If you are one of the thousands of potential buyers beginning the journey to home ownership, you may be wondering how to keep a level head during this notoriously stressful period.
While a property purchase should be a purely rational decision, the reality is this is not always the case. As a prospective home buyer, you are likely to go through a range of emotions during the purchasing process. You might want to find the ‘perfect home’ for your family, you may fall in love with a property on sight, or you could have a strong vision in your head of what your next home will look like.
There are endless ways your emotions can come into play when you are looking to buy a home. So, are you leaving your emotions at the door?
A research project^ was undertaken to examine the extent that emotions can influence home buyers.
Interestingly, the research found that while 75% of property buyers claim to be rational rather than emotional buyers, in reality, emotions have a significant influence over their final purchasing decision.
The most common emotional characteristics that influence home buyers are:
What’s also telling are the top three most influential emotional characteristics between different types of buyers:
While you can’t always exclude emotions from the property purchasing process, it is important to always consider your original objectives and keep in mind your original budget.
Given that buying a property could be one of the biggest financial decisions you’ll ever make, it’s vital the final purchasing decision is ultimately based on a rational judgement – not your emotions.
We can help you get pre-approved bank finance so you know exactly how much you can borrow before you go house hunting – just call us on 08 8451 1500
Sam & Matt
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