Home. Few words evoke so many emotions, whether good or, let’s be honest, stomach churning. This fact may make what I am about to propose seem contradictory, but trust me, this is good advice: When it comes to buying your next home, leave emotion out of the equation.
Time after time, we have seen people go into real estate transactions with love goggles on causing them to completely ignore any and all warning signs. They see the house online, then in person and fall head over heels. They then rush headlong into their “forever home” becoming a real nightmare.
Todd Vaughn, owner of Swat Pest Control here in Lubbock once told me about an experience he had with some love struck buyers. The house was eaten up with termites. One of the worst infestations he’d ever seen. From the foundation to the interior walls there was pervasive structural damage. Todd said, “I told the buyers the results of the inspection and they asked me, “Well, should we buy it?” What else but love could cause someone to potentially ignore tens of thousands of dollars in termite damage?
One of the bad parts of home inspection is that sometimes you have to crush someones hopes and dreams. Inspections can, and sometimes do uncover problems that the buyer is unwilling or financially unable to remedy. And when that person has allowed emotion to cloud their judgement, they can easily talk themselves or their spouse into a situation that can take not only a financial toll on the relationship, but an emotional one, as well.
We recently performed an inspection on a home that was extremely well decorated. I mean, this lady must have had a PhD in Magnolia from Joanna Gaines University. The thing that struck me, though, was that this was a very common floor plan from a very popular builder, and although it was a perfectly nice house in good condition, I knew once the buyers saw it without all the decor, they were bound to be let down. Without all the decorations, it was just like many of the other homes in that neighborhood. I couldn’t help but wonder if the decoration of the home had affected the sales price.
Here’s the thing; First and foremost your house is an investment. Be prepared to walk away if that’s what you have to do. The inspection may go smoothly or it may throw an unexpected wrench in the works. The appraisal may come back without a hitch, or it may not. One of my friends was buying a home and the process was going very well. Till a week or so before closing when the appraisal came back $11,000 below the sales price! They may have become attached to the house at that point, but they were objective enough to know that they shouldn’t pay eleven thousand dollars over market value. They stuck to their guns even to the point of sending the seller’s Realtor a termination notice. The buyer then agreed to drop the price.
When looking for a home, don’t let the current decor and finishes be what holds sway with your decision making, whether they are good or outdated. Much of the decor will leave with the seller and finishes can be changed or updated. And if the house needs minor or cosmetic work, all the better! With a little work and a modest investment, you could have much more equity in your home very quickly. And if you can’t love equity, you scare me. Seriously. We can’t be friends anymore.
To recap, let’s hit the high points: reign in the emotions, look at the facts and the numbers and remember that you are making what may be one of the largest investments you will ever make, so keep your head in the game!
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