Our home is our happy place because we architect our lives there. Owning a home evokes a sense of pride and belonging in our hearts and therefore, it’s amongst one of the most emotional dreams we chase. No wonder then that some of us tend to get a bit obsessed about it.
5 ways to check if you are obsessed about home buying
1. You spend all your time looking for properties.
2. You have more realtor contacts on your phone than friends and family.
3. Your only dinner table discussion is home buying.
4. You want to pick up every house that appeals to you without considering
5. You are willing to compromise on anything to buy a house.
A worthwhile investment for a lifetime, home buying can sometimes be a slow and taxing process, but mix a little bit of strategy into it and you can have a smooth journey onward. Keep in mind these 5P’s of home buying without being obsessed about it.
1. Pinpoint the purpose
The first and foremost step to create your own home buying strategy is to
underline the purpose of purchasing the house. Preferences vary from person
to person and it’s impossible to have similar requirements and needs.
For example, you might want to buy a home because your current place is not
spacious enough for the entire family. In another case, you want to buy a
home as an investment or it can be even a decision driven by proximity to
Tip: While looking for a house, see if it fits your purpose. Create a checklist of
what’s important to you and what you can let go if needed.
2. Pool in insights from family and friends
Communication is an integral part to your planning. In the initial stages,
encourage the discussion with your friends and family so that you can get an
idea about diverse thoughts on the topic.
A few examples, insights, opinions and data from your circle will make it much
easier to form a collective decision and be certain about how you reached
there. However, restrict the circle to your handpicked lot and don’t change
your preference based on random comments.
Tip: A team huddle ensures you get insights from important stakeholders and
helps you choose a home that meets most of everyone’s expectations.
3. Plan your finances
It’s an expensive decision to buy a house and hence financial planning
becomes a critical aspect of buying a property/home. It’s extremely important
that you map out the monetary part in the beginning and also see how this
decision is going to impact your other financial goals. Keep a plan B in place
in case of emergencies.
It’s quite possible that sometimes, the numbers change here and there, but as
long as there’s a solid structure to it – you will save a lot of your time and
Tip: Choose a home that fits your budget, don’t get lured by options that seem
better but may hurt you in the long run.
4. Perform detailed due-diligence
While there is no need to obsessively check every property you come across,
it’s advisable to conduct a proper due diligence of few homes that you have
shortlisted. A diligence check should mandatorily include – mapping the exact
location, researching on the builders/brands track record (emphasise on
previous buyers) and reviewing the project quality personally.
If feasible, it’s the best to communicate with the various stakeholders (through
phone, e-mail or face-to-face) of the builder to have an honest perspective.
Tip: A diligence check in the beginning will save you trouble later.
5. Prepare a project roadmap
Once you finish these four steps, you are all set to prepare a project roadmap
to get started on this journey. Combine your findings and ascertain the entire
sequence of the project to build your strategy.
If you feel you are getting obsessed with the thought of home buying, try
these simple ways to get over it.
Tip: How can you avoid the home buying obsession?
- Be confident and have a strong understanding about your strategy.
- Maintain a finance tracker to feed in your expenses and have a bi-
weekly tally with your initial monetary strategy.
- Have a weekly conversation with your family to share the latest
- Refrain from checking out loan plans and bank offers online, on a daily
- If necessary, you can always consult an expert on home buying if you
feel that the process is stressful.