5 Ways to be a Wise Homebuyer by Balancing Logic and Emotion
Buying a home is a big decision that is filled with emotion. It's important to find a balance between your emotional and logical thinking during this process. For instance, list the qualities that you want in a home, then check homes to make sure they fit that list while also working for your budget and physical needs. This mindset can get you both the house of your dreams and a good deal.
1. Hire a good agent you can trust
Getting a professional on your side will benefit you in finding the perfect home and will minimize risks as they know how to deal with sellers that want to get the most money out of you. For example, there are marketing buzzwords like "short sale" and "real estate owned" that are designed to entice buyers into thinking they are buying way below market value when they're actually overpaying.
2. Don't hold out thinking there will always be a better deal
It's true that mortgage rates might decline and prices could drop further, but playing odds won't necessarily pay off because the market can be unpredicable. Remember that fluctuations are always an element in real estate transactions, and the only way to get around this is to do your homework, know the value of the area and the home you are buying, and discuss them with your agent.
3. Maybe the first stop isn't the best stop
This somehow goes against the previous point, but don't make the mistake of falling in love at first sight and thinking that it's the best you are going to find. There are a lot of things to consider such as your finances and any problems not immediately obvious with the home. Try to look around the houses in the local market with your agent so that you can get a good grasp of your choices.
4. Have an eye out for functionality
A buyer that allows their emotions to factor into their decision making can see a home better in terms of functionality. Sometimes the most important information is not in numbers. If you're too logical and get stuck on things like square footage, you might miss the value of how the layout and features of a house can cater to you and your family's needs.
5. Envision the memories that you and your family can mike in your future home
This is also in the realm of using emotions to the advantage of your decision making as a home buyer. If the house has a playground, you can imagine your kids spending their afternoons there with friends. This may sound simple, but remember that you will spend years in this home, so it's important to consider what that will look like. You CAN be a little sentimental and still maintain your sense of objectivity.
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