The 5 psychological levels of purchasing a house

The 5 psychological levels of purchasing a house

You may only equate this purchase with one emotion when you think about buying a house. It’s an exciting time, particularly when you pay off your hard work and have the money and credit to qualify for a loan. 

Once you are prequalified, contact a real estate agent with excitement and start the search. But you will soon realize, unfortunately, that there are various emotional stages of buying a house.

  1. Anxiety

The good news is that you will finally find a suitable house for you and your parents, where you will deal with the next stage: Anxiety 

You and your real estate agent are going to decide the best price of the deal and then submit your bid. This process is nervous because there is a risk that your bid will not be approved by the seller, particularly when you give less than the requested price or ask for concessions such as a loan to close costs. This level can also be stressful if there are multiple offers for a house. It may take a few days for a seller to review all offers and make a decision, which ensures that until you hear back you won’t be able to think or concentrate on anything else.

2. Pressure

But it doesn’t mean you’re home free to find a property and have an offer accepted. Before buying a house, two important events occur; a home inspection and a home valuation. Because you’re so close to the finish line, both can be stressful, yet with one or the other, everything can fall apart.  

A home inspection can find expensive property issues problems and the seller has no money for the fix. You have to decide at this stage whether to walk away from the property or do your own repairs. Even if you get a statement of a clean home inspection, the sale might collapse at the stage of the evaluation. The evaluator can determine the selling price of the house is more than the value of the property. If the seller doesn’t want to reduce the selling price, you can’t buy the house unless you’re willing to pay the difference and give a bigger down payment.

3. Frustration

You will have a huge grin on your face the first time you meet a real estate agent to look at the property and feel ready to take the real estate world by storm. But, particularly if there are not many choices in your price range, your enthusiasm could quickly change into frustration. 

If you are prequalified for a sum that gives you plenty of housing options, this may not be the case. But if you are a millennial or first-time resource-limited homebuyer, your pre-qualified sum may not extend far in your zone. You have an idea of the house you want to purchase, yet some of these homes can’t even afford to stay in the backyard. And even if you have a workable budget, the disappointment is often that you can’t find the right house.

4. Dissatisfaction

If your offer is accepted by the seller and you get everything you want, your nervousness becomes anticipation again. It’s not always a happy ending to make an offer, though, the seller may refuse your bid, putting you right on square one. This is heartbreaking and devastating, especially if you have fallen in love with a property and imagined living in the house.

You are not the first or last homebuyer to feel frustrated if it is any consolation. There’s the right house out there, though it may take time to locate. The worst thing you can do is throw and give up your hands in the air. Trust your real estate agent and keep looking for a home, eventually, you will accept an offer.

5.  Inspired and Happy

A mixture of feelings is involved in the final phase of buying. On average, it may take 30 to 45 days to close on a home. You will finally breathe a sigh of relief once you get through the stress of dealing with home inspection and appraisal. You’ve got a letter of loan agreement and a deadline, and you’re excited about it again. Yet buying a home is a 30-year investment at the same time, and this purchase will be one of your largest monthly expenses. Furthermore, you may have little left in cash for an emergency if you depleted your savings account buying the house. 

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