Losing a property you had your heart set on can be disappointing, but you must ensure that it doesn’t turn you into a vulnerable buyer.
You must remind yourself to fight the emotions of missing out and stick to the fundamentals of a property search.
Whatever you do, don’t fall into the trap of feeling that you have to buy the next property that comes on your radar, regardless of whether you love it or not. That mistake could cost thousands of dollars as you buy and sell again.
Instead, use the experience to become an empowered buyer. New properties come onto the market all the time, so one of them will again tick all your boxes.
So, in the face of any disappointment, here’s a reminder of the diligence you need to retain in your property search.
Check that you’re happy with the features of the new home you’re seeking. Having the right strategy focuses your search and alleviates pressure when you’re ready to buy.
Do Your Research
Continue to talk to agents about the areas in which you’d like to purchase, the types of homes available, and recent sold prices. Sit down with your builder and ask them about timelines, costs, inclusions, and what you’re looking for in a home.
Being definitive about value is tricky. Features such as a home office or new kitchen can command a premium with buyers. So know which features are absolutely essential, and which are nice to have but you wouldn’t pay a premium for.
Make an Empowered Move
When you find your dream home, put in a realistic offer based on the market value and leave yourself headroom to increase the amount during negotiations. Be wary of making a very low offer which can offend a seller and stall negotiations or even see another buyer snap up the property ahead of you.
Learn the basics of the home buying process so that you’ll understand the lingo – in escrow, appraisal, tax assessed value, inspection periods – all of these are basic concepts that apply to almost every real estate transaction.
If you’ve decided to build, know your costs and leave room for additions if you suddenly get the idea that you need something you hadn’t thought of before (that’s the beauty of custom homes). If this is a home you see yourself in for many years, it may well be worth stretching your budget now instead of trying to fit a square peg into a round hole later down the road.