Top 4 Influencing Factors Govern Home Buying Decision
By Magnolia Realty | Apr 11, 2020
Buying a home involves financial decisions, calculations, planning and lots more. Nevertheless, the feeling is quite similar to falling love. The excitement, fantasies, driving by to glimpse the object of your affection and sharing are some of the similar emotional traits. Since there is a strong emotional quotient attached to your buying decision, it is not just a financial decision but an essential part of your life. There are many instances when buyers haven’t taken a good decision; it’s not just because they put off making tough decisions while waiting for the right opportunity, there are examples when buyers rushed to assess to alternatives without giving a sufficient time to ponder upon.
Here are four influencing factors that govern your home buying decision.
1. Housing decision is not just financial but all about your life
Buying a house is not just fall under a financial spectrum, but also has a deep impact on the relationship. Sometimes your decision to buy a house becomes quite dramatic in terms of a relationship. For example, when you select a house and feel it’s a near-perfect to invest in that property, but you feel in the pit of your stomach when your partner rejects that proposition. It’s good that when the attraction is shared, the relationship will witness fresh air. If the attraction is not shared, then you or your partner may experience painful emotions and conflicts in this “love triangle”.
Before considering buying a house, you face some big decisions, not necessarily financial but small aspects that could have been factors in your decision making. For example, you need to decide it is the right time to move or how much you can afford? Will you wait for some more time to buy a bigger house or it’s an immediate requirement? Acting haste without thinking the consequences could be harsh to you and people living with you. Also, you should speak up when critical issues are on the table such as contract safeguards, maintenance fee, and others.
2. Your housing history influences your buying decisions
Home is such a dimension where we are intricately interwoven our thoughts, aspirations and even our childhood fantasies. Apparently, home buying decision constitutes certain obvious aspects but it is more complex than you ever thought.
Home has a strong symbolic meaning in our lives. Our homes reflect our personality to a large extent. How we conduct ourselves in our homes, in turn, reflects our lifestyle, patterns of activity and social experience. Your preferences about your home are somehow related to your childhood dreams, experiences and fantasies. So, when we choose how and where to live as adults, we often emulate or even escape aspects of our childhood homes.
If you think deeply about your childhood, new revelations about housing choices will resurface. May be your dilemma to invest in a particular property stems from a bitter experience between you and your parents in childhood. May be certain aspects of your childhood experience you miss a lot and you want to recreate it in the present.
It is not wise to continuously modify and extend our present home to symbolize our life journey. But we can certainly evolve as mature people and own a home that will reflect our adult values rather than our fantasies of childhood that are still mired in our present life.
3. Learning about yourself
Although you live with your partner or parents or with a bustling family, your house buying decision is yours. This decision is based on several factors including financial, personal and family needs and values, your psychology and even synchronizing your personal environments to suit the decision. Autonomy and control give us the freedom to make a decision, to determine our life priorities and commitments, and this is true to make a big decision like buying a house. Along with autonomy, your identity also plays a significant role in this decision. Does your home capture the essence of your personality? Our identity begins at home and within its surroundings, and eventually incorporates all of our interactions.
Moreover, your home represents the inner world, which is not materialistic in a strict sense. Spirituality is subjective, multidimensional and intangible. Many of times our homes influence our inner being, how to find purpose and meaning in life in our present environment. Home in other words, a powerful symbolic representation of our inner self, and surely our knowledge about our inner self will help to make a correct decision.
4. Consider the social factor
Your life is not a singular pod where you are encapsulated. Although individualism plays a major role in many decisions, social factors also play a large part in the process. Our lives are bound with many lives – spouse, family members, friends, neighbours, communities and so on. As you spend your days, working, caring, educating, helping, investing, volunteering, shopping etc. your life is full of social interactions that spice up your day-to-day activities.
It is important to evaluate your social needs and values carefully before you invest in a new home. Compare these values with other people around your life. Examine all the factors and honour them. It is also useful to evaluate your day-to-day interactions with your family, authority figures, neighbours and community in general when making a decision. The competition or cooperation of the community is an important factor that will govern your home buying decision.
Sometimes influencing factors of purchasing a house are hidden in the details. Most of us look at the apparent benefits and shortfalls and overlook the behavioural factors that greatly influence our decision making. Housing decisions are crucial, in a sense it involves money, can be the highest debt you ever incur and the result can either be frustrating or rewarding.