Every buyer will go through a series of emotions when choosing a home, from the start of the search to taking possession of the front door key.
Let’s not sugar-coat this: buying property can be a stressful time.
First-time buyers will experience the anxiety of dealing with each issue for the first time.
And for those who already own a property, the focus is not only on securing a new home, but also selling the existing one. Ideally, try to make this happen simultaneously. Otherwise there is the expense and hassle of either seeking a bridging loan, or finding temporary accommodation and storage for your contents. Either way, it’s a hassle.
To help you prepare, let me step you through the fundamental stages that can have a practical and emotional impact on buying a home.
There’s nothing I like
For sure, there is. We’ve just not found it yet. I’ve never worked with a buyer who didn’t find something they wanted. Be patient. It will come.
This is the one!
Great! Let’s enjoy the moment, but not too much. There’s a long way to go, including price negotiation.
Your heart is set
Okay, let’s take a reality check. You’ve not done the inspections yet. And others are going to like the property, too. It can get whisked away. Play the smart game and make sure that doesn’t happen.
Nerves set in
I worry more about this emotion than any other. You can want a property too much sometimes. You get caught up in the moment and undermine your ability to negotiate. Meanwhile, you might be asking: “what if there’s a problem with the inspection?” Then, there’s a problem. You don’t want a termite-infested home. And you don’t want to pay too much, either.
OMG, these banks!
Applying for a loan and working with lawyers or conveyancing solicitors is no holiday. This is where reality starts to bite as you begin to see how much your dream is going to cost. A mortgage broker can take away a lot of the paperwork and help you understand meeting the mortgage repayments.
How much?!
Money seems to run through your fingers like water when you are buying a property. There is the boundary survey, title search, lender’s fees and the deposit all to be sorted so that you can secure the property and it is taken off the market. This is the time to take a deep breath and remember this property is “the one”.
Pre-settlement anxiety
Of all the emotions I see in buyers, this is the most common. You’ll question whether you’re doing the right thing, pretty much everyone does. It’s understandable, but trust me, you quickly focus back on the prize.
What have I done?
This doesn’t happen often, but some buyers do end up in this headspace. If your new home has met your predetermined criteria, you’ve kept your emotions in check and negotiated a fair price, then raise a glass and congratulate yourself for doing a great job!