While commercial real estate buying is all about numbers and snagging the best deal, residential real estate purchases are heavily influenced by one’s feelings. A recent study estimates that a little over 44% of home buyers purchase a particular house because it ‘feels’ right. Therefore, we cannot discount the role our sentiments play in our real estate investment. Furthermore, ‘The New Science of Customer Emotions’ report, produced by the Harvard Business Review, listed ten emotional motivators that drive a consumer to make a purchase. They can be summed up as:
Peace of mind
Living in a rental house means being at the mercy of your landlord. If you are lucky, you will have a no-fuss one, but there is always the lease agreement that needs to be reviewed periodically. Having a house of your own guarantees you peace of mind. You are also free to make the alterations you would like and have fittings of your choice. The initial investment may be higher than your rental home, but in the long run, the payoff is well worth it!
There are several milestones by which one measures success in life – graduating from a reputable college, landing the dream job, settling down with a family of your own or buying a house. People, especially first-time buyers, often believe that their status in society is alleviated, and feel a great sense of pride and self-respect with a home purchase.
More often than not, it is not the house that homeowners are after, it is the lifestyle it offers. Whether it is a big garden to play with your dog or a quiet balcony to unwind after a long day, a home means different things to different people. Your house comprises of four walls that will hold countless memories and see you through your highs and lows. The word ‘home’ invokes such strong emotions that no other product or service can.
The appreciating value of real estate makes it an exceptional investment option. It can generate passive income and be the first step in your overall wealth strategy. Having property in your investment portfolio enhances the feeling of financial security.
While emotions play a big part in buying a home, there are other factors to consider before finalising the sale. If you are scouting the market for your next home, schedule a site visit for any of our upcoming projects today.