Buying your first home can be extremely emotional. The emotions can either aid or wreck your home purchase experience, depending on how you deal with them. Here are the top emotions first-time home buyers feel the most, and how you can use them to your advantage:
It's natural to feel excited when buying your first house, but the excitement can make you buy the wrong property if you aren't careful. Here are a few ways in which this may happen:
- The seller may decide not to lower their price when they realize you are excited with their property
- The excitement of finding the "house of your dreams" may make you not negotiate a better price
- The excitement of finding an exciting feature (that you have always desired), such as a long driveway, may make you lose sight of the big picture
In addition to excitement, it's also common to feel stressed about the purchase of your new property. Buying a house is stressful even for those who aren't buying their first homes. Common causes of worry include:
- The possibility of other potential buyers outbidding you
- Discovering a property defect after the purchase
- The risk of mortgage rate increase
Make stress work to your advantage by taking measures to reduce the risks you are worried about. For example, if you have a fear of discovering a defect after closing the purchase, get a professional home inspector to help you understand the condition of the house. Using an experienced realtor will also go a long way in helping you minimize the stressful aspects of the process.
Caution is a double-edged sword if you are gearing up for a property purchase. On one side, being cautious will help you avoid the usual pitfalls that befall first-time home buyers, such as the risk of focusing on one exciting feature at the expense of the big picture. On the other hand, it is possible to be too cautious that you inevitably slow down the process (which leads to wastage or resources) or end up losing your desired property to another proactive buyer. The key here is to balance both sides of the coin.
As you can see, emotion can either be a good or bad thing depending on how you use it. Since you can't ignore your emotions, the trick is to harness them and use it to get the house of your dreams. A real estate agent will help you do just that.