- 22 Aug, 2017

Understanding Home Buying Psychology

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Most property moguls suggest thinking with your head, rather than your heart when buying an investment property. But, what really influences decisions will surprise you. In fact, house numbers and colour schemes rate high. Therefore, it seems aesthetics and emotions influence more than previously thought. Let’s look at five psychological factors that prospective buyers focus on when purchasing a property.

Emotionally Driven

No matter the size of a property or the reason for buying, everyone buys to create memories. Some people also develop a strong emotional attachment to their home. So, it comes as no surprise that emotions drive home buying. In fact, a recent Commonwealth Bank survey found 44% of people paid more for a home because they really liked it.

So, how do you keep your emotions concealed when buying?

  • Set your goals – Know what you want to buy and don’t be negotiable. If the house doesn’t match these needs, then move on.
  • Be realistic – Buying a property just because it makes you feel warm and fluffy isn’t enough. Visit the property numerous times to make sure it meets your goals. Look at the home from all perspectives and weigh up its pros and cons. Also, ask yourself why you feel emotional about the property, and if another property can replicate this.

Numbers Count

Numerology and superstitions are far more influential than some people think. Homes with the number 13 are sometimes difficult to sell due to cultural suggestions of bad luck. While other people believe a certain number is lucky.

Subsequently, how do you avoid number issues when buying?

  • Know what numbers you want – If numbers are influential, then consider these before you start looking at property.
  • Search for property based on numbers – Know what numbers influence you and why. Then, write down a list and start your property search.

Personal Value

Often when we look at a property, we want it to be appealing. So, if it’s painted in gaudy colours or has old-fashioned wall-paper, then this may put you off. While these factors are superficial and don’t cost a lot to rectify, they can make you feel a property is worth less.

Thus, how do you overcome this?

  • Visualise – Try to see the property in colours that you like. Then, reconsider its value.
  • Focus on features – Look at the property features, rather than the decor. Hence, you see the property for what it is, not what it isn’t.

First Impressions

When it comes to introductions, first impressions always count. When you visit a property, it needs to leave an impression. If you can’t stop thinking about it, then go back for a second viewing.

So, what leaves a lasting impression?

  • Presentation is everything – Well presented, decluttered homes are appealing. They allow you to see a property for what it is, without someone else’s belongings obscuring your view.
  • Appealing to the senses – Humans are visual creatures, so when it comes to property we tend to use our eyes and nose. Therefore, if a home smells inviting we feel more relaxed. Subsequently, freshly baked bread and soft scented candles add an inviting ambience.

Story Telling

We are all nostalgic. Accordingly, a home that tells a story and has a strong background is often more attractive.

How do you find out more about a home’s story?

  • Look at wall hangings – Often people hang pictures and photos on their walls. Looking at these will allow you to gain insight into the history of the home.
  • Ask the realtor – By talking to the sales agent, you will gain more knowledge about a property.

Do you want to know more about home buying? Then contact eChoice, our brokers have access to 100’s of products, so we’ll find you the right mortgage.

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