,

4 Most Common Emotional Mistakes Homebuyers Make

Emotional mistakes are common in homebuyers. They tend to overspend just to make their dream home a reality. Often, they let go of rational thinking and just ride along with what feels right.

But who can blame them? A house would likely be the biggest purchase a person will ever make in his entire lifetime. Understandable that anyone could fall in the trap. We’re not saying that homebuyers should not include emotions when choosing a house. They just need someone to guide them on their decisions and make sure that they make a smart investment.

Here are the common mistakes homebuyers make when they let their emotions override their judgment.

Love at first sight

When buying a property, falling in love at first sight won’t do you any good. You have to keep an open mind and explore your options by looking at as many properties as you can – perhaps five properties at the very least.

It cannot be avoided that sometimes we get enamoured by a house upon first inspection, especially if it fits our idea of a dream home. However, making a purchase after looking at just one or two houses often leads to overpaying, ultimately resulting in buyer’s remorse.

Impulsive homebuyers have the tendency to disregard certain problems and damages in the property. They make a decision as soon as they have seen the property even before the necessary inspection has been carried out – preferably by a professional building and pest inspection company.

Thinking that “short sale” equates to bargain

The term “short sale” was made popular by real estate brokers aiming to attract homebuyers who are looking for a good deal. The trick is to make buyers think that they are buying a property at a discounted price when, in fact, they are paying more.

You know what a good deal is made of? It is a right combination of factors such as the features of the home, current market conditions, the property’s historic price and, of course, the buyer’s needs. Weighing all of these is a pretty tough thing to handle, which is why it is best to work with professionals who know the ins and outs of the local market.

Spending too much for perfection

Everyone has an idea of a perfect home. But unfortunately, landing the perfect home can be close to impossible. And on the rare chance that a buyer does find one, it is more likely that they will go overboard financially because of being too emotionally attached to the home.

Oftentimes, homeowners would have a hard time selling. Why? A perfect home for one person is most probably a catastrophe to others. Besides, one’s fondness of a new home may only last for a few years. Once it wears out, you can’t take back what you have already spent.

Lowballing

Negotiating is one thing. Lowballing is another. When bidding, it is understandable for buyers to want the lowest price possible, but to actually bid too far off from the base price will likely put your application to the trash.

Lowballing is specifically common among buyers who can afford to pay in cash. They tend to have this unrealistic notion that because they can pay in full, they think they are entitled to the cheapest bargain possible.

What they say about the home being where happiness starts still holds true. But that does not necessarily mean that you have to exhaust all of your resources just to make it fit your personal ideals.

Buying a home can be considered a life achievement. Just make sure you

won’t let your emotions get in the way of making sound financial decisions.