Why does it matter that you know why you're buying?

Question 2 of 52

Why does it matter that you know why you’re buying?

It’s not uncommon for buyers to make out lists of features that they’d like in their new home.

However in my experience, there is usually one key driving force behind a purchase and this driving force is usually linked to one key property feature eg. you’re moving because you need another bedroom or you’re moving to be closer to family members or you’re moving house to have a bigger garden

Of course there are probably lots of other features that you’d like your new home to have, but there is normally only one feature that it absolutely must have and which will make the whole painful process of buying worthwhile. Here’s why it’s important that you identify this one key feature.

When prices are rising, finding your home faster, saves you money

The reason it’s critical you know the difference between the one “must have” feature and the many “would like” features is that you want to focus your search on this “must have” feature. When you eliminate all properties that don’t have this one vital feature, you can narrow down your search quickly.. When you narrow down your search quickly, you put yourself in front of the most suitable properties faster. In this market, where prices are high and expected to rise, finding your property fast is a good idea because when prices are rising, time is actually money.

When there’s a severe lack of supply, there are more buyers chasing each house so you need to act faster .

Another reason you want to be crystal clear why you’re buying and why this property meets you one key “must have” need is that right now we’re in a market with an unprecedented lack of housing supply.

In December 2021 there were 11,500 properties listed for sale in the whole of Ireland. This is basically half the number of properties that were for sale in 2022. (lots more details in DAFT.ie Q4 Report 2021) Because there are so few houses to buy and so many people chasing them, most properties will have bids on them within days of being on view. The lack of supply means that properties are likely to attract bids within days of going on view and the bidding process usually involves at least two or more parties.

So when you see a property you like, you’re going to need to act fast. It’s going to be much easier for you to act fast if you feel certain that this property is going to improve your life in one key way and that you are crystal clear that when you buy this property, you will be able to step inside it and know with clarity exactly how it has improved your life

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