4 Questions To Ask Before Making A Final Decision To Buy A Property

Thursday, October 10, 2019

The process of searching for a new home is never an easy one, and can take far more time and effort than is ideal. As a result, it’s not unusual for people to find themselves a few months into the process, and immediately beginning to see things very differently: properties that they would have once ruled out suddenly seem attractive, solely because buying that property means they wouldn’t have to search for a house anymore - and that seems like the most important factor.

The risk of overcorrection

However, most people are also aware of the possibility that they’ll accept any house purely because they just want to move whenever they can. Strangely, this can lead to an overcorrection: a concern that a house they love isn’t actually a sound choice, and is instead a product of their eagerness to simply complete the process as soon as possible.

Searching for the solution

So, balance becomes the most important factor; finding a way to ensure that a property is a genuinely excellent choice without undue influence from a need for speed. Here are four questions that can help to cut through the confusion and help you to decide if you want to proceed with the purchase of a property.

Question 1: “How much does this property resemble the first properties we saw?”

Over the course of a house search, opinions will naturally change, and you may choose to prioritize certain aspects over others. However, if the property you are considering is radically different from the first few properties you looked at (for example, you originally considered five-bed-two-baths with a large garden, and you’re now thinking about buying a three-bed condo with no outdoor space) then this could be a sign that you’re simply seeking to complete the searching process, rather than naturally updating your preferences.

Question 2: “Does this property cross any former ‘red lines’?”

Think back to the properties that you have rejected in the past, and the reasons why. If the property you’re thinking of buying has any of the same issues, then that’s a cause for concern. However, if you can see that the newer property is actually a clear improvement and has none of the issues that caused you to reject other properties, then you might just be overcorrecting - and the property is actually ideal for you.

Question 3: “Have I evaluated everything about this property in-depth?”

If you’re in a rush to buy, then it may be tempting to omit some of the standard requirements that most of us go through when looking for a new home: arranging a visit and reading the report from a home inspector, checking the transport connections to the area, making sure we’re happy with the distance to local stores, looking into the community and even seeking introductions with potential neighbors, and so on. If you’ve not completed this kind of background research, then be cautious of the risk of buying simply to avoid having to continue house hunting. However, if you’ve completed all of the aforementioned due diligence, then your interest in the property is likely to be well-informed and trustworthy.

Question 4: “How would I feel if someone else made an offer on this property?”

If you suspect that you would be relieved, then that could be the answer you need - and it might be best to resume house hunting in earnest. However, if someone else making an offer on a property would compel you to counter-offer, or you’d feel distressed about the chance of losing out on that property in particular, then that’s a good sign that you’re interested in the property for the right reasons rather than simply because you’re grown tired of house hunting.

In conclusion

Hopefully, the questions above should allow you to decide if a property is a right choice for you and your family. Good luck.

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