While the majority of home buyers will generally have a checklist of must-have features such as the numbers of bedrooms, bathrooms, amenities in the area and commute to the office, often it is emotions that drive home purchasing decisions and not the facts. For many home buyers, the decision comes down to how they feel when they first walk into the property.
Ideally, buyers should err on the side of caution when purely basing their decision on emotion, as this could turn around and bite them in the future. While it is natural to have an emotional response when going through the process, it is crucial that emotions are not the only reason that certain decisions are being made.
As buyers move through the home buying process, there are four emotions they are likely to experience. Understanding these emotions and keeping them in check will help you to remain level headed and buy the best possible home.
Exhilaration Owning a home is an amazing milestone that many aspire to, so it seems only natural that the initial emotion would be excitement. If you are just starting out your home-buying journey it is likely you are in the dream phase of the process and searching for properties online. In these early stages, you will start to figure out what you like and what is available in the current market.
The start of the journey is an ideal time to sit down with a financial adviser or your bank to discuss budget and affordability. Another great resource is an estate agent who will be able to guide you through the steps of buying a property, along with the costs associated with buying a home, such as stamp duty, valuation fee, mortgage costs, and legal fees to name a few.
Overwhelmed If you are a first-time buyer, there is a vast amount of information to ingest during the initial stage of the search. Apart from the various listings you will be viewing, there is also the matter of calculating finances, and preparing to move to a new home. The masses of information available and the number of decisions that need to be considered can be overwhelming.
You might start out with an idea of what you are looking for, but after seeing property after property, it is possible to lose sight of the initial vision. Having a clearly defined list will help to stay on track and narrow down the search. There are a few other ways that will help you keep tabs on all the properties to compare them:
• Write notes on each property viewed – this can be done using a smartphone, tablet or the more traditional pen and notebook. Make a list of the pros and cons of each property. • Take photos – this can be done with the camera on your phone. • Keep the records of properties you are really interested in and discard the others. • If you have any inquiries, talk to the agent who showed you the property. They will have a record of the homes that they have shown you and will have a list of each property’s features.
Anxious Once your decision is made and you are moving ahead with purchasing the home, you are likely to start feeling stressed out. Buyers are often anxious to get through the process as quickly as possible so that they can move into their new home. During this time is it important for the agent to explain the legal process while providing an estimated time period that each stage of the process will take.
Satisfaction Often buyers feel a sense of accomplishment and fulfillment once they have made it through the process. Owning a property can provide you with a sense of security, as well as a cornerstone for building wealth, provided the right decisions are made from the beginning.
Understanding the home buying process and the emotions that accompany it will assist you to make decisions that are based on the facts and not just your heart.