It is a fact of life - Investing in homes come with far more emotional weight than any other investment we make. A home is our refuge from the world, a place to raise a family and for many, an investment that would earn them good returns in time. We all fall in love with this investment that we make in a way we never fall in love with a portfolio of stocks and bonds.
While buying a house is a decision that is based on logic, more often than not, this decision is based on emotions too. The strongest emotion that would be felt is excitement of ‘ownership’, especially since all the hard work has paid off and you have the money and credit to qualify for a loan. Unfortunately, you will soon realise that there are many emotional stages of buying your dream home.
Here is a simple guide to keep your home buying emotions in check when finalizing your dream home:
There is always a sense of overwhelm with the amount of information available about a single property. This ordeal is multiplied when there are many properties to check out and short list.
The key here is to stay calm and have a systematic approach towards the home buying process. Start by making a check list of priorities like the type of house you are looking for, the neighbourhood, the budget and so on. Also, never be in a hurry to get things done at the earliest as this could lead to anxiety and stress.
Look at the bigger picture:
Home buyers are always on the look out for the extra features that a project would offer, like a larger club house, designer landscaping, etc. But the perception that a few extra features would make them happy could not be farther from the truth. Moving into such a new place with just these added features could bring down the overall happiness quotient.
This is where that priority list you made would come in handy again. The new home you finalise should have more important features like the quality of neighbourhood, good connectivity, social infrastructure, practically usable amenities and so on. It is very easy to get caught up in comparing the physical features of the places you are looking at but you should really stop to consider how the places you are considering will shape your social relationship in day-to-day lives. Always look at the big picture.
There is ‘no one size that fits all’ when it comes to buying the ideal homes. You may have different needs and expectations from your dream homes compared to the next home buyer.
Buying a new home would be a better option versus renting it out or taking a home loan versus self funding, return expectations from resale, are preferences that any home buyer should sort out well in advance. These decisions have to be tackled before you take the plunge to avoid regrettable decisions.
You could start by listing out what your expectations are from your home and then take it from there. Do your due diligence and homework before making a purchase. Listen to expert advice. Always know your preferences before hand.
A smart property decision is always made with a calm and composed mind. Being emotionally prepared will not only make the home buying process less harrowing and less stressful but also make the emotional journey enjoyable and memorable.