Selling or buying a home can lead to a substantial level of stress. Between preparing for the process and negotiating offers with other parties, real estate can leave you wondering why you even embarked on this journey in the first place. If this is your first time selling or buying a home, the stress might be even more overwhelming because in addition to typical tensions that are common of the process, you are also trying to learn along the way.
Stress occurs when your brain responds to changes, demands or major life events. The National Institute of Mental Health noted that in some instances stress can be a valuable reaction. Stress can trigger your body to respond quickly to a negative situation. However, pressure and anxiety can also have a negative effect on your health. Your body may not work as efficiently as it should and this can lead to increased vulnerability to illness and other issues. When your bodily systems are not properly working, this can lead to less than optimal circumstances.
Continual stress can lead to more serious health issues like high blood pressure, depression or anxiety disorders. Taking the initiative to cope with stress can help you combat the negative impact that this reaction may have on your overall health.
Buying or selling a home for the first time can be especially stressful because it is a new experience. By knowing what to expect and properly preparing to move forward with the process, you can help alleviate some of the stress.
Knowing what to expect from buying or selling a home
Having a solid understanding of the buying and selling process can help you develop a clearer picture of what you are getting yourself into. This can ultimately help alleviate pressure and tension because you will be able to anticipate the next step and what results might ensue.
The first step of deciding to purchase a home requires you to apply for a home mortgage. Your interest rate will depend on your credit score, current income and the amount you will be able to provide for a down payment. Luckily, low down payment options, as small as 3 percent through government-backed lenders like Freddie Mac, and average interest rates keep this particular step relatively stress free. In addition, if you are applying for a loan through the Federal Housing Administration, you will find extra expenses associated with insurance premiums on mortgages were recently cut.
Meet with a mortgage lender to help determine what you can afford and then you can hire a real estate agent and start browsing a few neighborhoods and listed homes.
As a seller, you will likely want to have a home inspection done to determine whether you will need to make any repairs or upgrades prior to listing. Also consider investing a little money in your home to get more interest and a larger return on your property. You will then want to enlist the help of a real estate agent. Hiring a professional can help alleviate stress whether you are buying or selling. He or she is trained and has a wealth of experience in the industry. By utilizing his or her expertise, you can streamline and quicken the process.
When the seller and buyer interact there may be some conflict. Negotiating a selling price and whether or not the seller or buyer is responsible for the repair of issues unveiled during a home inspection can be an exhausting journey. Luckily, a real estate agent can help you navigate through these tougher discussions and ensure that you get a fair deal.
Preparing ahead to alleviate pressure when selling
Before selling, you may want to ensure that you are ready to embark on the journey. Realtor.com noted that you should look at your home from the perspective of a buyer. Ask whether you would be willing to see past the peeling paint job or outdated appliances. You might need to replace a few items and take on a weekend project or two to make sure your house is in prime condition.
Do not be afraid to try out a few new furniture arrangements and even store or toss out items that may clutter space to give the home a cleaner feel. Consider asking an artistic friend to help out if you do not have an eye for interior design.
Prepping to buy
When looking to purchase a new home, realtor.com recommended collecting all documents that you need to apply for a home loan before speaking to a mortgage company. Have a folder that you can easily access with all materials ready to go.
After being approved for a specific amount, make a list of features you would like to see in your home and rank them from most important to least. This can help your real estate agent find suitable properties when you begin touring homes.