There’s no two ways about it – buying an equestrian property can be stressful if your working with an agent that is not knowledgeable about horse properties.Whether you’re doing it for the first time, or have several purchases under your belt, it’s a complex process that brings up lots of emotions – both good and bad.
Let’s face it – there’s a myriad of things that could go wrong during the sales process. Your loan could be rejected. The inspection could reveal that costly repairs need to be made. The appraisal could be lower than the selling price, which could affect your mortgage. The seller could be unpleasant or argumentative. There are plenty of things to worry about.
Now let’s think about the end result!
Working with a knowledgeable equestrian real estate agent
It’s frustrating for both you and your agent if you’re looking at equestrian property that doesn’t suit your needs. Before you even begin scheduling appointments to make sure to define what you’re looking for. What type of horse property? Do you need a barn? What size? How many acres? The clearer you can be, the more likely you’ll find the property you like sooner.
Be realistic about what you can afford
Getting swept up into the dream of owning the perfect equestrian property can be intoxicating, but having a mortgage that is not within your financial means is a nightmare. A good rule of thumb is to look for properties that are two or three times what your annual income is. Anything more than that, and you’re inviting excess stress into your life, worrying about how you’ll pay the bills each month.
Be ready with a mortgage pre-approval
By getting your financial life in order and getting pre-approved for a mortgage ahead of the buying process, you are signaling to sellers that you’re serious about making a purchase. You’re also alleviating a potential pitfall should you not qualify during the deal. In addition, getting pre-approved will help should others also make an offer on the same property. If not, you’ll be one of the first crossed off the list.
Be willing to make compromises
It’s rare to find the absolute perfect equestrian property at the perfect price. And if you are dead set on it, you’re going to stress yourself and your real estate agent out. Unless you can build your equestrian property from scratch, you’ll probably need to make some compromises. Determine beforehand what you must have versus what it would be nice to have, so that you know where you can be flexible.
Be gentle with yourself and take breaks
Whenever possible, schedule relaxing things to do while you’re going through the process of buying a equestrian property. Get a massage. Go out to dinner with friends. See a movie. Take a nap. Go for a drive in the country. Listen to some guided meditations, or take a yoga class. Or just spend time with your horses!
You don’t have to let stress get the better of you when you’re buying a horse property! If you take some time to get prepared, be clear about what you really need, and allow yourself some time to decompress, you can minimize the adverse effects it has on your well-being.
Compliments of Virtual Results