Buying a new home is an emotional process but sometimes our emotions get the better of us. Below are four emotional mistakes homebuyers should be aware of:
1. Thinking that a particular property is "the one" and only one for you. The reality is that for any property that suits your needs, there will be others that are equally suitable given your criteria. This is especially true for condos and houses in the same neighbourhood. They are often very similar to one another and even constructed by the same builder.
2. Wanting to "win". It's not uncommon for buyers to find themselves is direct competition with other buyers over a particular property. Unfortunately, in the excitement of a bidding war, the desire to "beat" their competitor can sometimes drive buyers to overspend. Before you make an offer, set a spending cap and stick to it.
3. Over looking serious flaws. Found a home that's perfect in every way but its location doesn't meet your needs? Are the views breathtaking but the floor plan is all wrong? Don't let strong emotional reactions to certain features blind your shortcomings. Make a list of the must haves before you start shopping and continually refer to it before, during and after viewings.
4. Being afraid to make a decision. You certainly don't want to rush into things and commit to the wrong property but hem and haw too long and you could miss out on a good home. Cold feet are natural, but if you have done your homework and armed yourself with all the relevant information, there's no good reason to put off making a decision.