Valentine’s Day is just over and a great time to celebrate love and reflect on the rewards of being in love. Falling in Love with a home when you are house hunting can be both rewarding and perilous and in today’s market and incorporates a new kind of buyer beware.
Buying a home is a big and wonderful commitment. Not only is the place you live, but it is your largest investment. As such, it is sometimes difficult for people to separate the heart from the head.
You need to like your home very much, if not love. You are there every day. You decorate it, you have memorable occasions and events there, you relax and entertain there. It is part of your life. But, it also has to be a sound investment, good price, and have potential for resale to grow your investment. And remember, it will likely not be the house you have for the rest of your life. Balancing those two things become both the pleasure and pain in buying a new home. I always try to be the good sounding board for my clients to help them create that balance and introduce all the pros and cons. But ultimately, it is their choice. Here are a few of the tips I give them to make the best decision for them.
1. If you love the home, make sure the other side is there. Is it a good price, good area, have resale potential or problems. Just because you love it, doesn’t mean someone else will
2. At the same time, don’t throw away a good investment just because you didn’t have love at first site. If you like a home meets all your criteria and makes good sense, think about why it is not a love connection. Is there no furniture and it doesn’t look homey? Can things be reasonably changed so you like it more? Unlike a mate, you can change some things about a home. Could you grow to love it?
3. Sometimes it helps to be scientific. Make a list of what you want and need and rate them. I devised a rating system for my buyers so that if they want to see what hits all the buttons, they can add up the ratings and see what makes sense. What did I like and dislike? How much? Ratings helps quantify the search and sometimes sheds new light on the choices.
You need to really like or love your home – certainly not hate it. But beware falling in love too hard for a home can expose yourself to hurt feelings. You need to have a thick skin. Ultimately, this is a business transaction, not personal. It feels personal to you and sometimes to the seller (if they own and/or are living in the home), but if the seller decides to go with another offer or doesn’t want to agree to your price or if the deal doesn’t go through, you need to move on. Don’t worry about the one that got away. Buying now is an excellent idea. Interest rates will never be lower, prices will never be lower and inventories will never be higher. With so many homes, sometimes it seems hard to find the right one. But just remember, there may be more than one “right” for you. There are always more homes out there. Don’t get discouraged or frustrated – keep your eye on the prize and you will be happy in your home.
Suzanne Hamilton, RE Marketing Consultants, Inc. helps buyers in the south, southwest and western suburbs of the Chicago area find the best home for them with excellent customer service and professional experience and expertise to provide step by step assistance and make the home buying process as easy as possible. Call 888-788-9544 to find out how you can take advantage of today’s market and find a home for you.