The ‘Should I, Should I not’ real estate decision roundabout traps buyers. In real estate, just like in life, there is such a thing as overthinking your decisions. Your property purchase should never feel pressured, but all in all, don’t let over comparison freeze you.
‘Too bad, the wallpaper is the wrong colour. Property not maintained well’
‘The service charges are AED 1500.00 more a year than the last property we visited.’
‘The seller is selling it furnished and I don’t need furniture. What will I do with it?’
… Trust me when I say, ‘I’ve heard it all!’.
Don’t get me wrong. It is important to do your homework. As a buyer, you must make an informed decision. And it’s my job to give you the tools to do so. But overdoing it, allowing the details to overwhelm you, can lead to paralysis. And in this fast-paced market, I hate to say it, but that house you had your eye on, well, it will be gone.
Here are 8 tips to avoid real estate decision paralysis because over analysing a property purchase can be just as crippling as rushing into one.
1: Property purchase - One big goal
Real estate decisions should be made with a goal in mind. Ask yourself what you want from your property purchase? What are you hoping to achieve? If it’s an investment property for long term rentals, then do you really need to get hung up on the make of the kitchen counter or the color of the tile in the second bathroom?
2: Look at a big picture
Often, when people buy property, they pigeonhole themselves with one-dimensional thinking. For example, I routinely get asked, ‘how big of a house can my money buy?’ And without fail, I will ask back, ‘What size of house do you really need?’ My response never changes. And that’s because it’s my job to find you a home that will fit your life. I would be doing myself and you a disservice by selling you the wrong house, which brings me to my next point.
3: Suitable Property
What suits one person may not suit others. Every person has his or her own requirements. List down your main points which will determine suitable property in terms of location, property type, size, etc. Many times I am asked if flat is better than villa or Is JLT better location than Arabian ranches, etc. You are the best judge of your situation. If you discuss the same with us we will help you in zero-in on an area and type of property which will suit you. Please avoid too many comparison and checking too many options. It will only add to the confusion. Please do not get me wrong, many buyers do make mistake of too many comparisons when it is not necessary.
4: Property plan is never a short term plan
Fast forward and think about how the home fits into your long term property journey. Do you plan on selling this home or renting it in future? What is your exit strategy? This is something that buyers rarely consider. And yet, I think we can all agree that time moves fast. In what feels like the blink of an eye, it could be time to upsize or downsize. So it’s important to plan for the future, today.
5: It is a fact that market will move. Accept it
Don’t try and time the market. Real estate is a stable asset class. If you are buying for a 8 to 10-year, fluctuations in the market are bound to happen. Sorry, I stand corrected; they will happen!
6: Nobody knows the top
The market keeps on rising. It is moving in with Dubai or UAE’s growth, inflation, and worldwide trends. Not purchasing real estate today does not mean it will be any more feasible for you to get onto the property ladder in 5 years. My advice is simple; buy based on the overall market strength. Buy in the best location suitable to you and that you can afford.
7: Expert advice
Part of the reason I love what I do is that everyone likes to talk about real estate. But taking advice from family and friends, the internet or your lovely colleague often adds to the confusion. Choose your sources wisely. And know that myself, and all the agents at Bluechip, are here to chat with you at any stage of your property journey. Our advice is free of charge. Whether you are looking to buy or sell, today or ten years from now. It doesn’t make a difference to us. We are happy to chat with you or your colleague!
8: Don't overthink it
You’ve done your research. You have us in your corner. You’ve thought about your short term needs and long term plans, nailing down the goal of your property purchase. And then the right property comes up. It’s time to act. Don’t get crippled by the small details. Few hundred more in service charge or an odd coloured wallpaper will not matter in the long run. Proceed swiftly with confidence to secure your new home.
This last tip, it's off the books, but arguably the best thing about real estate
Property purchases are exciting! I would go so far as to say thrilling. (But that might just be me.) But seriously, don’t forget to enjoy the journey. Don’t get so bogged down by the details, so overwhelmed, that you can’t act. At some point, you need to make the leap.
There is no need to feel stuck when you should be moving forward (and in!). So if you find yourself humming and hawing, struggling to take the leap, reach out. I’d be happy to chat.
Rajesh Soni
Managing Partner
Bluechip Real Estate Broker
soni@bluechipgroup.ae
