Although most home buyers will have a checklist of must-have items such as the number of bedrooms, bathrooms, the size of the garden or the possible commute to the office, often home buying decisions are driven by emotion and not necessarily the facts. For many, it all comes down to how they feel when they first walk into their ideal home.
Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that buyers should be mindful of purchasing a home purely based on emotion as this could come back to bite them in the long run. “It is natural to have an emotional response during the home buying process, however, it is vital that emotions are not the only reason for buyers making certain decisions,” he says.
According to Goslett, there are four emotions that buyers are likely to experience as they move through the home buying process. Understanding these emotions and keeping them in check will help buyers to remain level headed and buy the best possible home.
Purchasing a new home is a very exciting milestone that many aspire to, so it is only natural that the initial emotion will be one of excitement. Buyers who are just starting out their home-buying journey will be in the dream phase of the process and will be searching for properties online. It is during these initial stages that buyers will start to figure out what they like and what is available in the current market.
This is the ideal time for buyers to sit down with an estate agent or bond originator to obtain some advice regarding their budget and affordability. A real estate professional will be able to guide buyers through the steps of purchasing a property, along with what to expect in terms of the costs associated with buying a home, such as attorney fees, transfer costs and bond costs.
For buyers who are new to the process, there is a large amount of information that they will need to ingest during the initial stage of their search. Aside from the many properties that buyers will be looking at, there is also the matter of calculating their finances, and preparing to move to a new home. The large amount of information available and the number of decisions that homebuyers need to consider is overwhelming at times.
While most people will have an idea of what they are looking for when they start their search, after seeing property after property, it is possible to lose sight of their initial vision. Having a clear defined list will help buyers to stay on track and narrow down their search. There are a few other ways that buyers can keep tabs on the various properties that have been viewed in order to compare them:
• Take down notes on each and every property that is viewed. This can be done using a smartphone, tablet or the more traditional pen and notebook. Make a list of the pros and cons of each property.
• Document each home by taking photos - this can be done with the camera on your cell phone.
• Only keep records of properties that you are really interested in.
• If in doubt about anything, talk to the agent who showed you the property. They will have a record of the homes that they have shown you and will have a list of each property’s features.
Once buyers have decided on a home and are moving forward with the buying process, they are likely to start feeling stressed out. More often than not, buyers will be anxious to get through the process as quickly as possible so that they can move into their new home. During this time is it important for the agent to explain the legal process while providing an estimated time period that each stage of the process will take.
Generally, once buyers have made it through the process, they will feel a sense of accomplishment and will be fulfilled. Owning a property can provide buyers with a sense of security, as well as a cornerstone for building wealth, provided the right decisions are made from the start.
“Understanding the home buying process and the emotions that accompany it will assist buyers to make decisions that are based on the facts and not just their hearts,” Goslett concludes.