Let’s be honest, buying a home for most of us is fun, and enjoyable – most often a terrific experience. But make no mistake, don’t be deceived, buying a home is emotional and buyers need to recognize this or it can have serious repercussions.
Now you noticed that I said that buying a “home’” is emotional, not buying a house or duplex as an investment. These are two totally different animals and we approach them very differently. In an investment scenario, we should be considering everything having to do with the cost and ROI (return on investment). After all, it is a business.
Buying your “home” however is so very different. Yes, we are concerned about price, condition, and location, but a gorgeous remodeled kitchen, or a brand new model home dressed to the nine’s can quickly throw out reason and sensibility. When we’re shopping for OUR home, our personal and happy emoticons are envisioning us playing ball with the kids in the huge and grassy backyard, or entertaining friends in your open concept great room, showing off your HGTV cooking skills with a fine red cabbie happily in hand.
To avoid a buying bummer, I recommend a few things.
- First, and as we’ve preached in this blog before, get pre-approved from a reputable lender and know not just what the bank says you’ll qualify for, but just as important, if not more so, decide if their number is a comfortable fit for you? Sometimes, it’s not, whereas something less is. Then have your Realtor professional plug in those parameters before you start home shopping.
- Secondly, guard your emotions in front of the seller. Preferably the seller is not there when you’re viewing the home, but unfortunately, that’s not always the case. Over-the-top happy emotions may hinder your future negotiations with that seller.
- If at all possible, I recommend not bringing children to see the homes you’re viewing until after you’ve negotiated your deal. Too often, our kids can become a distraction for the parents. I remember to this very hour, the Realtor who showed my folks homes with myself and my younger brother Jim. His name was Dusty Pomquist. I was bored out of my gourd and I’m certain I was not a happy camper for my mom or Mr. Pomquist.
- Don’t take the negotiations personally, and again, check those emotions at the door. Ask your Realtor to prepare a market analysis to verify value. Agree on a negotiation strategy and go for it.
Finally, after all this advice about keeping emotions in check, I must now reverse my counsel for this last part: This is a home. You and perhaps other family members will be living in it for who knows how many years. Your day to day happiness is huge. In the end you do want the home you will enjoy so don’t allow a small percentage of the price or nominal terms to defeat you from getting that home. There may not be another one like it.
