The house buying process can be a marathon in itself; it’s a long and difficult task requiring a lot of prep, motivation and consistency. Whether it’s your first or second property, buying a home is very much like running an actual marathon. Here’s how the two are very similar:
Prep and Train
Weeks or months of preparation and training go into running a marathon to reduce the risk of injury and the likelihood of having to forfeit early. The same goes for buying a house. The work you do before helps improve the chances of securing the property you want and also helps to prevent any hiccups that may delay the process. This includes getting your credit report and score up to scratch and researching property prices and areas. Research helps you gain a better understanding of what you can realistically afford compared to your expectations. Training may include getting into the habit saving regularly towards a deposit, if you haven’t already done so. Your credit report and score are a vital part in a mortgage lender’s decision process, so give yourself time to improve it. Find out what you can do to get the best credit score possible.
Your research and prep should also leave time for searching and finding the right mortgage deal, so you’re getting the best rate possible.
Keep The Pace
As most marathon runners know, it’s important to keep a steady pace, as sprinting ahead when the race has just started will leave you burnt out before you’re even close to the finish line. Keep this in mind when starting to save up for a house deposit. Regular saving at an amount you can reasonably afford is better than saving large chunks of your monthly wage with just a little to live off for the rest of the month. Whilst saving for a house is probably the toughest part, living like you’re completely broke isn’t necessary. It’s important to enjoy the present as well or, much like sprinting ahead, you’ll feel burnt out by the time you’ve saved up what you need.
The key is to find a balance between saving and spending, which means analysing your budget and working out what you can afford. Then, set up weekly or monthly direct debits (so you don’t forget) into your designated savings account for your deposit.
Track Your Progress
Tracking progress whilst training helps keep a runner motivated and have a clear sense of their progression and performance levels. Buying a house is essentially the same. Checking how much you’ve saved for a deposit can boost morale, make the hard work you’ve done in saving every month seem worthwhile and help to keep your eye on the goal. You’ll thank yourself for not splurging on designer shoes that you really don’t need. This also goes for tracking your credit score, which is key in the home buying process.
The Final Sprint
After the steady pace of the whole home buying process, next comes the final sprint to secure the house before other buyers. This last stage will involve a lot of pushing past the competition and your own pain barriers, testing your buying legs and putting your offer in with the seller before the other would-be home owners get in on it. Putting down the best offer will likely get you across the finish line and win you the race to getting your dream home.
When buying a house you have to be in it for the long haul, just like when you commit to running a marathon. There may be a hurdles along the way but it’s key to keep your eye on the finish line and all the months of preparation can pay off. In this case, your beautiful new home.