The mind is a powerful thing: it can help us make many big life decisions. But it can also hinder us.
So is your mindset holding you back from buying your dream property? Here are five common questions that play with buyers’ minds.
Should you choose with your heart or your head?
Are you looking to buy property as an investor or as an owner-occupier? Each requires a different mindset.
Broadly speaking, an investor should buy with the head, not the heart. They should be looking to prioritise capital growth and income, so whether you can rent a property easily should take priority over whether you personally like or dislike it.
There’s room for a little more emotion when you’re buying your own home. You’ll still want to tick off the essential criteria to make sure you’re not buying a dud. But, if you’re planning to live in a property, the heart should at least be entitled to have a say.
Are you mentally prepared?
House hunting is many people’s idea of a good time. But others find the process soul destroying and frustrating.
Even those who enjoy house hunting will concede the process can be challenging. There are a lot of logistical and administrative things to do – from ensuring your finances are in order, to attending countless open homes.
Then there are the emotional challenges too: when you realise exactly what your money can or cannot buy you.
Buying a property will have an impact on your bank account as well as on your lifestyle, especially if you intend to live in it. So it pays to be prepared– mentally, financially, and logistically – before you look.
Are you open minded?
One of the most important things to take with you on any property search is an open mind.
It’s easy to get caught up on the finer details, the negatives, and the short-term difficulties involved in finding your dream home. But you may start seeing things differently if you open your eyes to the many possibilities and see house hunting as part of a bigger, longer-term strategy.
Often people buying their own home get bogged down in immediate concerns that affect their current lifestyle. Try to take a crystal ball and look beyond the here and now to the future. In five years time will you have small children? Will they have grown into teenagers? Or will you have become an empty nester?
A property doesn’t have to be a lifelong commitment, but continually buying and selling doesn’t always make financial sense either.
It’s also important to look beyond the owner’s dated decor or the professionally staged-furniture, to imagine what life could be like for you in the home.
It can even pay to stay open minded about your ideal location. After all, suburbs can change a lot in five years too.
Are you looking for something that doesn’t exist?
Is your mind holding on to something that doesn’t exist? Or are you unprepared to compromise?
It’s been said many times before, but we’ll say it again: there’s no such thing as the perfect property.
In every price range – even with the most expensive houses – there will be compromises. And, the less you have to spend, the greater those compromises are likely to be.
So rather than trying to tick off every little thing on your property wish list, be realistic about what your deal breakers really are. You might need to think about a bigger budget, a different property type, or another location.
Are you scared of commitment?
Property buying is no place for commitment phobes. The process of searching requires ongoing diligence and dedication, while the process of buying requires absolute financial commitment. Hesitation will only hold you back.
If you’re faint of heart or flighty, stay away…
So, what’s holding you back from your property dreams?