Putting a Process in Place when Buying a Home
Part 1 – Managing emotions.
Buying a home can be an emotional experience…not to mention stressful. The way property is marketed and sold is designed to trigger raw human emotions like greed (vendors) and fear (buyers). Real estate agents want buyers to make a decision to buy and are looking for ways to force you to act (like making it a competition and imposing deadlines). If you really like a property, it’s easy to feel this pressure.
Property investors look at buying opportunities differently. They have choices about what to invest in and are able to keep emotion in the background and make their decision based on facts. If the facts don’t stack up, they move on and look for the next opportunity. This gives them more control of the buying process as they haven’t already emotionally committed to the property.
Home buyers will often see a property and decide it’s perfect. They quickly imagine living there and have already planned how their furniture will fit in. But if the buyer misses out on that property (say at an auction), they quickly move on to look for another suitable property. When the next “perfect” property appears on the horizon the buyer might fall in love again. This isn’t the best way to make an important decision.
Is there an easy way to keep these emotions in check? The answer is definitely. And it’s as simple as thinking like an investor. After all, the home you are buying is an investment – probably the biggest investment you’ll ever make. So take the time to give the decision to buy a home the respect it deserves.
To achieve this you need to approach buying a home as a process. Over the next few blogs we will be setting out the steps to follow from the beginning of your property search to finalising your property purchase. Having a process will add value at all stages and provide a reference to look back on to make sure you are achieving what you want from your investment.
Remember, if you are thinking about buying a home, you are already a property investor. So start thinking like one.