Wednesday, May 15, 2013

Leaving your Emotions at the Door

Anyone that has had an emotional experience when buying a home is not alone.  In fact, this is one of the most emotional times we go through in life simply because it has such high implications such as where you will live to how you will make ends meet.  It is one of the largest, if not, the largest financial transaction we will make in a lifetime.  I have seen it all, tears, anger, laughs, smiles, shouting, screaming...I could go on and unfortunately I am not a licensed psychiatrist! The best advice I can give to anyone starting the process of buying or selling a home is to keep your emotions in check so that you can make the best rational decisions possible.  Easier said than done?  Of course, but if you can follow at least some of the following tips, then hopefully your next experience can be a little less stressful and a little more pleasurable!

Don't fall in love with a house that you can't afford- Once you have fallen in love with a home it is hard to turn back. You start dreaming of the home and how happy your life would be there and the parties you will host, and the family you will raise there- the spacious kitchen, the high-end appliances, etc.  If you can't afford the house, then you are only hurting yourself by dreaming of you in it. Moving on to a more reasonable affordable house will only seem like a disappointment and as if you are settling for less than you deserve.  Only look at homes in your price range!

Don't be desperate-
When you've been looking for a while and you're not seeing anything you like  you're getting outbid on the houses you do want - it's easy to get desperate to get into your new house now. If you move into a house you'll end up hating, you will probably end up dealing with the hassle and expense of moving again. If you decide not to move but to try to make the best of what you have you may end up spending more than you anticipated on renovations. It's okay to wait until something that suits you comes along, assuming time is on your side and as long as your demands are realistic for your budget.

Don't overestimate your handyman skills- A fixer-upper is a great idea for those with the financial means  and the ability. If you think you can do all the work yourself only to find out the repairs are greater than your handyman skills can handle, you may end up doubling your budget and lose precious time. evaluate your skills and your budget before trying to jump into a project you may not be able to handle.  you will avoid a lot of sweat, tears, and financial heartache!

Don't drag your feet-
It is important to make sure you make a careful decision, but don't take too long to make it. Losing out on a property that you were almost ready to make an offer on because someone beat you to the punch can be heartbreaking and in the current market it can happen in an instant.  Dragging your feet can have other implications as well- the more time and energy you have to take out of your normal activities to search for a house, the less time and energy you have available to work, spend time with loved ones, and live life!  Don't underestimate how time-consuming and routine-disrupting house shopping can be.

It is natural to let emotions come into play in the homebuying process because it is a big decision, but that is also exactly why it is important to make rational choices. Take a step back, try to overcome your emotions and make a home purchase that makes you feel good and  financially responsible!
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