It’s hard to remove your emotions from the equation when buying real estate. After all, a home is so much more than just a product. It is where your children will grow up, where you will retire, your sanctuary, your office, your pet shelter, and so much more. However, just as we tend to make poor decisions when we are angry, sad, happy or in love, our emotions can work against us when shopping for real estate. Here are some emotional pitfalls you should try to avoid.
- Love Hurts: Falling in love with a home—A buyer needsto reconcile dreams with reality. If you become emotional about a particular property, it can become difficult to separate, and give the proper weight to, its pros and cons. Beware of real estate agents trying to play on your emotions to elicit a “yes,” and never by the first home you see without looking at others.
- Keep your cool: Maintaining control—Losing control of a situation is not only frustrating, it can lead to imprudent decisions. Don’t let an assertive agent or family and friends get you sidetracked or sway your decisions. You’re the one who will be living in the house, not them.
- Flip flops: Be decisive—If you can’t decide what kind of house you want or how much you’re willing to spend, then maybe you aren’t ready for home ownership yet. If you’re worried that you’ll find something better after you’ve made your offer, remember that there are likely several homes out there that you will find appealing. Take the time you need to make the right decision, but don’t be afraid to commit to a new home purchase.
- With great power… Don’t get in over your head—Home ownership comes with lots of responsibilities. The idea of owning your own home is great, but actually doing so requires lots of time and commitment. This is probably the biggest investment you will ever make, so be sure you’re prepared to handle it.
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