Balancing the Emotional and Practical Sides of Buying a Home
Imagine this scenario...
You're shopping for a new home. You drive to visit a recent listing. As you walk through the front doors, you're impressed. Every room looks fantastic. You see yourself relaxing on the spacious patio, cooking in the modern kitchen, and enjoying evenings with the family in the cozy living room.
Your emotions are on overdrive.
This is your dream home! Should you make an offer? Probably. In fact, you should make that decision quickly in case there are other interested buyers. However, your decision shouldn't be guided purely by emotion. You want to make sure you take practical matters into consideration too.
For example, you'll want to consider:
- Is the property within your price range?
- Does it have everything you need?
- Do you like the neighbourhood?
- How old is the property?
- Are there items, such as the furnace, that may need to be replaced soon?
- Will it need any major repairs or upgrades?
- What are the average monthly costs of carrying the home? (Property taxes, utilities, etc.)
Once you've considered the purchase of the home from a practical standpoint, you'll have a lot more confidence in your decision when you make an offer.
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