There is no denying the fact that home buying is emotionally gratifying. In fact, we will not be exaggerating if we said that more than often, the purchase decision is emotional than rational. Many a time, we are so moved by the rush of these emotions that we enter the territory without doing any prior preparation. Even if everything turns out alright in the end, the process is so harrowing for a naïve buyer that they are left feeling wearisome. This buyer also runs the risk of the investment turning bad in the case due care was not taken while carrying out the transaction. The truth is smart property investments are made with a calm and composed mind. And, to be a smart homebuyer, one needs to possess certain traits.
You had an epiphany and your mind was made up in that very moment to purchase a property. The realization may have seen sudden, but you have to work slowly and steadily towards to materialize the vision. Being in a hurry could be sinful here.
Take a moment and think. You possibly take hours and hours to select the perfect shirt or trousers. Sometime later, you start discovering certain imperfections in this particular piece of cloth which you bought after much diligence and hard work. You might feel slightly foolish about not being able to find the fault when you should have. But, in a matter of days, the matter would be done with and forgotten since it is only a piece of cloth and you have the luxury to go wrong in such purchases.
The same is not true of home purchases.
This is possibly the biggest investment you are going to make in your entire life ─ well, most of us would! You can find fault after the deal is sealed and then live with it since there is no scope for forgetting. While it is possible to sell off a house if you are not happy with it, the whole process is just too tiring and harrowing. You would like to make it perfect in your first attempt. To do that, the trick is, never be in a hurry. It might take a long while before you are able to find a suitable property for yourself and not regret making the purchase after.
Chances of you turning out to be a smart buyer are high if you are not afraid of challenges and are ever willing to learn new things. You might have a master’s degree in literature, but your mathematical capabilities would be put to test while you go home shopping. You might have been an introvert all your life, but you will have to engage in active negotiation with so many people if you want to pick a perfect home for yourself. You might be a Chatty Cathy who does not pay attention when others are talking; this must change now. You find the study of the law not suitable to your taste, but, there is no way you will have it easy if you do not change your preferences while buying a home. You generally have no times for tracking news. But, this may not be optional in case you have started your home search. Simply put, your life becomes different as soon as you decide to enter the property market.
Know your preferences
There is no one size that fits all when it comes to real estate transactions. What suits you may not suit me. While you might be more comfortable with “this”, I, considering my circumstances, might be comfortable with “that”. So, you and I must pay attention to expert advice, but we must also be sure of what we are looking for. A shorter loan-repayment tenure may be a good idea for a home loan borrower who is going to retire soon and earns a fat paycheque every month, for instance. The same is not true in case of a person, who has started earning recently and earns comparatively much less as monthly salary. So, take the expert opinion, assess your situation and act accordingly.
CEO & Founder – PROPERTYYY.com
Vishesh Rai Buffett is an Indian entrepreneur and technology evangelist by heart. He is the Founder and chief executive officer of PROPERTYYY.com, the only Real Estate Consultancy Chain in India.