Obsessions and pitfalls to avoid, while buying a home

[ecis2016.org] Are looking to buy a home? Are you preoccupied with thoughts that take away your ability to take a correct home buying decision? If yes, beware, as you may be suffering from an obsession for home buying

When it comes to buying a property, home seekers should take care to ensure that they do not become obsessive, in their quest. While it is a good idea to double-check certain aspects, buyers should guard against obsessively checking the same thing again and again and in the process, ignoring other important advice or vital details.

You are reading: Obsessions and pitfalls to avoid, while buying a home

The current generation has a completely different mindset, from the one that raised them, points out Amit Wadhwani, director, Sai Estate Consultants.

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“The millennial generation seeks affordable and efficient homes that can be customised to suit their ever-evolving lifestyles and needs. However, thinking about it too much, even before they are truly ready to buy a home, is harmful as it can lead to a serious obsession symptoms, like continually thinking about properties or caring too much about a specific checklist, etc. Such buyers can be adamant on certain requirements and overlook the bigger picture that can give added benefits,” Wadhwani cautions.

Signs, that you may be an obsessed home buyer

Some symptoms of obsession, of a person buying or intending to buy a property include:

• Frequently researching for newly launched projects or upcoming projects, on different online and social media platforms.
• Visiting the on-ground setup of every project, for better clarity of the project.
• Having all real estate apps installed on one’s smartphone, to get updates or alerts for various properties, projects and real estate news.
• Reaching out to friends and families who are in the real estate industry, to validate a property shown by a broker or consultant.
• Checking home loan offers by frequently visiting the bank’s branches or through their online portals.
• Remembering features of each property you come across and comparing it with homes that you dream to buy.
• Ignoring your financial capacity and needs, when considering a property.
• Compromising on other important financial goals, for buying a home.
• Giving in to the feeling that if a present chance is lost, you may never be able to buy such a property.
• Willingness to give up your lifestyle and happiness, to buy a home.

Obsessed home buyers will tend to exhibit several of the abovementioned behaviours to a high extent and put themselves in a situation where they forget about the ideal steps for buying a home. Moreover, obsessive home buyers will have lower patience, in comparison to a normal home buyer.

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Ideal home buying strategy

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Every home buyer needs to have a planned strategy, before buying or making the decision to buy a home. “The first step, is to identify the purpose of purchasing a house. The second most important thing is financial planning. The third step is due diligence, which includes identifying the location, the developer’s track record and project quality. The property should be in a location where people would like to live and this can be for a variety of reasons, such as proximity to commercial hubs, presence of educational institutes, social life or great connectivity. In the current scenario, choosing between a ready-to-move-in and an under-construction property, is also a critical factor,” suggests Surabhi Arora, senior associate director, research, at Colliers International India.

Experts advice that home buyers should disengage from preoccupied thinking, by writing down everything that one expects in a property, before hunting for a house. The list of expectations should be prioritised and the home buyer should be ready to give up some of the expectations that are lower in the list, if the top priorities are fulfilled and there is a good deal in the offing.

If you are still finding it difficult to come out of the obsession to buy a home, then, discuss your problem with a psychiatrist, before it is too late.

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Category: Lifestyle