When trying to buy property, buyers can lose the house they love by being too aggressive in their negotiations or fearful of paying more than market value.
When buying a house you’re going to live in, remember that it’s your home first, and an investment second.
And what is market value anyway? A home is worth what a buyer is prepared to pay for it. And one thing I know is that different buyers will have different perceptions of the value of the same property depending upon what they can afford and the extent to which it it meet their needs.
Your home is the place you’ll make memories with friends and family. It’s your place of safety and shelter. It affords you a quality of life and lifestyle. And normally, over time, it appreciates in value.
Yes, if you miss out on something there will be other properties, but we all have stories of the homes we should have bought that got away.
The reason we often miss out on those properties is because we try to be too clever and play games to beat the seller or agent, or let our ego or fear of what we want, or what we might be losing, get in the way of negotiating with good faith and common sense.
It’s like when you get caught up bartering in Bali and suddenly realise that you’re getting all worked up and missing out on the item that you love for the sake of a couple of dollars. Ok, the dollars when buying a house might be different, but the principal is the same.
So when it comes to making an offer and negotiating on a property, check in with yourself to see if you’re letting fear or your ego and need to get a deal override what’s more important: securing a home and lifestyle for you and your loved ones.
Home and lifestyle first, investment second.
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