Let’s take a look at the common mistakes.
1) Falling madly in love at first sight.
True enough, there are home-buyers who buy the very first house they see. This is particularly true when the house is more like their ‘dream house.’ However, such practice leads to either regretting the decision, overpaying or both. In the end, these home-buyers find it difficult to resell the house at reasonable prices.
Real estate agents suggest seeing and inspecting at least five houses before making a decision. In this way, they will not overlook the value of the house hunting process itself.
2) Overpaying for their ‘dream houses.’
To continue, some home-buyers who get to inspect more than three houses and insist that they have already found their ‘dream house.’ There is nothing wrong with this; it is just that the home-buyers get too emotionally attached to the house that it clouds his or her judgment.
Also, while we are talking about your dream house, there should be an exit strategy always. Things will change and wear, inevitable. The perfect house that you see right now will not be as perfect in ten years’ time.
For home-buyers out there, remember that there is no such thing as a perfect dream house. There will be little compromises that you need to live with.
3) Looking for the right ‘deals.’
At times, there are home-buyers who eagerly want to buy a new house for the lowest price possible. These home-buyers often think that bargain hunting is the best route to take, when not so.
Property agents explain that these deals are just for marketing purposes. In fact, however, the home-buyers are overpaying for these properties as opposite to thinking that they are buying a house below the market value.
Agents warn that a good housing deal is dependent on other important factors such as historic prices, housing market conditions and ultimately, the features of the house for sale against the needs of the buyer. Weighing these factors will never be easy, so it is better to be objective when choosing the home with the right features and not because it is on sale.
4) Waiting for the ‘right deals.’
When not looking, some home-buyers are waiting for sales announcements without knowing that the housing market has its ups and downs.
Nonetheless, every agent knows that it is best to buy a house when the market is thriving despite the slightly higher price of the property. It is riskier to buy a home when the market’s down because of the perceived value of such property.
Yes, there are a handful of home-buyers who prefer to lowball than to negotiate. They often to forget to negotiate realistically based on their financial capacities.
Indeed, home-buyers want the lowest price for a house and lot that they want. However, there is a big difference between the two. You might not know it, but lowballing will decrease your chance of landing your dream house. Lowballing also lengthens the process. So, make realistic bids and minimize your chance of being rejected.
Now that you know the most common emotional home-buying mistakes that people often make, don’t be victimized by your own emotions. Let being unbiased dictate your decision. Surely, you will never regret that decision in the end.