Harness the Emotionality of Home Buying

Humans have two sides: the emotional side, and the logical side.  In every event, decision, or action we take, one of the two comes out.  In residential real estate , more often emotionality takes control over logic.  After all, this is the home you are going to live in, raise a family, and most likely the biggest, or one of the largest investment in your life.

However, during the buying phase, it is extremely important to take out the emotionality and stay focused.  Not only can it cost you a lot of time, but can cost you a lot of money, including your earnest money deposit.

Here are four ways to stay more logical during the home buying process that is going to save you time and money in the long run:

1. Know the end game: The goal is to buy a home. Writing low ball offers is highly unlikely going to get you there.  Read my last article, Writing Low-Ball Offer: Biggest Mistake Ever for more information.  You are not window shopping, and you have a goal in mind. And that goal is to buy the home of your choice at a fair price.
2. Know that no home is perfect: I have had clients who have in fact found the home of their dreams, and others who have gotten close.  However, no home is perfect and know that most things in a house can be changed, it is just a matter of what you are willing to do and how much money you are willing to spend.
3. Know that most problems have solutions: Plumbing can be changed, electrical panels can be upgraded, and you can always put in your dream chandelier.  Most problems have some solution, even if it means moving on.
4. Talk to licensed professionals about their respective fields: Your cousin who works in IT may not be the best person to refer to when discussing a mortgage, reviewing inspection reports, or determining how much to offer. Often times this is the biggest mistake people make when buying a home.  In addition, your Realtor may know a lot, but always refer to the reports.  Double check to make sure the person you hire to do your inspections are licensed in the area you hired him/her for.  You wouldn’t ask a wood flooring guy about plumbing issues, would you?

These are just a few tips on staying focused and logical during the home process.  You are going to learn that you will more likely buy a home faster, and for a better deal than your friend next door.

What if you are looking to sell real estate instead?  Stay tuned for the next article, Take the Emotionality out of Selling.