Time can a critical factor when looking for a home, and oftentimes it won’t be on your side. While it’s much more preferable if the process is relaxed, you may instead feel stressed and under pressure.
Many different factors will make you feel rushed when purchasing a home. You may be worried that prices will rise precipitously or that you won’t be able to lock in a favorable mortgage rate if you wait too long. If you’re selling a home, you’ll need to find a new residence before a buyer moves into your current property. Perhaps you’re looking to get a more spacious home before a new baby joins the household.
If you rush a home purchase, you’re more likely to be disappointed with the end result. According to the Housing Aspirations Report from the real estate site Zillow, nearly one in five homeowners who regretted their purchase felt they had rushed the decision or process without evaluating all of the options available to them.
Take time to get your finances in order before considering a home purchase. Trent Hamm, author of the financial site The Simple Dollar, says it helps to build up a substantial amount of savings to go toward a down payment. You can also take the time to bolster your credit if it needs improvement and shop for the best mortgage rates and homeowners insurance policies you can find.
It can be easy to fall in love with a home, but your affection for the property shouldn’t blind you to any faults. A trusted real estate agent can give you their honest assessment of the residence, and you may consider bringing a friend or two along as well to get their opinion. Amy Fontinelle, writing for the financial site Investopedia, says you’re likely to find a residence with many of the same qualities and features if you continue shopping, especially in neighborhoods where many homes were constructed by the same builder.
A rushed transaction is more likely to overlook problems with the home. Terri Williams, writing for Realtor.com, says these can cause unexpected problems down the road and lead to expensive repairs. A home inspection can let you know if there are any serious flaws with the home which will need to be addressed right away.
House hunters may start to feel desperate to purchase a home, which can cause them to exceed their budget or make an offer on a home they’re not happy with. Fontinelle says that if you’re not under any time crunch, it’s preferable to carefully consider your options and only make an offer if you can afford a home, like its features, and are willing to take on any necessary repairs or renovations.
Taking time to assess a home more thoroughly can also make you aware of any unanticipated issues as well. For example, you may notice that a neighborhood is unexpectedly loud or has excessive traffic at certain times of the day.