It is so easy to put the blinders on when you fall head over heels in love with something. That is why you need to have a game plan when making important decisions, such as buying a home. When it comes to a large financial investment, you have to use your head, and not depend on your heart. Otherwise, you can end up in a lot of debt.
Falling in love with a home or property is ok, but you cannot completely overlook all the repairs and upgrades that will need to be done to a home that is less than perfect. That is why you have to go into a financial investment with a clear prospective. Never act impulsively when buying a home. It will result in disappointment.
Your love for a home can begin with one aspect that it offers. From there, everything that you learn about the home enhances that one aspect that you love. This will lead to unclear thinking. You may think you’re in love, but are you in love with the current home or the vision of what the home could be like?
Typically, potential buyers fall in love with the vision of what the home could be, and this will come with costly regret. Every home has a lot of potential, and that potential comes with financial investments. Some of which can really cause heavy financial burdens.
Once your heart is set on something, all means of rational thinking disappears. This may be good when in a relationship, but it is not beneficial when making financial decisions. Buying a home that has future potential is great in a lot of ways because you can customize the home and make it your own. However, when you allow the potential of a home to take you over, you could end up paying a lot more for the home. Overpaying for a home could really hinder you from making the changes that you have envisioned.
Here are some questions to consider when you are emotionally drawn to a home. These will help you clear your thinking and see the full picture of what is going on.
- How many changes need to be made before this home becomes the vision that I have?
- How long will it take and how much money will I need to make this home my dream house?
- Are there major problems that I am allowing myself to overlook?
- What are the benefits to the upgrading?
- What are the downfalls to upgrading?
- Do I have to make sacrifices to own this home?
It’s always best to step back and question yourself. This is a financial commitment that will be with you for years to come.
If you have logically thought through all the emotions you are feeling for a new home, and you are ready to make an offer, but are worried about selling your current home, I can help. I can provide some quick sell options that will turn your dream into reality. Timing is everything in the real estate market, so don’t let your current home hold you back. Contact me today for more details.