5 ways buying a home is a lot like having a baby!
No one ever said having a baby was easy. But after giving birth to two of my own children, I can tell you there are many things people conveniently forget to mention who have been through the birthing or parenting process before.
You see, while buying a home doesn't have to be stressful (and I strive hard to take the stress out of the process for you), there are a lot of things that people who have gone before you never told you. I assure you it wasn't intentional. It's just that... well... you just never know what lies ahead!
So here are my top 5 little "unknowns" that I wish to share with anyone considering purchasing a home.
1. No matter how much planning you do, the unexpected can happen.
I have had the pleasure of working with many different personalities among clients and I can assure you, there are many people out there who have their acts together and have all their details in place. However, the unexpected can happen and often does. It's best to set reasonable expectations and be flexible. Some examples of the "unexpected" are: closings get delayed because of last minute financing documentation requests, final walkthroughs reveal missing appliances from the home, sellers forget to mention that they are in the process of applying for a short sale to their agent, attorney or buyers. You see, things can happen. I don't mean to scare you or sound negative. I am simply showing you the need to be prepared for things that you just can't prepare for. The good news is that once buyers settle into their new homes, they forget the "unexpected" hurdles they had to jump to get there.
2. It will require upfront money.
When you have a baby there are hospital costs, doctors fees, baby supplies, diapers and the list goes on and on. When you purchase a home, although there are some 100% financing programs available to buyers, a lot of financing programs require some downpayment in order to purchase the home. In addition to that, there are closing costs along with earnest money deposits (on average 1% of purchase price) and certain inspection and appraisal fees paid before closing out of pocket. No child is free and neither is the cost of buying a home. The great part is that your agent can help you negotiate the seller to pay some of the required costs for you at closing making the burden lighter.
3. Everyone wants to take control of the selection process but ultimately it is your home!
Ever try to chose a baby name and make the mistake of announcing some of your possibilities and receive some unsolicited advice? Well purchasing a home can bring out all the distant relatives and friends you didn't know you had. Well not quite. But everyone is so excited for you and they want to give you their opinions of why you shouldn't buy this house or why that house can't quite be worth what you are wanting to offer for it. BE BOLD. BE BRAVE. It is YOUR home! Use your gut instinct. Perhaps this home meets all of your carefully selected criteria and you know you will be happy there. This is all that matters. Perhaps the neighborhood you are looking in has homes disappearing off the market left and right before you can make an offer on them. Don't lose out on a home you love because you are afraid of overpaying for it. The bank's appraisal will assure you don't pay too much for the home.
4. It's not about winning. It's all about winning!
Pregnant mothers often get teased by society for pregnancy related hormones that often make them seem, well "crazy." They often take the small things and make them into bigger things than they need to be. Husbands, colleagues and friends may look them funny, ignore or dismiss them. Also, some people will simply take the heat because they know the moms actually care for them. After all, they are just under a lot of hormone-induced stress. Yep, you guessed it, buying a home is a lot like this gestational period. You may want to just win in an attempt to come out on top. It will get stressful. Really, anything in life worth having is stressful. People will piss you off. They will seem like they are trying to take advantage of you. But buying a home is not a game. It's not about who has the most score at the end of the day. Yes, it's about getting the best deal. But that doesn't mean there won't be some compromise along the way. At the end of the day, when you are settled into your new home you will look around and be happy. And that is winning!
5. Picking a lender, attorney and home inspector is a lot like picking a name. Well kinda.
The name selection process can be involved (see mention of it above). When you pick a name for your child, that child is likely stuck with the name for life. But more importantly, you want to select a name for your child that will perhaps mold his/her personality. In a way, you are expecting your child to "live up" to the perfect name you choose. The time will come in the home hunting process where you'll have to select important people to use along the way. The lender you choose will affect your interest rate, closing costs due at closing and your general ability to close on the home on time. Choose wisely. Take recommendations from your agents or friends. Then seek a home inspector who an agent or friend recommends is thorough. The longer the average inspection time takes the better. Ask how long the report will take to come in as you will want the report within a few days of inspection completion. A great inspector will cycle all appliances, look at the roof and climb in your crawlspace and attic. On a final note, choosing a closing attorney that will be your best advocate,should any bumps in the road happen, will be well worth the money spent. Again, ask your agent who they like to work with. Choosing an attorney who doesn't liked to be reached on the phone or who doesn't like to be "bothered" in general will not bode well for you in the long term.
3. Everyone wants to take control of the selection process but ultimately it is your home!
Ever try to chose a baby name and make the mistake of announcing some of your possibilities and receive some unsolicited advice? Well purchasing a home can bring out all the distant relatives and friends you didn't know you had. Well not quite. But everyone is so excited for you and they want to give you their opinions of why you shouldn't buy this house or why that house can't quite be worth what you are wanting to offer for it. BE BOLD. BE BRAVE. It is YOUR home! Use your gut instinct. Perhaps this home meets all of your carefully selected criteria and you know you will be happy there. This is all that matters. Perhaps the neighborhood you are looking in has homes disappearing off the market left and right before you can make an offer on them. Don't lose out on a home you love because you are afraid of overpaying for it. The bank's appraisal will assure you don't pay too much for the home.
4. It's not about winning. It's all about winning!
Pregnant mothers often get teased by society for pregnancy related hormones that often make them seem, well "crazy." They often take the small things and make them into bigger things than they need to be. Husbands, colleagues and friends may look them funny, ignore or dismiss them. Also, some people will simply take the heat because they know the moms actually care for them. After all, they are just under a lot of hormone-induced stress. Yep, you guessed it, buying a home is a lot like this gestational period. You may want to just win in an attempt to come out on top. It will get stressful. Really, anything in life worth having is stressful. People will piss you off. They will seem like they are trying to take advantage of you. But buying a home is not a game. It's not about who has the most score at the end of the day. Yes, it's about getting the best deal. But that doesn't mean there won't be some compromise along the way. At the end of the day, when you are settled into your new home you will look around and be happy. And that is winning!
5. Picking a lender, attorney and home inspector is a lot like picking a name. Well kinda.
The name selection process can be involved (see mention of it above). When you pick a name for your child, that child is likely stuck with the name for life. But more importantly, you want to select a name for your child that will perhaps mold his/her personality. In a way, you are expecting your child to "live up" to the perfect name you choose. The time will come in the home hunting process where you'll have to select important people to use along the way. The lender you choose will affect your interest rate, closing costs due at closing and your general ability to close on the home on time. Choose wisely. Take recommendations from your agents or friends. Then seek a home inspector who an agent or friend recommends is thorough. The longer the average inspection time takes the better. Ask how long the report will take to come in as you will want the report within a few days of inspection completion. A great inspector will cycle all appliances, look at the roof and climb in your crawlspace and attic. On a final note, choosing a closing attorney that will be your best advocate,should any bumps in the road happen, will be well worth the money spent. Again, ask your agent who they like to work with. Choosing an attorney who doesn't liked to be reached on the phone or who doesn't like to be "bothered" in general will not bode well for you in the long term.
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