No matter your age, buying your first home is a significant life event. And buying a home at any time, whether you are a seasoned buyer or first-timer, can evoke the same feelings and emotions. It can bring up all kinds of financial and emotional stresses. Being prepared for what’s to come will help put your mind at ease. Following are some tips to minimize stress levels. They will help to avoid hiccups and surprises throughout the process.

Set Limits

Allot a maximum amount of time for house shopping per day. Whether it’s scrolling on socials, websites, etc., set boundaries. Browsing homes for hours on end, listening to everything you hear on social media and the like can get overwhelming.

Build Your Team

You’ll need a real estate agent you’re comfortable working with, a lawyer to review documents, a thorough home inspector, and a mortgage broker to get your financing in order. It’s okay to meet a few of each profession and make sure you get the right team lined up. Asking for a referral from a realtor or friend is a great way to find that perfect someone for you.

Get Pre-Qualified & Pre-Approved

Using a mortgage calculator will help you determine what mortgage payments and subsequent home shopping budget you’d qualify for. A pre-approval looks more carefully at your credit score and income, giving you an estimate of what a bank would lend you. A mortgage broker is the person to help with it.

Create a Budget – And Stick to It

You have to consider more than just your down payment and mortgage payments. The other costs of buying a home—an inspection, moving, closing fees, legal fees—are equally as important. Know how much cash upfront you’ll need and don’t overspend leading up to a home purchase.

Spend Time in Prospective Neighbourhoods

It’ll minimize surprises about the neighbours and habits of the residents. By doing this you’ll get familiar with routines in the area like school buses, playground zones, garbage days and more.

Be Flexible with Your Expectations

Thinking you’ll find a home that’s 100% perfect, at the price you want, with no one else bidding on it… well that’s not very realistic. Set out the absolute must-haves, consider what you can compromise on, and don’t get too wrapped up in just one house. Take your time and wait for one that fits your budget and your expectations.

Monotask

If you’re trying to do a lot of things at once, you’ll become scattered and ineffective, i.e., choosing between houses, calculating expenses, hiring a mover, renting a carpet cleaner, and decluttering your home. Instead of multitasking and trying to get everything done at once, pick just one task at a time and work on that exclusively.

Try a Daily Affirmation

Choose something like: “I am making good financial decisions every day to support buying a home,” “I remain optimistic about finding my future home,” or “I trust that my realtor is working in my best interest.” Repeat it when you feel stress over the purchase, process, or whatever else might be bothering you.

Enlist a Support System

If you’re feeling overwhelmed, lean on someone for support. That might be your broker if you’re confused about a process or requirement. It might be a friend who recently bought a house to confirm their experience. It might be your family or friends to vent, or a gym buddy to get a stress-relieving workout in. Don’t ignore the stress; it can build throughout the process.

I hope these tips help you with your next home purchase. Please share them if you know someone who’s going through it too!