard sign has a duty of loyalty to the seller. They must report anything they learn that would be to the seller's advantage in the transaction. If you ask them to show you other houses, it is to their advantage to focus on listings from their own company.

An exclusive buyer's broker, on the other hand, doesn't have listings.  His or her job is to understand exactly what you need in a home, and then help you decide where you'd like to live, determine what you can afford to pay, provide education and advice, and help you secure pre-approval for a home loan. 

They will then make available to you every home in your price range - whether it's in the MLS, new construction, or for sale by owner - and tour those that you determine are the best fit.  After that, they will research and disclose the property's history, help you determine the value, and negotiate the best price possible.  They will also help you to find an inspector, explain the various agreements and forms, and be at your side through the final closing. 

An exclusive buyer's broker may be your best bet to help take the trauma out of your next home purchase.