Buying a house? This is how to keep your cool
When I bought my Gucci-tas in Milan, I had sweat droplets in my butt crack. And now I have bought a house. Made the biggest expenses of my life. Borrowed about two hundred bags from the bank all at once. Long story short: buying your first house is super stressful. Also really cool, trendy, and awesome grown-up, but also stressful. If you're also considering moving from renting to buying: five tips to keep your cool and enjoy the rollercoaster.
Don't underestimate it
Whether it sounds exaggerated or not: buying a house is the biggest expense of your life and thus a big deal. Shit is getting real, people. It’s also an emotional process. Mental preparation is not a crazy idea at all. Prepare yourself for doing something exciting and big, that way you won't be surprised by it.
Don't get worked up by smooth talk
Unfortunately, it's true: for you, there are ten others. But to bid tens of thousands of euros above the asking price like a bunch of vultures in the heat of the moment because the realtor says it’s ‘urgent’ is not smart either. Some realtors try to increase the stress for buyers and they have various tactics for this. Take the mass viewing: three times crap. This makes it seem super popular and increases the competitive feeling among house hunters. Stay cool.
Buying a house together? Discuss, discuss, discuss
Make sure you and your partner are exactly aware of each other's thoughts. Say everything you think and listen to your gut feeling. Do nothing just to please the other. Buying a house together = being honest with each other. But also making concessions.
A little more about that financing reservation…
Step 1 is the house. If you're ready, then step 2: hustling for a mortgage. Did you know that you get a penalty if you sign the purchase agreement and last-minute can't get the mortgage approved? And it's hefty. Ten percent of the purchase price. You don't want that. More and more buyers are giving up their financing reservation due to the pressure from the realtor. Don't give in and double-check everything.
Stick to your agreed maximum amount
If the bids really go over your head, pull back and wait for the next opportunity. It will definitely come. Trust that. Good luck, seekers!
