Searching for your dream home can be exciting. But it can also be an easy time to get caught up in a lot of emotional turmoil – both positive and negative – with regard to the property you are purchasing, as well as the deal itself. Because of this, buyers can oftentimes end up paying too much – a mistake that can literally cost you for the next 30 years if you’re not careful. Don’t be guilty of these emotional mistakes made by homebuyers.
With that in mind, while it may be difficult, it is important to remain objective as you go through the home-hunting process. Following a few tips can be helpful.
1) Don’t fall in love at first sight.
One of the biggest mistakes that home buyers can make is falling in love with a home at first sight. Yes, it may be easy to walk in the door and think, “This is the one.” And, it may very well be the home that you end up purchasing. But, be sure to look at several properties prior to making an offer. That way you can compare what else is out there and available on the market.
2) Paying more for the “perfect” home.
It may also be easy to pay top dollar for a home that is move-in ready and that fits all your needs. But even if a place seems “ideal,” paying more – or worse, overextending yourself financially – can end up being disastrous in the long run. It is much better to stick within your budget – even if it means going with a home that is more within your price range and needs a little fix-up work.
3) Thinking that a lowball offer is a “real” offer.
While you may be trying to obtain a “deal” by throwing a lowball offer to a seller, in many cases a unrealistically low offer will not be considered a true negotiation – and in fact, it may even turn the seller off to making a counter offer. In a case where you truly want a property, it is better to come in with a more realistic offer that is closer to where you would like to end up.
Because our emotions can often get the best of us when it comes to purchasing a new home, it can help to have a real estate agent on your side who can assist you through the process. If you are in the process of shopping for your next home, give us a call. We’ll also be happy to provide you with a valuation of your current home.