October 22, 2021 • Buying
Falling for the First Time
By Kate Barker
Buying your first home is an exciting time. It’s easy to get caught up in the emotional side as you find a house that’s just perfect and you picture yourself living your best life in a new and exciting location… But is this actually the best move for you? When buying a home, there are a lot of factors to consider. Here are 4 emotional pitfalls that can lead you to making a very large and costly mistake!
Falling in love too soon
From well-written ads to a smooth-talking agent, the pressure to find your dream home is real, and it’s easy to walk into a well-staged home and think “This is the one!” But… is it? Can you afford this place? What if a bidding war pushes the price beyond your budget? What happens if you don’t get the house? It’s easy to get emotionally involved, but it’s not as easy to wait for that emotion to fade. Approach this decision with a clear vision. If the house meets your needs and it’s within your budget, go ahead and place an offer. If your offer is accepted, then you can fall in love and make it your home.
Letting others push you around
Your mom wants you to live nearby, but your real estate agent thinks this up-and-coming development would be perfect for your up-and-coming lifestyle. You’d like to be closer to work, which is in a different area altogether. It’s important to approach real estate with a clear vision of what you want within the confines of what you can afford. Know where you can make concessions, but don’t let others pressure you into making a decision you’ll regret down the road.
Buying a home is a big decision with an even bigger price tag. While there are always ways to get a deal and save a few bucks, there will come a time when you need to make a decision and stick with it. By waffling on committing to a purchase, you risk losing the house to someone who is ready to put money down. The start-and-stop style of home viewing will show people you’re not taking things seriously, so you might not get the inside track on a home that’s up and coming, or you might not be taken seriously when you really do want to make an offer.
Looking for a steal
We all love a good deal, but when looking at that fixer-upper with good bones and nothing else, take a moment to consider how much time, energy and money you’re really willing to spend in order to save on the asking price. Home renovations are tricky and seemingly simple fixes can actually be a symptom of serious damage to a house. Be realistic about your skillset and how much it costs to have a professional do repairs for you. You may be saving money on the ticket price only to spend more in the long run!