Buying a home is the largest investment most people will make in their lifetime, yet many people overlook some of the basics that lead to negotiating the best deal. This can induce a realm of emotions, including fear, worry, anxiety and even remorse. The reasons are many: bidding wars ensue, processes take longer than expected, inspections don’t go as planned, securing funds can be trickier than promised, appraisals come in low and on and on.
According to a recent Homes.com report that surveyed 2,000 U.S. adults, 40% of Americans say buying a home was the most stressful event of their life. Fortunately, says Los Angeles-based real estate agent Aaron Kirman, there are several key ways to minimize these mishaps and, along with it, the stress. With the right approach and doing the proper homework, he says, the process can go smoothly.
As one of the most prominent real estate agents in the country — with clients such as Rihannah, Niki Manaj and Orlando Bloom and nearly $6 billion worth of home sales over the course of his 25-year career — Kirman has seen it all. But he says timing, research and patience are key.
Aaron Kirman, star of CNBC’s “Listing Impossible”
At the end of the day, getting the best deal is most important, says Kirman, explaining that getting impatient and too emotionally invested in a property can lead to overpaying.
He also advises prospective buyers do their due diligence and research every aspect of the property they are interested in, from proximity to a hospital to average price point of surrounding properties. No detail is too small, especially because there is no turning back after the closing.
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Finally, Kirman says there is one thing homebuyers often overlook: hidden fees. Escrow fees, title fees, inspection fees and closing fees are all costs that many buyers discount. Make sure to factor in all potential costs before finalizing your purchase.
Regardless of the anxiety-inducing nightmare of buying a home, Kirman says the sector is hot. “We have been seeing the homebuying season accelerate,” he said. “People are really buying all the time now, irrespective of season.”
Tune in tonight: “Listing Impossible” airs at 10 p.m. ET on CNBC.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.