The property market over the last couple of years has been described by many as a frenzy – with house prices soaring, buyers aplenty and a lack of homes on the market, finding a property, and subsequently securing one, is a complete challenge. Having spoken to many buyers recently, we can understand why many are getting discouraged when offers are being rejected, and home after home is slipping through your fingers. We can promise you, you are not alone, which is why we felt it was important to share some tips on how to fight against home-buyer burnout.
Is your finance in place?
Buying a house is an exciting time, and the urge to just get out there and start viewing can be immense, but unless you have everything in place that initial buzz can turn to disappointment. If you’re serious about buying a home, you need to show it, and that means having a mortgage in principle in place. Why?
Firstly, it proves you can borrow what is needed to purchase the property you have your eyes on and also gives you a budget to work to. Secondly, once you find the property you wish to buy, sellers are more likely to consider your offer, thus placing you in a good position.
Every home owner has a house-hunting tale. Your family and friends may have advice, and it will all be with the best of intentions. But house markets change, and what they may not know and understand are the intricacies of this current market. Try not to waste time on social media reading other people’s experiences, because every situation is different, and you will be creating your own story.
Although you have a budget, and you know the maximum you can spend on a property, it doesn’t mean you have to spend every penny. It can be tempting to keep upping your offer on a home, especially if it is one you really want to own, but you may end up regretting it in the long run. You may love your home, but if you can’t afford to enjoy it and enjoy life, it will start to feel like a chain around your legs.
Think about the economy at the moment and the continuing rise in costs: what can you ideally manage, even if utilities and other monthly costs start to rise? You are buying a house to love, you don’t want to end up loathing it because you overspent.
Open your eyes a little more
You may be able to picture your new home right down to the last detail, but if you open your eyes a little further, you may find the property that is uniquely yours. Sticking too much to a wish list can see you missing out on homes that could actually be much better for you in the long run. It is great to have a plan, but keep an open mind too, even if it takes you completely out of your comfort zone.
Have the courage to walk away
It really takes some strength to walk away from a property in this market, especially with all the challenges buyers face. Racing into buying a home can lead to regrets later, so if you have a niggle or two, listen to them before you place an offer. Focus on the things you can’t change easily, as well as the affordability. A home isn’t just the bricks and mortar but external factors too, such as location and community. Does the house require work, have these costs been included as well?
There will be plenty of times where you may feel frustrated, but even if you keep losing offers you need to remain patient. The more you search the market, the more you will learn to understand what home will be perfect for you. If you would like advice on the right strategies to help you find your next home with your local estate agent, please contact our team today.
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