The Biggest Mistake You Can Make When Buying Real Estate? What is it?
Buying Real Estate is easily one of the biggest investments that you’ll make in your lifetime, and because of this, it is often one of the most stressful, as well as one of the most emotional experiences that you may encounter. While there are many red flags that you should always be on the prowl for, there is one big mistake that many buyers make, even without knowingly doing so.
Common mistakes among buyers range from placing low ball offers, purchasing outside of their budgets, taking on a bigger fixer upper than they’re ready for, the list seems endless, however the one big mistake that nearly all buyers make is letting their emotions get the best of them.
According to Buyers Agent Sydney, many buyers will start to celebrate their new home prior to their offer being accepted which is a dangerous move as it could result in an unfortunate letdown. Regardless of how strong of an offer you place, you much you love the property, or how good of a “gut feeling” you have, there is always a chance that your offer could be beaten, and you could be sent spiraling back to square one.
When this happens, emotions can easily reach an all-time high and many buyers will either subconsciously check out, settle for a home they will either regret or not be happy with long term or in some extreme cases, end their home search altogether. The key point here is to try and keep your excitement and emotions in check so that you can save yourself a little heartache should your offer not be accepted, and then celebrate a little extra and bask in the excitement if it is.
Naturally, there are a few ways that you can boost your chances of receiving an accepted offer and the easiest way to do so is to work alongside a knowledgeable, local agent who studies the current Real Estate Market in depth so that they are able to advise you with the most up to date information prior to placing an offer. Emotions are a beautiful thing and should indeed be celebrated, however when it comes to purchasing a home, they can be your biggest downfall, even without realizing it.
While it is near impossible to be able to remove all emotions, after all we are only human, it is vital that you do your best to try to keep your emotions at bay throughout the whole real estate process, and then, once escrow closes, open the flood gates and let the excitement of owning your new home begin!
Related: Why is Earnest Money Important in a Transaction?