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Never Fall in Love with the House You Buy (Until You’ve Bought It)

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By : Calen Brennan    99 or more times read
It is undeniably exciting to be touring properties for the first time – the acquisition of one’s first piece of real estate is definitely a milestone in one’s life.  However, falling in love with a particular piece of property is extremely dangerous for your wallet and your future prospects.  So, just don’t!

Falling in love with a home means financial mistakes.  While you’re figuring out the best spot for your television set, you’re not noticing the faulty duct work or the poorly maintained roof.  You’re not casting a jaundiced eye at the old oil tank in the back and mentally drawing up a list of demands for the seller to comply with if they want to sell their place.  You will probably not notice the price is $20,000 higher than comparable properties, with no discernable reason.

The problem with buying a house is that you don’t get a second chance.  Once you’ve signed the papers, you’re stuck with the mortgage until you sell.  You can’t take it back and you can’t get a refund.  You are stuck, so you had better play hardball while everyone’s still on the field.

Now, this doesn’t mean that you have to be negative about everything; just realistic.  While enthusing about the counters, you might also mention that there seems to be a crack in the ceiling and wonder audibly what might cause it and what might have to be spent to fix it.  Carefully examine the home for signs of mold and insect infestation (you will, of course, be hiring a home inspector to thoroughly investigate the home, should you be serious about buying).

Keep reminding yourself that there are plenty of homes out there just like this one – and some that are even better.  Arm yourself with information about homes that have previously sold in the area that are similar to this one.  Your Realtor ® can help you with this.  If you decide to make an offer, make your offer based on how much the house is likely to go for; not how much you want it.

If you are buying this house as a financial investment, it’s easier to play hardball.  You are not buying groceries or a new car; you are buying your future place of residence and your eventual profit depends on making a good deal *now*.  You are investing in your financial future with your house; don’t drop.

Falling in love with a house is all too easy; just about everyone do it, but it isn’t to their benefit in the end.  To have a house for a fair price, you have to play hardball and refuse to pay more than the market is currently supporting.
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