Buying a house is in many ways an emotionally charged experience. After all, it’s the beginning of a new chapter in your life, and the house will likely be your home for many years – the place where you raise your family and make lasting memories. But that emotion can be more than a little counterproductive during the purchasing process. Certainly, you can’t keep your emotions out of it entirely. But there are a few things you can do to keep your emotion in check in order to potentially wind up with a better deal. So check out these 5 ways to keep emotion in check when buying a house in .
1. Don’t Fall Prey to FOMO
One of the primary emotional pitfalls in buying a house in is the fear of missing out (FOMO). And the current market is only exacerbating the FOMO problem.
“Right now, fear of missing out (FOMO) is ruling the hottest housing markets. First-time homebuyers are afraid of being priced out, which is leading to an entire generation of over-leveraged homeowners. This hot real estate market combined with the stress of finding the perfect home might tempt you to throw caution to the wind and buy the first home that seems right. Don’t let this fear get to you. As long as you’re patient, you’ll find the perfect home at the right price.”
Industry experts advise that you don’t overspend on what seems like a perfect home in a market with limited inventory and keen competition. Even though it may not seem like it, there are many more homes for sale, and you will eventually find another one that meets your budget and your needs and wants.
Another way to avoid falling prey to FOMO is by working with an experienced agent who has access to a multitude of listings. To discover more about this, just call 866-593-7012.
2. Set a Firm Price Limit
In a similar vein, you can keep emotion in check (or at least avoid giving in to emotion) when buying a house in by setting a firm price limit and sticking to it. “The best way,” experts say, “to [keep emotion in check] is to set a price ceiling before you ever set foot in a home.”
So you need to calculate your affordable monthly mortgage payments and then factor in all the other expenses such as property taxes, insurance, utilities, and maintenance costs, as well as your recurring living costs. Having done this, you’ll have a good idea of what you can actually afford in a house – that is, your unbreakable price ceiling.
Then, here’s what you do…
“When the time comes to get pre-approved for a mortgage, make it clear to your mortgage broker that you don’t intend to go over this purchase price and do the same with your [agent].To eliminate temptation, don’t look at homes that are listed above your unbreakable price ceiling.”
3. Look Beyond the Surface
Another effective tactic for keeping emotion in check when buying a house is pretty simple really. You just have to look beyond the surface –not being seduced by mere bells and whistles (fancy décor) or put off by minor cosmetic flaws.
“[D]on’t be fooled by the finest features and finishes. If the home fails to meet your must-haves, the fancy faucets and stunning marble island won’t keep the long-term annoyances from piling up in a home that’s impractical for you.”
On the flip side of that coin, don’t be put off by, say, a dated or cluttered home. It may be a diamond in the rough and worth considering if it ticks all your other must-have and like-to-have boxes. Your agent can provide valuable assessment assistance here.
4. Look at Lots of Houses and Take Your Time
A sure-fire way to keep emotion in check when buying a house in is just to look at lots of houses and to take your time in making a decision. This will help you avoid an emotion-driven hasty decision.
Looking at lots of houses will help reduce the power of emotion. When you look at scores of homes, it becomes more difficult to fall in love with just one. You will, as a result, be less likely to overlook major flaws or excessively high prices when you know there are many more possibilities out there.
And then just take your time. If you find a house you really like, take the time to sleep and think about it. Most snap decisions – the ones we often regret later – are emotional decisions. Sound rational decisions are typically arrived at after some time – after we spend time thinking and assessing.
5. Set Up a Non-Negotiable Checklist With Your Agent
Finally, your real estate agent can help you keep emotion in check when buying a house. Primarily, this means establishing a non-negotiable checklist with your agent’s assistance and input. You and your agent must know what’s most important to you – that is, your non-negotiable must-haves.
“Establishing your needs will help your [agent] narrow down appropriate homes, but it will also keep you in check at a viewing.” So hold “on to your list — but not too tight. You might discover that your needs will adapt and change as you go through the home buying process. . . . Sometimes,” for example, “people will say location is the most important thing, and then they’ll fall for a home that’s further away but crosses everything else on their list.”
Your agent can help you strike the right balance and help you avoid making overly emotional purchasing decisions. So if buying a house in , while keeping emotion in check, is in your sights, contact us today at 866-593-7012.