Tips to help you avoid homebuying stress

You may be able to reduce the stress of the homebuying process by securing your financing before you even start house hunting. Using our financial tools, relying on experienced professionals, and doing a bit of neighborhood research at the start of your homebuying journey can help you avoid the most common mistakes homebuyers make when purchasing a home.

1. Don't buy more house than you can afford

Every decision about buying a house costs money, so money is a great place to start.

No matter how much you love a house, don’t buy a house you can’t afford. Every major decision you make during the process directly or indirectly impacts how much money you’ll need to spend to make an offer on a home, finance, and move into the home you buy.

  • Get a mortgage prequalification early in the home-shopping process so you don’t fall in love with a house outside your comfort zone.
  • Beyond the mortgage, remember that a house will have other expenses, such as monthly utilities and ongoing maintenance and repairs.
  • Our mortgage affordability calculator can help you determine your price range.

Start your home search with a personalized rate quote, which tells you the loan amount and monthly payment you may qualify for. It takes just a few minutes and won’t affect your credit score.

2. Boost your money habits

Knowing the financial habits that lead to your loan approval can help you maintain or even improve those habits.

Your preapproval is conditional, so everything in your financial profile needs to remain the same or improve. While actively shopping for a home, make sure your economic behavior doesn’t include spending or other financial decisions that could make your preapproval null and void.

3. Don't skip the home inspection

Some homebuyers waive the home inspection to save time and money, or to compete in a hot market.Home inspections can uncover problems far more costly than the inspection fee.

Home inspections often identify problems related to the age and construction of the home. Some issues might be major, such as a sinking foundation, while others could warrant minor home repairs, such as a broken dishwasher.

Even in a competitive homebuying market, don’t ignore problems. You may be able to negotiate with the seller to fix them or lower the price of the house.

4. Carefully research neighborhoods to find the right fit

While a home may seem perfect, it’s important to also consider the neighborhood. Start with these common questions:

  • Is the home near a busy street? Can you hear excess traffic noise?
  • How close are the schools, and how do they rank compared to other nearby schools?
  • Are there barking dogs, loud music, or other disturbances?
  • Do you feel safe in the neighborhood? Review crime statistics for the area.

These considerations and others may affect your sentiment about the home. Research the neighborhood by visiting at different times of day.

Current Wells Fargo customers have exclusive access to a one-stop real estate tool that lets you search specific neighborhoods, know when homes are listed, and get the insights you need to be more confident in your purchase.

5. Compete instead of chase

A preapproval gives you a competitive advantage and time to choose homeownership instead of chasing it.

Sellers need proof you can pay their price

A preapproval letter shows sellers you have the financing you need to pay their asking prices or deliver on any offer increase to beat out other buyers. For most lenders, your preapproval is valid for up to 90 days, as there aren’t drastic changes to the financial information provided when you submitted your preapproval application.

Time to choose instead of chase

The National Association REALTORS® found that in 2021, most buyers spent two months trying to find the right house. Securing your mortgage preapproval before you start shopping for a home gives you up to four months, which on average, is double the time you need to find the right house. This means you don’t have to rush your process even in markets where bidding wars are normal.

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A preapproval is based on our preliminary review of information provided and limited credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and property acceptability and eligibility, including appraisal and title report. Preapprovals are subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements. Preapprovals are not available on all products. See a home mortgage consultant for details.

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.

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