03 Jan 4 emotions to control when buying your first townhouse
Calgary, Canada is a stunning city, 1km higher than sea-level with views of surrounding mountains. Consistently ranking amongst Canada’s most desirable cities to raise a family, it is easy to understand why the property market has boomed in recent years.
Here’s a guide on the 4 emotions you should try to control when buying a townhouse, but first more on reasons to buy in this prospering Canadian city. One of the reasons is that it’s prosperous, accounting for the bulk of Canadian crude oil development. Prices have cooled slightly since oil prices went down, but a weakening dollar makes moving to Calgary comparably cheaper than it was a few months ago. Townhouse’s represent excellent value and are usually less expensive than single family homes.
Controlling emotions when buying
Emotional spending is common. Whether your feeling down or happy, you might find yourself at the mercy of your emotions when buying a townhouse. There’s nothing wrong with falling in love with a place but the pressure you might then put on yourself might mean you get hasty in your purchase. Rule number one: don’t be bullied by time. Buyers who get bullied by time often put pressure on themselves as much as by the real estate agent. You might be more inclined, for instance, to rush into a purchase if the agent tells you that there are already numerous offers on the table. House buying processes take longer than a night, so take time a mull over your options for at least a day before coming to any conclusions.
Secondly, keep emotional attachment at an arms length. This is obvious, however it is more difficult to do in practice than in theory. Keeping your emotions at bay requires some focus and planning. You have to prepare yourself prior to going out for your house viewings. If you like a house, stand-off for a while, see what you think of it after your next visit. Furthermore, if you have a high level of emotional attachment, you are less likely to negotiate effectively.
Thirdly, go in with a plan to avoid panic. Try to avoid just depending on your gut instinct on buying somewhere, go in with a plan and full awareness of what you want to buy. Does the property need to be a certain square footage? What is the most you will pay and for what type of house? Does it need to be close to a train station? Consider all your criteria and have them in mind when looking at properties. If you are buying with a partner, have a clear agreement between both of you as to your mutual criteria, so that you are singing from the same hymn sheet when the agent asks you how feel about the property. You will want to send out the right signals in unison to give you the best chance at achieving the best property at the best price.
Lastly, do an analysis when you get back to your hotel or home. Analysis of your day (a debrief if you like) is the best way to take in all the properties you have visited, their pros and cons, your instincts about a place and comparable prices. Take photos during your viewings so that you will remember certain features that you like. If you are too tired after visiting properties to do so, try to adjust the number of properties to give you a good amount of time to reflect and review your options. You will find that you are clearer on the day after you go out looking at properties.