Tips for Buying Your First Home With Little or No Stress

Hello again, and a very happy Tuesday to you, Houston first time home buyer. Today I am going to share just a few tips on how to make your first time home buying process a stress free experience. While making the decision to purchase your first home is an excellent choice, the home buying process can feel a bit stressful for some first time home buyers.

But, it does not have to be overwhelming or stressful. With the right information, proper planning, and expert guidance from your trusted Realtor, that stress can be significantly reduced or eliminated, making way for a very calm, smooth, stress free process. Let's walk through a few tips, that should help to make buying your first home almost totally stress free. 

Goal & Timeline - As a first time home buyer's specialist, working with Houston first time home buyers since 2011, I have found that one of the most effective ways to reduce stress, and, or, eliminate stress from my client's first time home buying process is through careful planning. I help them define their real estate goals. In addition, I discuss clear timeline by setting realistic expectations for how long the process will take, all things to considered, including moving.

Lease Expiration - If you are living in an apartment and your lease is about to expire in 30 days, starting your first time home buying process with a 30 day timeline would not be a good decision. You do not want to move out of your current home, with no place to go. Many things could happen during your first time home buying process that could result in extending the closing date or mortgage loan denial.

Financial stress is one of the biggest stress factors for Houston first time home buyers. This however, can be minimize by being fully prepared with a clear budget. To accomplish this, you start be getting per-approved for a mortgage and stick with the amount you are approved for. Once approved, you will receive your first set of disclosure outlining your estimated closing cost that will include your down payment. Although the final disclosure will most likely have adjusted figures, making sure you have the necessary funds to cover these costs will go a long way in keeping stress away. 

Other Monies You Will Need - Other monies you will need to have include your inspection cost, earnest money, option fee (if buying an existing home) and appraisal fee. Some lenders will roll the appraisal fee into the closing cost, while others will ask for a credit or debit card up front to cover the cost.

Required Documents - Have required documents ready to go. One first time home buyer I worked with, put everything the loan officer or processor may ask for on a flash drive. These are just some of the documents the loan officer may ask for:

• Recent pay stubs.

• Tax returns and W-2s or 1099s for the previous two years.

• Employment verification letter.

• Bank statements.

• Driver license.

• Letter of explanation (LOE).

• Divorce decree (if applicable).

• 401K, Stock, Bonds, CD, IRAs Mutual fund accounts.

• Disability benefits, pension payment, social security payment, child support payment, alimony payment and any bonuses payment.  

• Rental history.

• Year-to-date profit and loss statement, if you’re self-employed.

• DD214. While you may not be required to provide all of the above, having needed ones ready to go, will eliminate stress and frustration.

Working with the Right Realtor will be one of the most important decision you will make as a first time home buyer. As a first time home buyer, you should work with a Realtor that have experience working with first time home buyers. If you will be buying a Condo, you should work with a Realtor that have experience with those types of homes. You also want to make sure you work with a Realtor that will look out for your best interest and not theirs. In addition, he or she should negotiation a fair price for the home you are interested in, guide you through the entire home buying process, respond to your calls in a timely manner, answer your questions, and address all your concerns. Your Realtor should be someone you feel very comfortable communicating with.   

Navigating the Buying Process. The home buying process involve many professional and a lot of moving parts. I typically break the steps down into smaller steps to make them more manageable for my clients, and let them know the next step, that way they are not wondering what's going to happen next, which in itself can be stressful.

As mention above, expectations are set early in the process to reduce or eliminate stress for the buyer. I also advice first time home buyers not to rush the process of choosing a home. Make sure the home, location and amenities, you choose, will serve your family's need. Rushing to make a quick decision, causes stress which leads to poor decision. 

Staying Calm During Your First Time Home Buying Process - Staying calm and focus will not only help you to make guided, informed decisions, it will reduce or eliminate any stress.

• Taking breaks during the process is better than forcing yourself to push through, despite feeling some frustration.

• Understanding your home buying goal and the timeline, clear the way for a smooth and calm experience.

• Have all the needed money accounted for.

• Make sure necessary documents are easily accessible.

• And very important, work with a Realtor that not only look out for your best interest, but one that you are very comfortable communicating with. By utilizing some or all of these tips, your first time home buying process should be smooth, calm and stress free. 

As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana