Finding a home can be an emotional experience and for a beginner this can be a roller coaster ride. The real estate market appears to be an ocean of innumerable fathom for someone who is new in this arena and selecting the best option can be extremely tough.
It’s no wonder, first-time home buyers simply fall in love with the idea of owing a new home and get vulnerable to all sorts of appraisals and advice. The moment is crucial from a point that being carried away emotionally is highly expected and there are slip-ups that a buyer may go through.
Here are some of the emotional mistakes; a new home buyer should escape from:
1. Avoid Getting Drowned in the Gush of Emotions
Buying a home, after all, is a full-fledged investment and signing the dotted line in haste can be really hazardous. When an individual decides to incur money in making asset of his own, the decision comes with gallons of advice and recommendations. Aged and experienced people associate the decision to emotional matters and emphasize on listen to heart sometimes. Serene as this may appear, but an investment has to be highly meticulous and extremely focused. Taking a decision from heart may be applicable when thinking about the location but a buyer should make sure that rotation of money is planned.
2. Rose-Colored Glasses May Sow Thorns
The home buyer may romanticize the home and may view the aspects associated with the asset from a pair of rose-colored glasses. The new investee may get lured by the over-sized bathrooms, airy rooms or a well-laid kitchen; however, tend to overlook structural damages. Another incident could be when the price of the home may bust the buyer’s budget but the heavenly library sweeps all the attention. A new home buyer should be careful while putting emotions into the equation. A lot of planning has to be incorporated while making an investment.
3. Lose Control, Lose Everything
The hunt for a new comprises a good number of well-intentioned people who work with the home buyer to purchase the right home. These people are real estate agents, mortgage, mortgage brokers, parents and friends, who shower the debutant home-buyer with advices, suggestions and guidance. Each person advising here has their own point of view and experience. The new buyer has to understand that real estate market changes at the blink of an eye and thus any logic, idea or theory may see its expiry in no time. Hence the antidote is to go with the current trends and accordingly incorporate advices in the go.
4. Location is Everything
There can be a situation where the acquaintances and friends reside nearby. In such scenarios, the home buyer may feel the urge to stay nearby so that he/she can remain in touch with the near and dear ones. However, the decision has to be garnished with a tint of practicality. A home buyer may have to incur more money in travelling and conveyance if the work setting or other necessary infrastructures are not in proximity. The decision will also be affected by the chosen Indian city. If the buyer agrees upon buying a flat in Bangalore or in Chennai or in Hyderabad, then he/she has to make sure that home is near to the work place or a surrounding that is chosen strategically.
Before We Go…
The decision of buying a home requires courage, planning and capital, for sure. However, the feeling is so exhilarating that the buyer may fall prey to emotions and homely guidance. This may take the investee into a slumber sort of state where he/she tends to listen to heart and not brain. Hold one and be a pro in such scenarios. Analyze the market, sniff the economy and the best of deal is awaiting the presence.
About the author: Vineeta Tiwari is a keen writer on Global Economy and Realty market. She has written articles on Global realty market and ongoing trends and tips for investors. An ardent reader, she is happy to pen down research based write-ups for global audience. Currently, she is professionally associated with popular realty portal, 99acres.com.